Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Rules and Regulations 32303 

Vertu Road West, Dorval, Que ́bec H4S 1Y9, 

Canada; telephone 514–855–2999; email 

ac.yul@aero.bombardier.com; internet 

https://www.bombardier.com. 

(4) You may view this service information 

at the FAA, Airworthiness Products Section, 

Operational Safety Branch, 2200 South 216th 

St., Des Moines, WA. For information on the 

availability of this material at the FAA, call 

206–231–3195. 

(5) You may view this service information 

that is incorporated by reference at the 

National Archives and Records 

Administration (NARA). For information on 

the availability of this material at NARA, 

email fr.inspection@nara.gov, or go to: 

https://www.archives.gov/federal-register/cfr/ 

ibr-locations.html. 

Issued on May 6, 2022. 

Gaetano A. Sciortino, 

Deputy Director for Strategic Initiatives, 

Compliance & Airworthiness Division, 

Aircraft Certification Service. 

[FR Doc. 2022–11531 Filed 5–27–22; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 587 

Publication of Financial Services 

Sectoral Determination and Directives 

1A, 2, 3, and 4 Under Executive Order 

14024 of April 15, 2021 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Publication of one 

determination and four directives. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing a sectoral 

determination by the Secretary of the 

Treasury, in consultation with the 

Secretary of State, and four Russian 

Harmful Foreign Activities Sanctions 

directives in the Federal Register. The 

determination and four directives, all 

issued pursuant to an April 15, 2021 

Executive Order, were previously issued 

on OFAC’s website. 

DATES: The Determination Pursuant to 

Section 1(a)(i) of Executive Order 14024 

was issued on February 22, 2022 and 

took effect immediately. Directive 1A 

under Executive Order (E.O.) 14024, 

‘‘Prohibitions Related to Certain 

Sovereign Debt of the Russian 

Federation,’’ was issued on February 22, 

2022, and the prohibitions therein took 

effect on March 1, 2022. Directive 2 

under E.O. 14024, ‘‘Prohibitions Related 

to Correspondent or Payable-Through 

Accounts and Processing of 

Transactions Involving Certain Foreign 

Financial Institutions,’’ was issued on 

February 24, 2022, and the prohibitions 

therein took effect on March 26, 2022. 

Directive 3 under E.O. 14024, 

‘‘Prohibitions Related to New Debt and 

Equity of Certain Russia-related 

Entities,’’ was issued on February 24, 

2022 and the prohibitions therein took 

effect on March 26, 2022. Directive 4, 

‘‘Prohibitions Related to Transactions 

Involving the Central Bank of the 

Russian Federation, the National Wealth 

Fund of the Russian Federation, and the 

Ministry of Finance of the Russian 

Federation,’’ was issued on February 28, 

2022 and took effect immediately. 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Assistant Director for Licensing, 

202–622–2480; Assistant Director for 

Regulatory Affairs, 202–622–4855; or 

Assistant Director for Sanctions 

Compliance & Evaluation, 202–622– 

2490. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

This document and additional 

information concerning OFAC are 

available on OFAC’s website: 

www.treas.gov/ofac. 

Background 

On April 15, 2021, the President, 

invoking the authority of, inter alia, the 

International Emergency Economic 

Powers Act (50 U.S.C. 1701 et seq.), 

issued Executive Order (E.O.) 14024 (86 

FR 20249, April 19, 2021). 

In E.O. 14024, the President found 

that specified harmful foreign activities 

of the Government of the Russian 

Federation—in particular, efforts to 

undermine the conduct of free and fair 

democratic elections and democratic 

institutions in the United States and its 

allies and partners; to engage in and 

facilitate malicious cyber-enabled 

activities against the United States and 

its allies and partners; to foster and use 

transnational corruption to influence 

foreign governments; to pursue 

extraterritorial activities targeting 

dissidents or journalists; to undermine 

security in countries and regions 

important to United States national 

security; and to violate well-established 

principles of international law, 

including respect for the territorial 

integrity of states—constitute an 

unusual and extraordinary threat to the 

national security, foreign policy, and 

economy of the United States and 

declared a national emergency to deal 

with that threat. 

