Russia-related Designations; Issuance of Russia-related and Russia-/Ukraine-related General Licenses; Implementation of the Federal Civil Penalties Inflation Adjustment Act

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has amended its regulations to implement for 2025 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This regulatory amendment adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations. The regulatory amendment is published in the Federal Register and is effective as of today, January 15, 2025. OFAC also has issued Russia-related General License 122, “Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on January 15, 2025;” Russia-related General License 123, “Authorizing Certain Transactions Related to Debt or Equity of, or Derivative Contracts Involving, Wafangdian Bearing Company Limited;” and Russia-/Ukraine-related General License 26A, “Transactions Authorized Pursuant to the Russian Harmful Foreign Activities Sanctions Regulations.” Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons (SDN) List and its Sectoral Sanctions Identifications (SSI) List. Please visit the URL below to view this action.Read More