Vladimir Kiriyenko was also designated pursuant to E.O. Sberbank is uniquely important to the Russian economy, holding about a third of all bank assets in Russia. 1702(b)(2)) by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to this order would seriously impair my ability to deal with the national emergency declared in this order, and I hereby prohibit such donations as provided by section 1 of this order. (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 13661. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. 1601 et seq.) 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(a) With . In addition, financial institutions and other persons that engage in certain transactions or activities with the sanctioned individuals may be subject to an enforcement action. In addition, 20 VTB Bank subsidiaries were designated pursuant to E.O. Prohibiting New Investment in and Certain Services to the Russian On April 15, 2021, by Executive Order 14024, I declared a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. Treasury is taking serious and unprecedented action to deliver swift and severe consequences to the Kremlin and significantly impair their ability to use the Russian economy and financial system to further their malign activity, said Secretary of the Treasury Janet L. Yellen. We are united in our efforts to hold Russia accountable for its further invasion of Ukraine while mitigating impacts to Americans and our partners. Treasury is also designating influential Russians and their family members in Putins inner circle believed to be participating in the Russian regimes kleptocracy, including the Chairman and CEO of PSB. The sanctions and license package has been constructed to account for the challenges high energy prices pose to average citizens and doesnt prevent banks from processing payments for them. 14024, even if not identified by OFAC. 3. (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. Federal Register. Aleksandr Vasilievich Bortnikov (Aleksandr Bortnikov) is the Director of the Federal Security Service (FSB) of the Russian Federation and a permanent member of the Security Council of the Russian Federation. I hereby declare a national emergency to deal with that threat. 14024 applies to the financial services sector of the Russian Federation economy, and that persons determined to operate or have operated in this identified sector can be subject to sanctions. Some of these authorities are in the form of an executive order issued by the President. 14024, which authorizes sanctions against Russia for its harmful foreign activities, including violating core principles of international law, such as respect for the territorial integrity of other states. The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA, as may be necessary to carry out the purposes of this order. PDF Federal Register /Vol. 87, No. 104/Tuesday, May 31, 2022 Publication of Directive 4 (as Amended) Under Executive Order 14024 of (a) the term entity means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization; (b) the term Government of the Russian Federation means the Government of the Russian Federation, any political subdivision, agency, or instrumentality thereof, including the Central Bank of the Russian Federation, and any person owned, controlled, or directed by, or acting for or on behalf of, the Government of the Russian Federation; (c) the term noncitizen means any person who is not a citizen or noncitizen national of the United States; (d) the term person means an individual or entity; and. Sergei Vladilenovich Kiriyenko (Sergei Kiriyenko) is the First Deputy Chief of Staff of the Presidential Office. 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. The U.S., UK, And EU Provide A Joint Response To Russian This table of contents is a navigational tool, processed from the (ii) an entity organized under the laws of the Russian Federation or any jurisdiction within the Russian Federation (including foreign branches). Accordingly, U.S. financial institutions must reject such transactions unless exempt or authorized by OFAC. are not part of the published document itself. Other authorities are public laws (statutes) passed by The Congress. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related Directive 2 and Directive 3 under Executive Order 14024 and Russia-related General License 5, General License 6, General License 7, General License 8, General License 9, General License 10, General License 11, and General License 12. Treasury is also sanctioning additional Russian elites and their family members and imposing additional new prohibitions related to new debt and equity of major Russian state-owned enterprises and large privately owned financial institutions. (a) The following are prohibited: (i) new investment in the so-called DNR or LNR regions of Ukraine or such other regions of Ukraine as may be determined by the Secretary of the. legal research should verify their results against an official edition of Learn more here. These subsidiaries represent a wide range of businesses, including banks and other financial firms, electronic component producers, a coal mining company, a sporting activities company, among others, in Russia and three other countries. corresponding official PDF file on govinfo.gov. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the Government of Russia (GoR), and for operating or having operated in the financial services sector of the Russian Federation economy. Today, OFAC redesignated Aleksandr Bortnikov and designated his son Denis Bortnikov pursuant to E.O. VEB occupies a unique role in Russias financial system as the servicer of Russias sovereign debt, financier for exports, and a funding source for investment projects with a loan portfolio of over $20 billion. Sergei S. Ivanov was also designated pursuant to E.O. for better understanding how a document is structured but (a) the term "entity" means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization; (b) the term "Government of the Russian Federation" means the Government of the Russian Federation, any political subdivision, agency, or instrumentality thereof, including the Central Bank of the Russian Federation, and any person owned, controlled, or directed by, or acting for or on behalf of, the Government of the Russian Federation; (c) the term "noncitizen" means any person who is not a citizen or noncitizen national of the United States; (d) the term "person" means an individual or entity; and. ), issued Executive Order (E.O.) 14024, Prohibitions Related to Certain Sovereign Debt of the Russian Federation (the Russia-related Sovereign Debt Directive), amending and superseding Directive 1 under E.O. 5. the official SGML-based PDF version on govinfo.gov, those relying on it for 7. Sec. It holds the largest market share of savings deposits in the country, is the main creditor of the Russian economy, and is deemed by the GoR to be a systemically important financial institution. The following Sberbank subsidiaries are subject to the Russia-related CAPTA Directive: The property and interests in property of the following VTB Bank subsidiaries are blocked: The property and interests in property of the following Otkritie subsidiaries are blocked: The property and interests in property of the following Sovcombank subsidiaries are blocked: U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Unpacking the Boom in U.S. Construction of Manufacturing Facilities, Post 5: Racial Differences in Educational Experiences and Attainment, MEDIA ADVISORY: Secretary of the Treasury Janet L. Yellen to Travel to India and Vietnam, Treasury Sanctions Illicit Fentanyl Network Run by Key Sinaloa Cartel Family Members, Treasury Sanctions Official Linked to Corruption in Serbia, Statement by Secretary of the Treasury Janet L. Yellen on the appointment of Andrea Gacki as FinCEN Director, Remarks by Under Secretary Brian E. Nelson at the Financial Crimes Enforcement Network Exchange in San Antonio, Texas, Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference in Beijing, the Peoples Republic of China, Form 941, employer's quarterly federal tax return. These actions are specifically designed to impose immediate costs and disrupt and degrade future economic activity, isolate Russia from international finance and commerce, and degrade the Kremlins future ability to project power. PDF File:Executive Order 14024.pdf - Wikimedia Commons 1701 et seq.) VTB Bank is majority-owned by the GoR, which deems it to be a systemically important financial institution. These subsidiaries include banks, trusts, insurance companies, and other financial companies located in Russia and six other countries. The GoR nationalized PSB in 2018 and repurposed it to finance the defense industry and service large defense contracts as part of a scheme to assist the government in avoiding new sanctions. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR, and for operating or having operated in the financial services sector of the Russian Federation economy. These 13 major firms, which are listed in Annex 1 to the Russia-related Entities Directive, include companies critical to the Russian economy and six of Russias largest financial institutions. (vii) to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, the Government of the Russian Federation or any person whose property and interests in property are blocked pursuant to this order. We continue to monitor Russias actions and if it further invades Ukraine, the United States will swiftly impose expansive economic sanctions that will have a severe and lasting impact on Russias economy.. It was viewed 59 times while on Public Inspection. On April 15, 2021, President Joe Biden issued Executive Order 14024, titled the "Executive Order on Blocking Property With Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation," which authorized new sanctions on Russia for a variety of "malign" activities, including interference in U.S. elections, cyberattacks against the U.S. and violations of . (a) The unrestricted immigrant and nonimmigrant entry into the United States of noncitizens determined to meet one or more of the criteria in section 1 of this order would be detrimental to the interests of the United States, and the entry of such persons into the United States, as immigrants or nonimmigrants, is hereby suspended, except when the Secretary of State or the Secretary of Homeland Security, as appropriate, determines that the person's entry would not be contrary to the interests of the United States, including when the Secretary of State or the Secretary of Homeland Security, as appropriate, so determines, based on a recommendation of the Attorney General, that the person's entry would further important United States law enforcement objectives. informational resource until the Administrative Committee of the Federal Joseph R. Biden 46th President of the United States: 2021 present Executive Order 14066Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine March 08, 2022 Nothing in this order shall prohibit transactions for the conduct of the official business of the Federal Government or the United Nations (including its specialized agencies, programs, funds, and related organizations) by employees, grantees, and contractors thereof. EO 14024, among other things, authorizes OFAC to impose sanctions against persons in connection with Russian harmful foreign . In addition, 12 Otkritie subsidiaries were designated today pursuant to E.O. Sec. Today Treasury is targeting Russias ability to finance aggression against its neighbors by sanctioning the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), along with 42 of their subsidiaries. Sec. While every effort has been made to ensure that Pursuant to Directive 2 under E.O. MAJOR ECONOMIC ACTIONS Targeting Russia's Two Largest Financial Institutions This will immediately impair the ability of VEB and PSB to perform basic functions in the international financial system. I therefore determine that for these measures to be effective in addressing the national emergency declared in Executive Order 13660, expanded in Executive Orders 13661 and 13662, and further expanded by this order, there need be no prior notice of a listing or determination made pursuant to section 2 of this order. 8. Nikolai Patrushev was previously designated in April 2018 for being an official of the GoR. Today's actions are being taken pursuant to Executive Order (E.O.) Mikhail Fradkov was designated by OFAC in April 2018 for being an official of the GoR. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related Directive 4 under Executive Order 14024 and Russia-related General License 8A .