Among other things, section 1 of E.O. 

14024 blocks all property and interests 

in property that are in the United States, 

that hereafter come within the United 

States, or that are or hereafter come 

within the possession or control of any 

United States person of any person 

determined by the Secretary of the 

Treasury, in consultation with the 

Secretary of State, to operate or have 

operated in the technology sector or the 

defense and related materiel sector of 

the Russian Federation economy, or any 

other sector of the Russian Federation 

economy as may be determined by the 

Secretary of the Treasury, in 

consultation with the Secretary of State. 

On February 22, 2022, the Secretary of 

the Treasury, in consultation with the 

Secretary of State, determined that 

section 1(a)(i) of E.O. 14024 shall apply 

to the financial services sector of the 

Russian Federation economy (‘‘February 

22, 2022 Determination Pursuant to 

Section 1(a)(i) of Executive Order 

14024’’). Pursuant to this determination, 

any person that the Secretary of 

Treasury, in consultation with the 

Secretary of State, or the Secretary of 

State, in consultation with the Secretary 

of the Treasury (or their respective 

designees), subsequently determines 

operates or has operated in the financial 

services sector of the Russian Federation 

economy shall be subject to the 

prohibitions described in section 1(a)(i) 

of E.O. 14024. 

On February 22, 2022, the Director of 

OFAC issued Directive 1A under E.O. 

14024, ‘‘Prohibitions Related to Certain 

Sovereign Debt of the Russian 

Federation’’ (Russia-related Sovereign 

Debt Directive), replacing and 

superseding Directive 1 under E.O. 

14024 of April 15, 2021 (86 FR 35867, 

July 7, 2021), to extend existing 

sovereign debt prohibitions to cover 

participation in the secondary market 

for bonds issued after March 1, 2022 by 

the Central Bank of the Russian 

Federation, the National Wealth Fund of 

the Russian Federation, or the Ministry 

of Finance of the Russian Federation, 

effective March 1, 2022. 

On February 24, 2022, the Director of 

OFAC issued Directive 2 under E.O. 

14024, ‘‘Prohibitions Related to 

Correspondent or Payable-Through 

Accounts and Processing of 

Transactions Involving Certain Foreign 

Financial Institutions’’ (Russia-related 

CAPTA Directive), which prohibits U.S. 

financial institutions from: (i) The 

opening or maintaining of a 

correspondent account or payablethrough account for or on behalf of 

foreign financial institutions determined 

to be subject to the prohibitions of the 

Russia-related CAPTA Directive; and (ii) 

the processing of transactions involving 

foreign financial institutions determined 

to be subject to the prohibitions of the 

Russia-related CAPTA Directive. The 

effective date of these prohibitions with 


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32304 Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Rules and Regulations 

1A prior version of this Directive, which was 

issued on April 15, 2021 and which is replaced and 

superseded by this version, prohibited the same 

activities with respect to participation in the 

primary market for ruble or non-ruble denominated 

bonds issued after June 14, 2021 by the entities 

determined to be subject to the Directive, and with 

respect to lending ruble or non-ruble denominated 

funds to the entities determined to be subject to the 

Directive. 

respect to the entities listed in Annex 1 

to the Russia-related CAPTA Directive, 

or foreign financial institutions that are 

50 percent or more owned, directly or 

indirectly, individually or in the 

aggregate, by one or more such entities, 

is March 26, 2022; for other entities 

determined to be subject to the Russiarelated CAPTA Directive, or foreign 

financial institutions that are 50 percent 

or more owned, directly or indirectly, 

individually or in the aggregate, by one 

or more such entities, these prohibitions 

take effect at 12:01 a.m. eastern time on 

the date that is 30 days after the date of 

such determination. 

