[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Rules and Regulations]
[Pages 32303-32307]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11608]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 587


Publication of Financial Services Sectoral Determination and 
Directives 1A, 2, 3, and 4 Under Executive Order 14024 of April 15, 
2021

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of one determination and four directives.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing a sectoral determination by the Secretary 
of the Treasury, in consultation with the Secretary of State, and four 
Russian Harmful Foreign Activities Sanctions directives in the Federal 
Register. The determination and four directives, all issued pursuant to 
an April 15, 2021 Executive Order, were previously issued on OFAC's 
website.

DATES: The Determination Pursuant to Section 1(a)(i) of Executive Order 
14024 was issued on February 22, 2022 and took effect immediately. 
Directive 1A under Executive Order (E.O.) 14024, ``Prohibitions Related 
to Certain Sovereign Debt of the Russian Federation,'' was issued on 
February 22, 2022, and the prohibitions therein took effect on March 1, 
2022. Directive 2 under E.O. 14024, ``Prohibitions Related to 
Correspondent or Payable-Through Accounts and Processing of 
Transactions Involving Certain Foreign Financial Institutions,'' was 
issued on February 24, 2022, and the prohibitions therein took effect 
on March 26, 2022. Directive 3 under E.O. 14024, ``Prohibitions Related 
to New Debt and Equity of Certain Russia-related Entities,'' was issued 
on February 24, 2022 and the prohibitions therein took effect on March 
26, 2022. Directive 4, ``Prohibitions Related to Transactions Involving 
the Central Bank of the Russian Federation, the National Wealth Fund of 
the Russian Federation, and the Ministry of Finance of the Russian 
Federation,'' was issued on February 28, 2022 and took effect 
immediately.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Sanctions Compliance & 
Evaluation, 202-622-2490.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document and additional information concerning OFAC are 
available on OFAC's website: www.treas.gov/ofac.

Background

    On April 15, 2021, the President, invoking the authority of, inter 
alia, the International Emergency Economic Powers Act (50 U.S.C. 1701 
et seq.), issued Executive Order (E.O.) 14024 (86 FR 20249, April 19, 
2021).
    In E.O. 14024, the President found that specified harmful foreign 
activities of the Government of the Russian Federation--in particular, 
efforts to undermine the conduct of free and fair democratic elections 
and democratic institutions in the United States and its allies and 
partners; to engage in and facilitate malicious cyber-enabled 
activities against the United States and its allies and partners; to 
foster and use transnational corruption to influence foreign 
governments; to pursue extraterritorial activities targeting dissidents 
or journalists; to undermine security in countries and regions 
important to United States national security; and to violate well-
established principles of international law, including respect for the 
territorial integrity of states--constitute an unusual and 
extraordinary threat to the national security, foreign policy, and 
economy of the United States and declared a national emergency to deal 
with that threat.
    Among other things, section 1 of E.O. 14024 blocks all property and 
interests in property that are in the United States, that hereafter 
come within the United States, or that are or hereafter come within the 
possession or control of any United States person of any person 
determined by the Secretary of the Treasury, in consultation with the 
Secretary of State, to operate or have operated in the technology 
sector or the defense and related materiel sector of the Russian 
Federation economy, or any other sector of the Russian Federation 
economy as may be determined by the Secretary of the Treasury, in 
consultation with the Secretary of State.
    On February 22, 2022, the Secretary of the Treasury, in 
consultation with the Secretary of State, determined that section 
1(a)(i) of E.O. 14024 shall apply to the financial services sector of 
the Russian Federation economy (``February 22, 2022 Determination 
Pursuant to Section 1(a)(i) of Executive Order 14024''). Pursuant to 
this determination, any person that the Secretary of Treasury, in 
consultation with the Secretary of State, or the Secretary of State, in 
consultation with the Secretary of the Treasury (or their respective 
designees), subsequently determines operates or has operated in the 
financial services sector of the Russian Federation economy shall be 
subject to the prohibitions described in section 1(a)(i) of E.O. 14024.
    On February 22, 2022, the Director of OFAC issued Directive 1A 
under E.O. 14024, ``Prohibitions Related to Certain Sovereign Debt of 
the Russian Federation'' (Russia-related Sovereign Debt Directive), 
replacing and superseding Directive 1 under E.O. 14024 of April 15, 
2021 (86 FR 35867, July 7, 2021), to extend existing sovereign debt 
prohibitions to cover participation in the secondary market for bonds 
issued after March 1, 2022 by the Central Bank of the Russian 
Federation, the National Wealth Fund of the Russian Federation, or the 
Ministry of Finance of the Russian Federation, effective March 1, 2022.
    On February 24, 2022, the Director of OFAC issued Directive 2 under 
E.O. 14024, ``Prohibitions Related to Correspondent or Payable-Through 
Accounts and Processing of Transactions Involving Certain Foreign 
Financial Institutions'' (Russia-related CAPTA Directive), which 
prohibits U.S. financial institutions from: (i) The opening or 
maintaining of a correspondent account or payable-through account for 
or on behalf of foreign financial institutions determined to be subject 
to the prohibitions of the Russia-related CAPTA Directive; and (ii) the 
processing of transactions involving foreign financial institutions 
determined to be subject to the prohibitions of the Russia-related 
CAPTA Directive. The effective date of these prohibitions with

