Treasury sanctions Russian Federation

Treasury has implemented two sanctions on the Russian Federation as part of measures imposed by the U.S. government under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991, as amended, in response to Russia’s use of the “Novichok” nerve agent in Salisbury, United Kingdom in March 2018. OFAC has issued a Russia-related Directive under the Executive Order of August 1, 2019. The Directive prohibits U.S. banks from participating in the primary market for non-ruble denominated bonds issued by the Russian sovereign and also prohibits U.S. banks from lending non-ruble denominated funds to the Russian sovereign. OFAC has also published FAQs to provide guidance on the directive.