Additionally, on February 24, 2022, 

the Director of OFAC issued Directive 3 

under E.O. 14024, ‘‘Prohibitions Related 

to New Debt and Equity of Certain 

Russia-related Entities’’ (Russia-related 

Entities Directive), to prohibit all 

transactions in, provision of financing 

for, and other dealings in new debt of 

longer than 14 days maturity or new 

equity where such new debt or new 

equity was issued on or after 12:01 a.m. 

eastern daylight time, March 26, 2022 

by the entities listed in Annex 1 to that 

directive, or their property or interests 

in property. These same prohibitions 

also apply to any entity subsequently 

determined to be subject to the 

prohibitions of the Russia-related 

Entities Directive, or its property or 

interests in property, beginning on or 

after 12:01 a.m. eastern time on the date 

that is 30 days after the date of such 

determination. 

On February 28, 2022, the Director of 

OFAC issued Directive 4 under E.O. 

14024, ‘‘Prohibitions Related to 

Transactions Involving the Central Bank 

of the Russian Federation, the National 

Wealth Fund of the Russian Federation, 

and the Ministry of Finance of the 

Russian Federation’’ (Russia-related 

Sovereign Transactions Directive), 

which prohibits U.S. persons from 

engaging in any transaction involving 

the Central Bank of the Russian 

Federation, the National Wealth Fund of 

the Russian Federation, or the Ministry 

of Finance of the Russian Federation, 

including any transfer of assets to such 

entities or any foreign exchange 

transaction for or on behalf of such 

entities. 

The texts of the February 22, 2022 

Determination Pursuant to Section 

1(a)(i) of E.O. 14024, the Russia-related 

Sovereign Debt Directive, the Russiarelated CAPTA Directive, the Russiarelated Entities Directive, and the 

Russia-related Sovereign Transactions 

Directive are below. 

Determination Pursuant to Section 

1(a)(i) of Executive Order 14024 

Section 1(a) of Executive Order (E.O.) 

14024 of April 15, 2021 (‘‘Blocking 

Property With Respect To Specified 

Harmful Foreign Activities of the 

Government of the Russian Federation’’) 

imposes economic sanctions on any 

person determined by the Secretary of 

the Treasury, in consultation with the 

Secretary of State, or the Secretary of 

State, in consultation with the Secretary 

of the Treasury, to operate or have 

operated in such sectors of the Russian 

Federation economy as may be 

determined, pursuant to section 1(a)(i) 

of E.O. 14024, by the Secretary of the 

Treasury, in consultation with the 

Secretary of State. 

To further address the unusual and 

extraordinary threat to the national 

security, foreign policy, and economy of 

the United States described in E.O. 

14024, and in consultation with the 

Secretary of State, I hereby determine 

that section 1(a)(i) shall apply to the 

financial services sector of the Russian 

Federation economy. Any person that I 

or my designee, in consultation with the 

Secretary of State or the Secretary of 

State’s designee, or the Secretary of 

State or the Secretary of State’s 

designee, in consultation with me or my 

designee, subsequently determine 

operates or has operated in such sector 

shall be subject to sanctions pursuant to 

section 1(a)(i). 

This determination shall take effect 

upon publication by the Director of the 

Office of Foreign Assets Control on the 

Department of Treasury’s website. 

Janet L. Yellen 

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: 

(1) As of June 14, 2021, participation 

in the primary market for ruble or nonruble denominated bonds issued after 

June 14, 2021 by the Central Bank of the 

Russian Federation, the National Wealth 

Fund of the Russian Federation, or the 

Ministry of Finance of the Russian 

Federation; 

(2) as of June 14, 2021, lending ruble 

or non-ruble denominated funds to the 

Central Bank of the Russian Federation, 

the National Wealth Fund of the 

Russian Federation, or the Ministry of 

Finance of the Russian Federation; and 

(3) as of March 1, 2022, participation 

in the secondary market for ruble or 

non-ruble denominated bonds issued 

after March 1, 2022 by the Central Bank 

of the Russian Federation, the National 

Wealth Fund of the Russian Federation, 

or the Ministry of Finance of the 

Russian Federation. 

