On February 28, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that they are adding regulations to implement an April 15, 2021 Russia-related Executive order. These regulations took effect on March 1, 2022.

On April 15, 2021, the President issued Executive Order 14024, “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation”. The OFAC is issuing the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587, to implement E.O. 14024, pursuant to authorities delegated to the Secretary of the Treasury in E.O. 14024.

Part 587 is being published in abbreviated form at this time for the purpose of providing immediate guidance to the public. The OFAC plans to create a more comprehensive set of regulations to supplement this part such as additional interpretive guidance and definitions, as well as general licenses, and other regulatory provisions.

Read OFAC’s announcement here.

See the final rule here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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