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OFAC reestablished the Ukraine-Russia related sanctions regulations

OFAC declared the publication of a Final Rule that renamed and reestablished the Ukraine-Russia Related Sanctions Regulations and revised its related guidance on April 29th, 2022. The reissued regulations were widened to incorporate a more extensive set of regulations including definitional and interpretive guidance, general licenses, and other administrative provisions. These regulations will come into force on May 2nd, 2022.

In addition, another four Russia-related general licenses were included into the new regulations. A set of the new general licenses permit specific transactions with respect to investment and reinvestment of frozen assets that would otherwise be prohibited under the regulations. Another general license permits transactions with respect to closing payable-through or correspondent accounts that may be required due to the new regulations. More information on these new measures adopted by OFAC on April 29th, 2022, can be found here.