For the purposes of this Directive, the 

term ‘‘U.S. financial institution’’ means 

any U.S. entity (including its foreign 

branches) that is engaged in the 

business of accepting deposits, making, 

granting, transferring, holding, or 

brokering loans or credits, or purchasing 

or selling foreign exchange, securities, 

futures or options, or procuring 

purchasers and sellers thereof, as 

principal or agent. It includes 

depository institutions, banks, savings 

banks, money services businesses, 

operators of credit card systems, trust 

companies, insurance companies, 

securities brokers and dealers, futures 

and options brokers and dealers, 

forward contract and foreign exchange 

merchants, securities and commodities 

exchanges, clearing corporations, 

investment companies, employee 

benefit plans, dealers in precious 

metals, stones, or jewels, and U.S. 

holding companies, U.S. affiliates, or 

U.S. subsidiaries of any of the foregoing. 

This term includes those branches, 

offices, and agencies of foreign financial 

institutions that are located in the 

United States, but not such institutions’ 

foreign branches, offices, or agencies. 

All other activities with entities 

determined to be subject to the 

prohibitions of this Directive, or 

involving their property or interests in 

property, are permitted, provided that 


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such activities are not otherwise 

prohibited by law, the Order, or any 

other sanctions program implemented 

by the Office of Foreign Assets Control. 

Except to the extent otherwise 

provided by law or unless licensed or 

otherwise authorized by the Office of 

Foreign Assets Control, the following 

are also prohibited: (1) Any transaction 

that evades or avoids, has the purpose 

of evading or avoiding, causes a 

violation of, or attempts to violate any 

of the prohibitions of this Directive; and 

(2) any conspiracy formed to violate any 

of the prohibitions of this Directive. 

A listing of entities determined to be 

subject to the prohibitions of this 

Directive can be found in the Office of 

Foreign Assets Control’s Non-SDN 

Menu-Based Sanctions (NS–MBS) List 

on the Office of Foreign Assets Control 

website (www.treas.gov/ofac). 

February 22, 2022. 

Andrea M. Gacki, 

Director, Office of Foreign Assets 

Control. 

Office of Foreign Assets Control 

Directive 2 Under Executive Order 

14024 

Prohibitions Related to Correspondent 

or Payable-Through Accounts and 

Processing of Transactions Involving 

Certain Foreign Financial Institutions 

Pursuant to sections 1(a), 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’’), and following the 

Secretary of the Treasury’s 

determination, in consultation with the 

Secretary of State, under section 1(a)(i) 

of the Order with respect to the 

financial services sector of the Russian 

Federation economy, the Director of the 

Office of Foreign Assets Control, in 

consultation with the Department of 

State, has determined 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: 

(1) The opening or maintaining of a 

correspondent account or payablethrough account for or on behalf of 

foreign financial institutions determined 

to be subject to the prohibitions of this 

Directive, or their property or interests 

in property; and 

(2) the processing of a transaction 

involving foreign financial institutions 

determined to be subject to the 

prohibitions of this Directive, or their 

property or interests in property. 

The prohibitions of this Directive 

apply only with respect to a U.S. 

financial institution’s opening or 

maintaining of a correspondent account 

or payable-through account for or on 

behalf of, or processing of a transaction 

involving, a foreign financial institution. 

The Director of the Office of Foreign 

Assets Control, in consultation with the 

Department of State, has determined 

that, pursuant to section 1(a)(i) of the 

Order, the foreign financial institutions 

listed in Annex 1 to this Directive 

operate or have operated in the financial 

services sector of the Russian Federation 

economy, or are foreign financial 

institutions that are 50 percent or more 

owned, directly or indirectly, 

individually or in the aggregate, by one 

or more such foreign financial 

institutions, and are subject to the 

prohibitions of this Directive. 

The prohibitions of this Directive 

shall take effect: (i) With respect to any 

foreign financial institution listed in 

Annex 1, beginning at 12:01 a.m. eastern 

daylight time on March 26, 2022; or (ii) 

with respect to a foreign financial 

institution otherwise determined to be 

subject to the prohibitions of this 

Directive, beginning at 12:01 a.m. 

eastern time on the date that is 30 days 

after the date of such determination. 

