OFAC Issues Directive, FAQs for Russia-Related Sanctions

The Treasury’s Office of Foreign Assets Control on Aug. 3 issued a “Russia-related directive” and a set of frequently asked questions to pair with President Donald Trump’s Aug. 1 executive order on chemical and biological weapons sanctions.

The directive outlined prohibited actions under the executive order, including “participation in the primary market for non-ruble denominated bonds” issued by Russia after Aug. 26 and “lending non-ruble denominated funds” to Russia after Aug. 26. The FAQs describe the purpose of the order and how the U.S. is implementing sanctions, and specifies that the directive does “not prohibit U.S. banks from participating in the secondary market for Russian sovereign debt.”