On September 6, 2022, without notice or opportunity for public comment, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published a Rule – which took immediate effect.
As we first discussed in our March 21 advisory, on February 24, in response to the invasion by Russia of Ukraine, the US Department of Commerce, Bureau of Industry and Security issued new rules.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is prohibiting the provision of accounting, trust and corporate formation, and management services to any person in the Russian Federation.
In June 2022, the Treasury Department's Office of Foreign Assets Control (OFAC) published new Frequently Asked Questions (FAQs) regarding the prohibition of new investment and the provision of certain accounting.