Arms export

• Sec. 11. (a) The Secretary of the Treasury, in consultation with the Secretary of State, and with respect to subsection (a)(ii) of this section, in consultation with the Secretary of State and the Secretary of Commerce, is hereby authorized to impose on a foreign financial institution the sanctions described in subsection (b) of this section, upon determining that the foreign financial institution has: (i) conducted or facilitated any significant transaction or transactions for or on behalf of any person designated pursuant to section 1(a)(i) of this order for operating or having operated in the technology, defense and related materiel, construction, aerospace, or manufacturing sectors of the Russian Federation economy, or other such sectors as may be determined to support Russia’s military-industrial base by the Secretary of the Treasury, in consultation with the Secretary of State; or (ii) conducted or facilitated any significant transaction or transactions, or provided any service, involving Russia’s military-industrial base, including the sale, supply, or transfer, directly or indirectly, to the Russian Federation of any item or class of items as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Commerce.

• https://ofac.treasury.gov/faqs/1146 • https://ofac.treasury.gov/faqs/1147

US

Executive Order 14114 of December 22, 2023 Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities

OFAC country specific

Russia

WASHINGTON – Today, to further strengthen the U.S. Department of the Treasury’s tools to disrupt and degrade Russia’s war machine, President Biden issued a new Executive Order (E.O.) amending E.O. 14024 and E.O. 14068. This E.O. further targets Russian sanctions evasion and solidifies the U.S. commitment to the G7 Leaders’ Statement, making clear to foreign financial institutions that facilitating significant transactions relating to Russia’s military industrial base may expose them to U.S. sanctions. The new amendment to E.O. 14024 authorizes the imposition of U.S. sanctions on foreign financial institutions that are either (1) facilitating significant transactions on behalf of persons designated for operating in certain key sectors of the Russian economy that support the country’s military-industrial base; or (2) facilitating significant transactions or providing services involving Russia’s military-industrial base, including those relating to specific manufacturing inputs and technological materials that Russia is seeking to obtain from foreign sources. This also authorizes Treasury to prohibit the importation of products that have been processed or substantially transformed in third countries, such as Russian seafood and diamond products. The expanded import prohibitions will be active once determinations are made naming covered goods.