[Federal Register Volume 88, Number 107 (Monday, June 5, 2023)]
[Notices]
[Pages 36648-36649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-11980]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Publication of Directive 4 (as Amended) Under Executive Order 
14024 of April 15, 2021

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of one directive.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing one Russian Harmful Foreign Activities 
Sanctions directive in the Federal Register. The directive, issued 
pursuant to an April 15, 2021 Executive Order, was previously made 
available on OFAC's website.

DATES: Directive 4 (as amended) 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,'' 
was issued on May 19, 2023.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Compliance, 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 May 19, 2023, the Director of OFAC issued Directive 4 (as 
amended) 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'', replacing and superseding Directive 4 under 
E.O. 14024 of April 15, 2021 issued on February 28, 2022 (87 FR 32303, 
May 31, 2022). Directive 4 (as amended)

[[Page 36649]]

includes a new Reports section, to require that United States persons 
who are in possession or control of property in which any entity 
determined to be subject to the prohibitions of Directive 4 (as 
amended) has an interest of any nature whatsoever, direct or indirect, 
must submit a report to OFAC on or before June 18, 2023, and annually 
thereafter by June 30, 2023, and reflects technical and other non-
substantive changes.
    The text of this directive is provided below.

OFFICE OF FOREIGN ASSETS CONTROL

Directive 4 (as Amended) 1 Under Executive Order 14024
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    \1\ A prior version of this Directive, which was issued on 
February 28, 2022 and is superseded by this version, prohibited 
these same activities. This amended version of the Directive 
includes a new Reports section and reflects technical and other non-
substantive changes.
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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 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 (https://ofac.treasury.gov/).
    Reports. United States persons who are in possession or control of 
property in which any entity determined to be subject to the 
prohibitions of this Directive has an interest of any nature 
whatsoever, direct or indirect, must submit a report to 
[email protected] on or before June 18, 2023, and annually 
thereafter by June 30. Such reports shall include the following:
    1. The name and address of the person in possession or control of 
the property;
    2. The date the property came into the possession or control of 
such person;
    3. The entity or entities subject to the prohibitions of this 
Directive having an interest in the property;
    4. A description of the property and its location in the United 
States or otherwise, including any relevant account types, account 
numbers, reference numbers, dates, or other information necessary to 
identify the property;
    5. The actual, or if unknown, estimated value of the property in 
U.S. dollars as of May 31, 2023, for the initial report, and annually 
thereafter as of May 31. Foreign currencies must be reported in U.S. 
dollars with the foreign currency amount and notional exchange rate in 
the narrative; and
    6. A copy of the most recent relevant account statement or other 
documentation to support the estimated value of the property.

Andrea M. Gacki,

Director, Office of Foreign Assets Control.

May 19, 2023.

Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-11980 Filed 6-2-23; 8:45 am]
BILLING CODE 4810-AL-P