OFAC FAQ (Current) # 1080 - Russian Harmful Foreign Activities Sanctions

Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.

Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category). Please contact [email protected] or [email protected] with any questions on search results and efficiency.

Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.

TURBOFAC Commentary (374 words)

Notes:

1) IMPLICIT “POSSESSION OR CONTROL” STATEMENT; THE DEFINITION OF “BLOCKED PROPERTY’

501.603 of the only applies to “blocked property,” and “blocked property” is property within the “possession or control” of a U.S. person. OFAC states that “[i]n practice,” Russian banks being blocked “means that accounts held by U.S. persons at any blocked Russian financial institutions generally are themselves considered blocked property, unless exempt.” What OFAC appears to be saying here is that when an account at a foreign bank is “held” by a U.S. person, it qualifies as being within the “possession or control” of the account holder (at least “generally”). The circumstances in which this may not be the case may include those in which the account holder is prohibited under Russian law from taking any action with respect to the account.

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OFAC FAQ (Current) # 1080 - Russian Harmful Foreign Activities Sanctions

TURBOFAC Commentary (374 words)