Executive Order 14114 - On Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities

Date issued: Dec. 22 2023

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TURBOFAC Commentary (1302 words)

Notes:

1) NEW SECTION 11 TO EO 14024

a) New section 11 to EO 14024 provides OFAC with the authority to impose CAPTA and/or blocking sanctions on any FFI affirmatively determined to have “conducted or facilitated any significant transaction or transactions for or on behalf of any person designated pursuant to section 1(a)(i) of [EO 14024] for operating or having operated in” certain specified sectors of the Russian economy, or “conducted or facilitated any significant transaction or transactions, or provided any service, involving Russia’s military-industrial base…”

There are a few notable/unusual things about these new authorities. First, note that while most secondary sanctions provisions allow for the sanctioning of entities for “knowingly” engaging in specified transactions, this provision drops the “knowingly”. “Knowingly” is generally defined broadly to...