For the purposes of this Directive, the 

term ‘‘U.S. financial institution’’ means 

any U.S. entity (including its foreign 

branches) that is engaged in the 

business of accepting deposits, making, 

granting, transferring, holding, or 

brokering loans or credits, or purchasing 

or selling foreign exchange, securities, 

futures or options, or procuring 

purchasers and sellers thereof, as 

principal or agent. It includes 

depository institutions, banks, savings 

banks, money services businesses, 

operators of credit card systems, trust 

companies, insurance companies, 

securities brokers and dealers, futures 

and options brokers and dealers, 

forward contract and foreign exchange 

merchants, securities and commodities 

exchanges, clearing corporations, 

investment companies, employee 

benefit plans, dealers in precious 

metals, stones, or jewels, and U.S. 

holding companies, U.S. affiliates, or 

U.S. subsidiaries of any of the foregoing. 

This term includes those branches, 

offices, and agencies of foreign financial 

institutions that are located in the 

United States, but not such institutions’ 

foreign branches, offices, or agencies. 

For the purposes of this Directive, the 

term ‘‘foreign financial institution’’ 

means any foreign entity that is engaged 

in the business of accepting deposits, 

making, granting, transferring, holding, 

or brokering loans or credits, or 

purchasing or selling foreign exchange, 

securities, futures or options, or 

procuring purchasers and sellers 

thereof, as principal or agent. It includes 

depository institutions, banks, savings 

banks, money services businesses, 

operators of credit card systems, trust 

companies, insurance companies, 

securities brokers and dealers, futures 

and options brokers and dealers, 

forward contract and foreign exchange 

merchants, securities and commodities 

exchanges, clearing corporations, 

investment companies, employee 

benefit plans, dealers in precious 

metals, stones, or jewels, and holding 

companies, affiliates, or subsidiaries of 

any of the foregoing. The term does not 

include the international financial 

institutions identified in 22 U.S.C. 

262r(c)(2), the International Fund for 

Agricultural Development, the North 

American Development Bank, or any 

other international financial institution 

so notified by the Office of Foreign 

Assets Control. 

For the purposes of this Directive, the 

term ‘‘correspondent account’’ means an 

account established by a U.S. financial 

institution for a foreign financial 

institution to receive deposits from, or 

to make payments on behalf of, the 

foreign financial institution, or to 

handle other financial transactions 

related to such foreign financial 

institution. 

For the purposes of this Directive, the 

term ‘‘payable-through account’’ means 

a correspondent account maintained by 

a U.S. financial institution for a foreign 

financial institution by means of which 

the foreign financial institution permits 

its customers to engage, either directly 

or through a subaccount, in banking 

activities usual in connection with the 

business of banking in the United 

States. 

All other activities with foreign 

financial institutions determined to be 

subject to the prohibitions of this 

Directive, or involving their property or 

interests in property, are permitted, 

provided that such activities are not 

otherwise prohibited by law, the Order, 

or any other sanctions program 

implemented by the Office of Foreign 

Assets Control. 

Except to the extent otherwise 

provided by law or unless licensed or 

otherwise authorized by the Office of 

Foreign Assets Control, the following 

are also prohibited: (1) Any transaction 

that evades or avoids, has the purpose 

of evading or avoiding, causes a 

violation of, or attempts to violate any 

of the prohibitions of this Directive; and 

(2) any conspiracy formed to violate any 

of the prohibitions of this Directive. 

A listing of foreign financial 

institutions determined to be subject to 

the prohibitions of this Directive, 


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32306 Federal Register / Vol. 87, No. 104 / Tuesday, May 31, 2022 / Rules and Regulations 

including the foreign financial 

institutions listed in Annex 1, can be 

found in the Office of Foreign Assets 

Control’s Correspondent Account and 

Payable-Through Account Sanctions 

(CAPTA) List on the Office of Foreign 

Assets Control website (www.treas.gov/ 

ofac). 

February 24, 2022. 

Andrea M. Gacki, 

Director, Office of Foreign Assets 

Control. 

