United Arab Emirates

Al Hawai Tower, 88, Sheikh Zayed Road, 2nd Floor, Office 203, Dubai, United Arab Emirates; P.O. Box 74345, Dubai, United Arab Emirates

10469466, Business Registration Number

Industrial Resources General Trading (Industrial Resources) is a Dubai-based industrial goods distributor that has provided financial support to Prigozhin through its business dealings with Diamville. Industrial Resources also participated in the aforementioned gold selling scheme. Following U.S. sanctions on various Russian financial institutions, Industrial Resources wittingly participated in the transfer by hand of cash to Russia. Industrial Resources works with Diamville to generate revenue and move funds for Prigozhin. For example, in early 2022, Industrial Resources was the recipient of diamonds mined in the CAR and sold by Diamville.

https://home.treasury.gov/news/press-releases/jy1581

2023-06-27

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