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Determination Pursuant to Section 1(a)(i) of Executive Order 14024
Section 1(a) of Executive Order (E.O.) 14024 of April 15, 2021 ("Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation") imposes economic sanctions on any person determined by the Secretary of the Treasury, in consultation with the Secretary of State, or the Secretary of State, in consultation with the Secretary of the Treasury, to operate or have operated in such sectors of the Russian Federation economy as may be determined, pursuant to section 1(a)(i) of E.O. 14024, by the Secretary of the Treasury, in consultation with the Secretary of State.
To further address the unusual and extraordinary threat to the national security, foreign policy, and economy of the United States described in E.O. 14024, and in consultation with the Secretary of State, I hereby determine that section 1(a)(i) shall apply...
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1) Refer to section 3(b) of the comments to EO 14024 and, more generally, General Note on "Sectoral Sanctions" and Determinations Made Pursuant to EOs Providing for the Blocking of Persons Determined to "Operate In" a Certain Sector. Note that as of 2-25-23 OFAC has not used this designation criterion in a way that would merit inclusion in the Research System as a "quasi-secondary sanctions" enforcement action (refer to Introductory Note Common to all Derivative Designation Notices Included in the Research System).
2) Note FAQ # 1029 ("Persons determined to operate or to have operated in the financial services sector of the Russian Federation economy, which could include those engaging in gold-related transactions involving the Russian Federation...")