[[Page 32304]]

respect to the entities listed in Annex 1 to the Russia-related CAPTA 
Directive, or foreign financial institutions that are 50 percent or 
more owned, directly or indirectly, individually or in the aggregate, 
by one or more such entities, is March 26, 2022; for other entities 
determined to be subject to the Russia-related CAPTA Directive, or 
foreign financial institutions that are 50 percent or more owned, 
directly or indirectly, individually or in the aggregate, by one or 
more such entities, these prohibitions take effect at 12:01 a.m. 
eastern time on the date that is 30 days after the date of such 
determination.
    Additionally, on February 24, 2022, the Director of OFAC issued 
Directive 3 under E.O. 14024, ``Prohibitions Related to New Debt and 
Equity of Certain Russia-related Entities'' (Russia-related Entities 
Directive), to prohibit all transactions in, provision of financing 
for, and other dealings in new debt of longer than 14 days maturity or 
new equity where such new debt or new equity was issued on or after 
12:01 a.m. eastern daylight time, March 26, 2022 by the entities listed 
in Annex 1 to that directive, or their property or interests in 
property. These same prohibitions also apply to any entity subsequently 
determined to be subject to the prohibitions of the Russia-related 
Entities Directive, or its property or interests in property, beginning 
on or after 12:01 a.m. eastern time on the date that is 30 days after 
the date of such determination.
    On February 28, 2022, the Director of OFAC issued Directive 4 under 
E.O. 14024, ``Prohibitions Related to Transactions Involving the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, and the Ministry of Finance of the Russian 
Federation'' (Russia-related Sovereign Transactions Directive), which 
prohibits U.S. persons from engaging in any transaction involving the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, or the Ministry of Finance of the Russian 
Federation, including any transfer of assets to such entities or any 
foreign exchange transaction for or on behalf of such entities.
    The texts of the February 22, 2022 Determination Pursuant to 
Section 1(a)(i) of E.O. 14024, the Russia-related Sovereign Debt 
Directive, the Russia-related CAPTA Directive, the Russia-related 
Entities Directive, and the Russia-related Sovereign Transactions 
Directive are below.

Determination Pursuant to Section 1(a)(i) of Executive Order 14024

    Section 1(a) of Executive Order (E.O.) 14024 of April 15, 2021 
(``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'') imposes 
economic sanctions on any person determined by the Secretary of the 
Treasury, in consultation with the Secretary of State, or the Secretary 
of State, in consultation with the Secretary of the Treasury, to 
operate or have operated in such sectors of the Russian Federation 
economy as may be determined, pursuant to section 1(a)(i) of E.O. 
14024, by the Secretary of the Treasury, in consultation with the 
Secretary of State.
    To further address the unusual and extraordinary threat to the 
national security, foreign policy, and economy of the United States 
described in E.O. 14024, and in consultation with the Secretary of 
State, I hereby determine that section 1(a)(i) shall apply to the 
financial services sector of the Russian Federation economy. Any person 
that I or my designee, in consultation with the Secretary of State or 
the Secretary of State's designee, or the Secretary of State or the 
Secretary of State's designee, in consultation with me or my designee, 
subsequently determine operates or has operated in such sector shall be 
subject to sanctions pursuant to section 1(a)(i).
    This determination shall take effect upon publication by the 
Director of the Office of Foreign Assets Control on the Department of 
Treasury's website.