Annex 1 

PUBLIC JOINT STOCK COMPANY 

SBERBANK OF RUSSIA 

ARIMERO HOLDING LIMITED 

IKS JOINT STOCK COMPANY 

INSURANCE COMPANY SBERBANK 

INSURANCE LIMITED LIABILITY 

COMPANY 

INSURANCE COMPANY SBERBANK 

LIFE INSURANCE LIMITED 

LIABILITY COMPANY 

JOINT STOCK COMPANY 

RASCHETNIYE RESHENIYA 

JOINT STOCK COMPANY SBERBANK 

JOINT STOCK COMPANY SBERBANK 

AUTOMATED TRADE SYSTEM 

JOINT STOCK COMPANY SBERBANK 

LEASING 

JOINT STOCK COMPANY SBERBANK 

PRIVATE PENSION FUND 

LIMITED LIABILITY COMPANY 

MARKET FUND 

ADMINISTRATION 

LIMITED LIABILITY COMPANY 

PROMISING INVESTMENTS 

LIMITED LIABILITY COMPANY 

SBERBANK CAPITAL 

LIMITED LIABILITY COMPANY 

SBERBANK CIB HOLDING 

LIMITED LIABILITY COMPANY 

SBERBANK FACTORING 

LIMITED LIABILITY COMPANY 

SBERBANK FINANCIAL 

COMPANY 

LIMITED LIABILITY COMPANY 

SBERBANK INSURANCE BROKER 

LIMITED LIABILITY COMPANY 

SBERBANK INVESTMENTS 

LIMITED LIABILITY COMPANY 

YOOMONEY 

OPEN JOINT STOCK COMPANY BPS– 

SBERBANK 

SB SECURITIES SA 

SBERBANK EUROPE AG 

SETELEM BANK LIMITED LIABILITY 

COMPANY 

SUBSIDIARY BANK SBERBANK OF 

RUSSIA JOINT STOCK COMPANY 

TEKHNOLOGII KREDITOVANIYA 

LIMITED LIABILITY COMPANY 

VYDAYUSHCHIESYA KREDITY 

MICROCREDIT COMPANY 

LIMITED 

LIABILITY COMPANY 

Office of Foreign Assets Control 

Directive 3 Under Executive Order 

14024 

Prohibitions Related to New Debt and 

Equity of Certain Russia-related Entities 

Pursuant to sections 1(a), 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, in 

consultation with the Department of 

State, has determined that the following 

activities by U.S. persons or within the 

United States are prohibited, except to 

the extent provided by law, or unless 

licensed or otherwise authorized by the 

Office of Foreign Assets Control: 

(1) For new debt or new equity of 

entities listed in Annex 1, or their 

property or interests in property, all 

transactions in, provision of financing 

for, and other dealings in new debt of 

longer than 14 days maturity or new 

equity where such new debt or new 

equity is issued on or after 12:01 a.m. 

eastern daylight time on March 26, 

2022; and 

(2) For new debt or new equity of 

entities otherwise determined to be 

subject to the prohibitions of this 

Directive, or their property or interests 

in property, all transactions in, 

provision of financing for, and other 

dealings in new debt of longer than 14 

days maturity or new equity where such 

new debt or new equity is issued on or 

after 12:01 a.m. eastern time on the date 

that is 30 days after the date of such 

determination. 

The Director of the Office of Foreign 

Assets Control, in consultation with the 

Department of State, has determined 

that, pursuant to sections 1(a)(i) and 

1(a)(vii) of the Order, the entities listed 

in Annex 1 to this Directive operate or 

have operated in the financial services 

sector of the Russian Federation 

economy, or are owned or controlled by, 

or have acted or purported to act for or 

on behalf of, directly or indirectly, the 

Government of the Russian Federation, 

and are subject to the prohibitions of 

this Directive. 

All other activities with entities 

determined to be subject to the 

prohibitions of this Directive, or 

involving their property or interests in 

property, are permitted, provided that 

such activities are not otherwise 

prohibited by law, the Order, or any 

other sanctions program implemented 

by the Office of Foreign Assets Control. 

Except to the extent otherwise 

provided by law or unless licensed or 

otherwise authorized by the Office of 

Foreign Assets Control, the following 

are also prohibited: (1) Any transaction 

that evades or avoids, has the purpose 

of evading or avoiding, causes a 

violation of, or attempts to violate any 

of the prohibitions of this Directive; and 

(2) any conspiracy formed to violate any 

of the prohibitions of this Directive. 

