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1115. For the purposes of the determination of February 24, 2023 made pursuant to Executive Order (E.O.) 14024, what is meant by the term “metals and mining sector of the Russian Federation economy”?
For the purposes of the determination of February 24, 2023 made pursuant to E.O. 14024, OFAC anticipates publishing regulations defining the term “metals and mining sector of the Russian Federation economy” to include any act, process, or industry of extracting, at the surface or underground, ores, coal, precious stones, or any other minerals or geological materials in the Russian Federation, or any act of procuring, processing, manufacturing, or refining such geological materials, or transporting them to, from, or within the Russian Federation. This is the definition OFAC used to define the same term in the Ukraine/Russia-related Sanctions Regulations (see 31 CFR 589.325).
Released on 02/24/2023
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1) See Determination Pursuant to Section 1(a)(i) of Executive Order 14024 (Effective February 24, 2023) and read in conjunction with related FAQ # 1114, FAQ # 1115, FAQ # 1116 and FAQ # 1117.
2) 589.325 defines “metals and mining sector of the Russian Federation economy” in a way that is identical to this FAQ for the purposes of EO 13662, which is a provision that, on its face, allows for the blocking of all persons determined to "operate in such sectors of the Russian Federation economy as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State, such as financial services, energy, metals and mining, engineering, and defense and related materiel..."
One may therefore naturally ask what the point of the...