Janet L. Yellen

Office of Foreign Assets Control

Directive 1A 1 Under Executive Order 14024
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    \1\ A prior version of this Directive, which was issued on April 
15, 2021 and which is replaced and superseded by this version, 
prohibited the same activities with respect to participation in the 
primary market for ruble or non-ruble denominated bonds issued after 
June 14, 2021 by the entities determined to be subject to the 
Directive, and with respect to lending ruble or non-ruble 
denominated funds to the entities determined to be subject to the 
Directive.
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Prohibitions Related to Certain Sovereign Debt of the Russian 
Federation

    Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order 
14024, ``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'' (the 
``Order''), the Director of the Office of Foreign Assets Control has 
determined, in consultation with the Department of State, that the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, and the Ministry of Finance of the Russian 
Federation are political subdivisions, agencies, or instrumentalities 
of the Government of the Russian Federation, and that the following 
activities by a U.S. financial institution are prohibited, except to 
the extent provided by law, or unless licensed or otherwise authorized 
by the Office of Foreign Assets Control:
    (1) As of June 14, 2021, participation in the primary market for 
ruble or non-ruble denominated bonds issued after June 14, 2021 by the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, or the Ministry of Finance of the Russian 
Federation;
    (2) as of June 14, 2021, lending ruble or non-ruble denominated 
funds to the Central Bank of the Russian Federation, the National 
Wealth Fund of the Russian Federation, or the Ministry of Finance of 
the Russian Federation; and
    (3) as of March 1, 2022, participation in the secondary market for 
ruble or non-ruble denominated bonds issued after March 1, 2022 by the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, or the Ministry of Finance of the Russian 
Federation.
    For the purposes of this Directive, the term ``U.S. financial 
institution'' means any U.S. entity (including its foreign branches) 
that is engaged in the business of accepting deposits, making, 
granting, transferring, holding, or brokering loans or credits, or 
purchasing or selling foreign exchange, securities, futures or options, 
or procuring purchasers and sellers thereof, as principal or agent. It 
includes depository institutions, banks, savings banks, money services 
businesses, operators of credit card systems, trust companies, 
insurance companies, securities brokers and dealers, futures and 
options brokers and dealers, forward contract and foreign exchange 
merchants, securities and commodities exchanges, clearing corporations, 
investment companies, employee benefit plans, dealers in precious 
metals, stones, or jewels, and U.S. holding companies, U.S. affiliates, 
or U.S. subsidiaries of any of the foregoing. This term includes those 
branches, offices, and agencies of foreign financial institutions that 
are located in the United States, but not such institutions' foreign 
branches, offices, or agencies.
    All other activities with entities determined to be subject to the 
prohibitions of this Directive, or involving their property or 
interests in property, are permitted, provided that

[[Page 32305]]

such activities are not otherwise prohibited by law, the Order, or any 
other sanctions program implemented by the Office of Foreign Assets 
Control.
    Except to the extent otherwise provided by law or unless licensed 
or otherwise authorized by the Office of Foreign Assets Control, the 
following are also prohibited: (1) Any transaction that evades or 
avoids, has the purpose of evading or avoiding, causes a violation of, 
or attempts to violate any of the prohibitions of this Directive; and 
(2) any conspiracy formed to violate any of the prohibitions of this 
Directive.
    A listing of entities determined to be subject to the prohibitions 
of this Directive can be found in the Office of Foreign Assets 
Control's Non-SDN Menu-Based Sanctions (NS-MBS) List on the Office of 
Foreign Assets Control website (www.treas.gov/ofac).

February 22, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.

