The US blocks Russian entities in a massive sanctions push. Are you up to date with the latest? Keep reading to find out!
What Questions We Will Answer in this blog
What are the targets of these designations?
What is the specific focus of these designations?
What does it mean to be designated by OFAC?
How do these designations impact import-export operations?
What steps should professionals take to remain compliant?
Introduction
The Office of Foreign Assets Control (OFAC) recently took a bold step in its sanctions campaign against Russia. By designating nearly 400 individuals and entities, the US government is doubling down on its efforts to curb Russia’s financial technology networks, war economy, and strategic metals and mining sectors. But what does this mean for you, the import-export professional? Let’s break it down.
"In the ever-changing landscape of global trade, staying informed and adaptable is not just beneficial—it's essential."— Arne Mielken, Managing Director of Customs Manager Ltd.
Abbreviations We Use in this Blog
To ensure clarity, here are the abbreviations we’ll be using:
OFAC: Office of Foreign Assets Control
SDN: Specially Designated Nationals
E.O.: Executive Order
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