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Directive 1A Under Executive Order 14024

Date issued: Feb. 22 2022

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OFFICE OF FOREIGN ASSETS CONTROL

DIRECTIVE 1A[1] UNDER EXECUTIVE ORDER 14024

Prohibitions Related to Certain Sovereign Debt of the Russian Federation

Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order 14024, “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation” (the “Order”), the Director of the Office of Foreign Assets Control has determined, in consultation with the Department of State, that the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation are political subdivisions, agencies, or instrumentalities of the Government of the Russian Federation, and that the following activities by a U.S. financial institution are prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by the Office of Foreign Assets Control:
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TURBOFAC Commentary (59 words)

Notes:

1) On 2-22-2022, OFAC Issued Directive 1A Under Executive Order 14024, which supersedes Directive 1 Under Executive Order of April 15, 2021 . Refer to Consolidated Comment on the Russia-related Lending Directives for commentary on Russia-related Directive (the "CBW Act Directive"), Directive 1A Under Executive Order 14024, and the relationship between the two active directives.