Office of Foreign Assets Control

Directive 2 Under Executive Order 14024

Prohibitions Related to Correspondent or Payable-Through Accounts and 
Processing of Transactions Involving Certain Foreign Financial 
Institutions

    Pursuant to sections 1(a), 1(d), and 8 of Executive Order 14024, 
``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'' (the 
``Order''), and following the Secretary of the Treasury's 
determination, in consultation with the Secretary of State, under 
section 1(a)(i) of the Order with respect to the financial services 
sector of the Russian Federation economy, the Director of the Office of 
Foreign Assets Control, in consultation with the Department of State, 
has determined that the following activities by a U.S. financial 
institution are prohibited, except to the extent provided by law, or 
unless licensed or otherwise authorized by the Office of Foreign Assets 
Control:
    (1) The opening or maintaining of a correspondent account or 
payable-through account for or on behalf of foreign financial 
institutions determined to be subject to the prohibitions of this 
Directive, or their property or interests in property; and
    (2) the processing of a transaction involving foreign financial 
institutions determined to be subject to the prohibitions of this 
Directive, or their property or interests in property.
    The prohibitions of this Directive apply only with respect to a 
U.S. financial institution's opening or maintaining of a correspondent 
account or payable-through account for or on behalf of, or processing 
of a transaction involving, a foreign financial institution.
    The Director of the Office of Foreign Assets Control, in 
consultation with the Department of State, has determined that, 
pursuant to section 1(a)(i) of the Order, the foreign financial 
institutions listed in Annex 1 to this Directive operate or have 
operated in the financial services sector of the Russian Federation 
economy, or are foreign financial institutions that are 50 percent or 
more owned, directly or indirectly, individually or in the aggregate, 
by one or more such foreign financial institutions, and are subject to 
the prohibitions of this Directive.
    The prohibitions of this Directive shall take effect: (i) With 
respect to any foreign financial institution listed in Annex 1, 
beginning at 12:01 a.m. eastern daylight time on March 26, 2022; or 
(ii) with respect to a foreign financial institution otherwise 
determined to be subject to the prohibitions of this Directive, 
beginning at 12:01 a.m. eastern time on the date that is 30 days after 
the date of such determination.
    For the purposes of this Directive, the term ``U.S. financial 
institution'' means any U.S. entity (including its foreign branches) 
that is engaged in the business of accepting deposits, making, 
granting, transferring, holding, or brokering loans or credits, or 
purchasing or selling foreign exchange, securities, futures or options, 
or procuring purchasers and sellers thereof, as principal or agent. It 
includes depository institutions, banks, savings banks, money services 
businesses, operators of credit card systems, trust companies, 
insurance companies, securities brokers and dealers, futures and 
options brokers and dealers, forward contract and foreign exchange 
merchants, securities and commodities exchanges, clearing corporations, 
investment companies, employee benefit plans, dealers in precious 
metals, stones, or jewels, and U.S. holding companies, U.S. affiliates, 
or U.S. subsidiaries of any of the foregoing. This term includes those 
branches, offices, and agencies of foreign financial institutions that 
are located in the United States, but not such institutions' foreign 
branches, offices, or agencies.
    For the purposes of this Directive, the term ``foreign financial 
institution'' means any foreign entity that is engaged in the business 
of accepting deposits, making, granting, transferring, holding, or 
brokering loans or credits, or purchasing or selling foreign exchange, 
securities, futures or options, or procuring purchasers and sellers 
thereof, as principal or agent. It includes depository institutions, 
banks, savings banks, money services businesses, operators of credit 
card systems, trust companies, insurance companies, securities brokers 
and dealers, futures and options brokers and dealers, forward contract 
and foreign exchange merchants, securities and commodities exchanges, 
clearing corporations, investment companies, employee benefit plans, 
dealers in precious metals, stones, or jewels, and holding companies, 
affiliates, or subsidiaries of any of the foregoing. The term does not 
include the international financial institutions identified in 22 
U.S.C. 262r(c)(2), the International Fund for Agricultural Development, 
the North American Development Bank, or any other international 
financial institution so notified by the Office of Foreign Assets 
Control.
    For the purposes of this Directive, the term ``correspondent 
account'' means an account established by a U.S. financial institution 
for a foreign financial institution to receive deposits from, or to 
make payments on behalf of, the foreign financial institution, or to 
handle other financial transactions related to such foreign financial 
institution.
    For the purposes of this Directive, the term ``payable-through 
account'' means a correspondent account maintained by a U.S. financial 
institution for a foreign financial institution by means of which the 
foreign financial institution permits its customers to engage, either 
directly or through a subaccount, in banking activities usual in 
connection with the business of banking in the United States.
    All other activities with foreign financial institutions determined 
to be subject to the prohibitions of this Directive, or involving their 
property or interests in property, are permitted, provided that such 
activities are not otherwise prohibited by law, the Order, or any other 
sanctions program implemented by the Office of Foreign Assets Control.
    Except to the extent otherwise provided by law or unless licensed 
or otherwise authorized by the Office of Foreign Assets Control, the 
following are also prohibited: (1) Any transaction that evades or 
avoids, has the purpose of evading or avoiding, causes a violation of, 
or attempts to violate any of the prohibitions of this Directive; and 
(2) any conspiracy formed to violate any of the prohibitions of this 
Directive.
    A listing of foreign financial institutions determined to be 
subject to the prohibitions of this Directive,

