Russian Sanction Updates and Reporting Requirements: What are your Responsibilities under OFAC?
In response to the Russian Federationsâ (âRussiaâ) invasion of Ukraine, the U.S. Government has recently announced expansive economic sanctions against Russia and its economy. The U.S. Department of the Treasuryâs Office of Foreign Assets Control (âOFACâ) imposed sanctions against multiple parties in Russia to deplete Russian resources for purposes of ending the war.