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U.S. OFAC sanctions entities and vessel for price cap violation, implements G7 ban on Russian diamonds

U.S. OFAC imposed sanctions on entities and identified one vessel as blocked property that were involved in a price cap violation scheme.

February 8, 2024

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today imposed sanctions on four entities and identified one vessel as blocked property that were involved in a price cap violation scheme in late 2023.

OFAC today also issued two new determinations that implement G7 commitments to ban the importation of Russian diamonds. Finally, OFAC issued a Russia-related general license.

Documents

  • Treasury release (February 8, 2024)
  • OFAC release (February 8, 2024)
    • OFAC determination [PDF 165 KB] for “Prohibitions Related to Imports of Diamond Jewelry and Unsorted Diamonds of Russian Federation Origin and Diamond Jewelry and Unsorted Diamonds Exported From the Russian Federation”
    • OFAC determination [PDF 177 KB] for “Prohibitions Related to Imports of Certain Categories of Diamonds”
    • Russia-related General License 87 [PDF 227 KB—"Authorizing Limited Safety and Environmental Transactions Involving Certain Persons or Vessels Blocked on February 8, 2024"

    For more information, contact a professional with KPMG’s Trade & Customs services:

    Doug Zuvich
    Partner and Global Practice Leader
    E: dzuvich@kpmg.com
    John L. McLoughlin
    Principal and East Coast Leader
    E: jlmcloughlin@kpmg.com
    Andy Siciliano
    Partner and National Practice Leader
    E: asiciliano@kpmg.com
    Steve Brotherton
    Principal and Global Export and Sanctions Leader
    E: sbrotherton@kpmg.com
    Luis (Lou) Abad
    Principal, Washington National Tax
    E: labad@kpmg.com
    Irina Vaysfeld
    Principal
    E: ivaysfeld@kpmg.com
    Amie Ahanchian
    Principal
    E: aahanchian@kpmg.com
    Christopher Young
    Principal
    E: christopheryoung@kpmg.com
    Gisele Belotto
    Principal
    E: gbelotto@kpmg.com
    George Zaharatos
    Principal
    E: gzaharatos@kpmg.com
    Andy Doornaert
    Managing Director
    E: adoornaert@kpmg.com
    Jessica Libby
    Principal
    E: jlibby@kpmg.com
    John Anderson
    Managing Director
    E: johneanderson@kpmg.com
    Jenna Leigh Glass
    Managing Director
    E: jennaleighglass@kpmg.com

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