U.S. final rule replacing Ukraine-related sanctions regulations

More comprehensive set of regulations that includes additional interpretive and definitional guidance

More comprehensive set of regulations that includes additional interpretive and definition

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today released for publication in the Federal Register a final rule changing the heading of the “Ukraine Related Sanctions Regulations” to the “Ukraine-/Russia-Related Sanctions Regulations.”

In addition, today’s final rule [PDF 485 KB] (94 pages) replaces the “Ukraine Related Sanctions Regulations” that were published in abbreviated form in May 2014 with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, and other regulatory provisions that provide further guidance.

Among other things, the regulatory amendment:

  • Implements a December 2014 Ukraine-/Russia-related executive order and provisions of various U.S. legislation concerning Ukraine
  • Incorporates four directives regarding sectoral sanctions issued pursuant to the Ukraine-/Russia-related executive order of March 2014; six general licenses that, until now, only appeared on OFAC’s website; and seven new general licenses

As noted in a related OFAC release, the publication of the final rule has triggered an automatic administrative update to a number of sanctions entries. The unique identifier numbers for the affected entries are listed as part of this administrative update.

For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.
 

Contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com

 

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