[[Page 32306]]

including the foreign financial institutions listed in Annex 1, can be 
found in the Office of Foreign Assets Control's Correspondent Account 
and Payable-Through Account Sanctions (CAPTA) List on the Office of 
Foreign Assets Control website (www.treas.gov/ofac).

February 24, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.

Annex 1

PUBLIC JOINT STOCK COMPANY SBERBANK OF RUSSIA
ARIMERO HOLDING LIMITED
IKS JOINT STOCK COMPANY
INSURANCE COMPANY SBERBANK INSURANCE LIMITED LIABILITY COMPANY
INSURANCE COMPANY SBERBANK LIFE INSURANCE LIMITED LIABILITY COMPANY
JOINT STOCK COMPANY RASCHETNIYE RESHENIYA
JOINT STOCK COMPANY SBERBANK
JOINT STOCK COMPANY SBERBANK AUTOMATED TRADE SYSTEM
JOINT STOCK COMPANY SBERBANK LEASING
JOINT STOCK COMPANY SBERBANK PRIVATE PENSION FUND
LIMITED LIABILITY COMPANY MARKET FUND ADMINISTRATION
LIMITED LIABILITY COMPANY PROMISING INVESTMENTS
LIMITED LIABILITY COMPANY SBERBANK CAPITAL
LIMITED LIABILITY COMPANY SBERBANK CIB HOLDING
LIMITED LIABILITY COMPANY SBERBANK FACTORING
LIMITED LIABILITY COMPANY SBERBANK FINANCIAL COMPANY
LIMITED LIABILITY COMPANY SBERBANK INSURANCE BROKER
LIMITED LIABILITY COMPANY SBERBANK INVESTMENTS
LIMITED LIABILITY COMPANY YOOMONEY
OPEN JOINT STOCK COMPANY BPS-SBERBANK
SB SECURITIES SA
SBERBANK EUROPE AG
SETELEM BANK LIMITED LIABILITY COMPANY
SUBSIDIARY BANK SBERBANK OF RUSSIA JOINT STOCK COMPANY
TEKHNOLOGII KREDITOVANIYA LIMITED LIABILITY COMPANY
VYDAYUSHCHIESYA KREDITY MICROCREDIT COMPANY LIMITED
LIABILITY COMPANY

Office of Foreign Assets Control

Directive 3 Under Executive Order 14024

Prohibitions Related to New Debt and Equity of Certain Russia-related 
Entities

    Pursuant to sections 1(a), 1(d), and 8 of Executive Order 14024, 
``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'' (the 
``Order''), the Director of the Office of Foreign Assets Control, in 
consultation with the Department of State, has determined that the 
following activities by U.S. persons or within the United States are 
prohibited, except to the extent provided by law, or unless licensed or 
otherwise authorized by the Office of Foreign Assets Control:
    (1) For new debt or new equity of entities listed in Annex 1, or 
their property or interests in property, all transactions in, provision 
of financing for, and other dealings in new debt of longer than 14 days 
maturity or new equity where such new debt or new equity is issued on 
or after 12:01 a.m. eastern daylight time on March 26, 2022; and
    (2) For new debt or new equity of entities otherwise determined to 
be subject to the prohibitions of this Directive, or their property or 
interests in property, all transactions in, provision of financing for, 
and other dealings in new debt of longer than 14 days maturity or new 
equity where such new debt or new equity is issued on or after 12:01 
a.m. eastern time on the date that is 30 days after the date of such 
determination.
    The Director of the Office of Foreign Assets Control, in 
consultation with the Department of State, has determined that, 
pursuant to sections 1(a)(i) and 1(a)(vii) of the Order, the entities 
listed in Annex 1 to this Directive operate or have operated in the 
financial services sector of the Russian Federation economy, or are 
owned or controlled by, or have acted or purported to act for or on 
behalf of, directly or indirectly, the Government of the Russian 
Federation, and are subject to the prohibitions of this Directive.
    All other activities with entities determined to be subject to the 
prohibitions of this Directive, or involving their property or 
interests in property, are permitted, provided that such activities are 
not otherwise prohibited by law, the Order, or any other sanctions 
program implemented by the Office of Foreign Assets Control.
    Except to the extent otherwise provided by law or unless licensed 
or otherwise authorized by the Office of Foreign Assets Control, the 
following are also prohibited: (1) Any transaction that evades or 
avoids, has the purpose of evading or avoiding, causes a violation of, 
or attempts to violate any of the prohibitions of this Directive; and 
(2) any conspiracy formed to violate any of the prohibitions of this 
Directive.
    A listing of entities determined to be subject to the prohibitions 
of this Directive, including the entities listed in Annex 1, can be 
found in the Office of Foreign Assets Control's Non-SDN Menu-Based 
Sanctions (NS-MBS) List on the Office of Foreign Assets Control website 
(www.treas.gov/ofac).

