China

No. 4226, Binhai 3rd Road, Economic and Technological Development Zone, Wenzhou, 325025, Zhejiang, China

91330301787738024Y, Unified Social Credit Code (USCC)

The Department is designating the following entities pursuant to section 1(a)(i) for operating or having operated in the electronics sector of the Russian Federation economy: ZHEJIANG OULONG ELECTRIC CO LTD (ZHEJIANG OULONG ELECTRIC) is a private manufacturer of printed circuit boards based in Wenzhou, PRC. From January to October 2023, Zhejiang Oulong Electric supplied Russian entities with more than $2 million worth of products found on the BIS List of Common High Priority Items. ZHEJIANG OULONG ELECTRIC has supplied common high-priority items to Russia-based, U.S.-designated INELSO OOO. INELSO OOO was sanctioned by the United States in May 2023 and has also been identified in the Official Journal of the European Union as an entity that has contributed to Russia’s military and technological enhancement or to the development of Russia’s defense and security sector.

https://www.state.gov/imposing-measures-in-response-to-navalnys-death-and-two-years-of-russias-full-scale-war-against-ukraine/

2024-02-23

US

Executive Order 14024 of April 15, 2021 Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation

OFAC country specific

Russia

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/1127 • https://ofac.treasury.gov/faqs/1029

In response to the Russian Federation’s continued use of its military-industrial base to support its aggression against Ukraine, the President has issued an Executive Order (E.O.) amending E.O. 14024 that provides the Office of Foreign Assets Control (OFAC) with new authorities to target foreign financial institutions for engaging in certain transactions. Foreign financial institutions that conduct or facilitate significant transactions or provide any service involving Russia’s military-industrial base run the risk of being sanctioned by OFAC. The United States and partners have put in place a sanctions and export controls regime that has severely restricted Russia’s ability to import many of the items that directly support its brutal and unjustified war against Ukraine. As a result, Russia is increasingly using third countries to evade sanctions and continue its procurement of certain critical items. The United States and partners have published multiple advisories, including detailed red flags, to warn the private sector about Russian sanctions evasion in support of its war machine and to support compliance efforts. OFAC’s new targeting authorities, which are aimed at foreign financial institutions that provide services to, or engage in significant transactions relating to, Russia’s military-industrial base, come as a natural evolution of OFAC’s work to counter evasion and hold accountable those perpetuating Russia’s war against Ukraine, including financial facilitators. OFAC is issuing this advisory to provide guidance to foreign financial institutions on the amendments to E.O. 14024, including practical guidance on how to identify sanctions risks and implement corresponding controls. For additional guidance on this E.O., please see FAQs 1146–1157.

SDN / NS-MBS / CAPTA