PRINT
§ 589.315 Financial services sector of the Russian Federation economy.
The financial services sector of the Russian Federation economy includes economic or financial services, including government-operated and private banks and financial institutions, credit card companies, investment banking services, foreign exchange services, money services businesses, payday lenders, mortgage companies, securities exchanges, securities dealers, asset managers, and insurance services, or any entities that are engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent, in or involving the Russian Federation.
1) This definitional provision was implemented into the URSR in 5-2-2022, and is novel in the sense that the substance does not reproduce prior-issued guidance. The provision is relevant for the purposes of OFAC's designations and SSI List additions under EO 13661 and EO 13662 (i.e. the provisions therein that allow for the imposition of sanctions on persons "operating in" certain sectors of the Russian economy).