February 24, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.

Annex 1

CREDIT BANK OF MOSCOW PUBLIC JOINT STOCK COMPANY
GAZPROMBANK JOINT STOCK COMPANY
JOINT STOCK COMPANY ALFA-BANK
JOINT STOCK COMPANY RUSSIAN AGRICULTURAL BANK
JOINT STOCK COMPANY SOVCOMFLOT
OPEN JOINT STOCK COMPANY RUSSIAN RAILWAYS
PUBLIC JOINT STOCK COMPANY ALROSA
PUBLIC JOINT STOCK COMPANY GAZPROM
PUBLIC JOINT STOCK COMPANY GAZPROM NEFT
PUBLIC JOINT STOCK COMPANY ROSTELECOM
PUBLIC JOINT STOCK COMPANY RUSHYDRO
PUBLIC JOINT STOCK COMPANY SBERBANK OF RUSSIA
PUBLIC JOINT STOCK COMPANY TRANSNEFT

Office of Foreign Assets Control

Directive 4 Under Executive Order 14024

Prohibitions Related to Transactions Involving the Central Bank of the 
Russian Federation, the National Wealth Fund of the Russian Federation, 
and the Ministry of Finance of the Russian Federation

    Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order 
14024, ``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'' (the 
``Order''), the Director of the Office of Foreign Assets Control has 
determined, in consultation with the Department of State, that the 
Central Bank of the Russian Federation, the

[[Page 32307]]

National Wealth Fund of the Russian Federation, and the Ministry of 
Finance of the Russian Federation are political subdivisions, agencies, 
or instrumentalities of the Government of the Russian Federation, and 
that the following activities by a United States person are prohibited, 
except to the extent provided by law, or unless licensed or otherwise 
authorized by the Office of Foreign Assets Control: Any transaction 
involving the Central Bank of the Russian Federation, the National 
Wealth Fund of the Russian Federation, or the Ministry of Finance of 
the Russian Federation, including any transfer of assets to such 
entities or any foreign exchange transaction for or on behalf of such 
entities.
    All other activities with entities determined to be subject to the 
prohibitions of this Directive, or involving their property or 
interests in property, are permitted, provided that such activities are 
not otherwise prohibited by law, the Order, or any other sanctions 
program implemented by the Office of Foreign Assets Control.
    Except to the extent otherwise provided by law or unless licensed 
or otherwise authorized by the Office of Foreign Assets Control, the 
following are also prohibited: (1) Any transaction that evades or 
avoids, has the purpose of evading or avoiding, causes a violation of, 
or attempts to violate any of the prohibitions of this Directive; and 
(2) any conspiracy formed to violate any of the prohibitions of this 
Directive.
    A listing of entities determined to be subject to the prohibitions 
of this Directive can be found in the Office of Foreign Assets 
Control's Non-SDN Menu-Based Sanctions (NS-MBS) List on the Office of 
Foreign Assets Control website (www.treas.gov/ofac).

February 28, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.

Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-11608 Filed 5-27-22; 8:45 am]
BILLING CODE 4810-AL-P