U.S. OFAC clarifies process for issuing orders on blocking and identifying property
OFAC incorporating information about orders in regulatory notes of sanctions regulations
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today adopted a final rule to clarify its process for issuing orders that block or identify as blocked specific property or interests in property, or that impose other prohibitions less than full blocking with respect to specific property or interests in property.
According to today’s final rule, OFAC is incorporating information about these orders in regulatory notes in 35 of its sanctions regulations.
OFAC today also issued the following guidance:
- Russia-related General License 109—“Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on September 13, 2024”
- Russia-related General License 25F—“Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications”
- Updated Russia-related FAQ 1040