A listing of entities determined to be 

subject to the prohibitions of this 

Directive, including the entities listed in 

Annex 1, can be found in the Office of 

Foreign Assets Control’s Non-SDN 

Menu-Based Sanctions (NS–MBS) List 

on the Office of Foreign Assets Control 

website (www.treas.gov/ofac). 

February 24, 2022. 

Andrea M. Gacki, 

Director, Office of Foreign Assets Control. 

Annex 1 

CREDIT BANK OF MOSCOW PUBLIC 

JOINT STOCK COMPANY 

GAZPROMBANK JOINT STOCK 

COMPANY 

JOINT STOCK COMPANY ALFA– 

BANK 

JOINT STOCK COMPANY RUSSIAN 

AGRICULTURAL BANK 

JOINT STOCK COMPANY 

SOVCOMFLOT 

OPEN JOINT STOCK COMPANY 

RUSSIAN RAILWAYS 

PUBLIC JOINT STOCK COMPANY 

ALROSA 

PUBLIC JOINT STOCK COMPANY 

GAZPROM 

PUBLIC JOINT STOCK COMPANY 

GAZPROM NEFT 

PUBLIC JOINT STOCK COMPANY 

ROSTELECOM 

PUBLIC JOINT STOCK COMPANY 

RUSHYDRO 

PUBLIC JOINT STOCK COMPANY 

SBERBANK OF RUSSIA 

PUBLIC JOINT STOCK COMPANY 

TRANSNEFT 

Office of Foreign Assets Control 

Directive 4 Under Executive Order 

14024 

Prohibitions Related to Transactions 

Involving the Central Bank of the 

Russian Federation, the National 

Wealth Fund of the Russian Federation, 

and the Ministry of Finance 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 


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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 United States 

person are prohibited, except to the 

extent provided by law, or unless 

licensed or otherwise authorized by the 

Office of Foreign Assets Control: Any 

transaction involving the Central Bank 

of the Russian Federation, the National 

Wealth Fund of the Russian Federation, 

or the Ministry of Finance of the 

Russian Federation, including any 

transfer of assets to such entities or any 

foreign exchange transaction for or on 

behalf of such entities. 

All other activities with entities 

determined to be subject to the 

prohibitions of this Directive, or 

involving their property or interests in 

property, are permitted, provided that 

such activities are not otherwise 

prohibited by law, the Order, or any 

other sanctions program implemented 

by the Office of Foreign Assets Control. Except to the extent otherwise 

provided by law or unless licensed or 

otherwise authorized by the Office of 

Foreign Assets Control, the following 

are also prohibited: (1) Any transaction 

that evades or avoids, has the purpose 

of evading or avoiding, causes a 

violation of, or attempts to violate any 

of the prohibitions of this Directive; and 

(2) any conspiracy formed to violate any 

of the prohibitions of this Directive. A listing of entities determined to be 

subject to the prohibitions of this 

Directive can be found in the Office of 

Foreign Assets Control’s Non-SDN 

Menu-Based Sanctions (NS–MBS) List 

on the Office of Foreign Assets Control 

website (www.treas.gov/ofac). 

February 28, 2022. 

Andrea M. Gacki, 

Director, Office of Foreign Assets 

Control. 

Andrea M. Gacki, 

Director, Office of Foreign Assets Control. 

[FR Doc. 2022–11608 Filed 5–27–22; 8:45 am] 

BILLING CODE 4810–AL–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 587 

Publication of Russian Harmful 

Foreign Activities Sanctions 

Regulations Determinations 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Publication of determinations. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing two 

sectoral determinations issued pursuant 

to an April 15, 2021 Executive order, as 

well as a category of services 

determination issued pursuant to an 

April 6, 2022 Executive order. Each 

determination was previously issued on 

OFAC’s website. 

DATES: The March 31, 2022 

Determination Pursuant to Section 

(1)(a)(i) of Executive Order 14024 was 

issued on March 31, 2022. The May 8, 

2022 Determination Pursuant to Section 

(1)(a)(i) of Executive Order 14024 was 

issued on May 8, 2022. The May 8, 2022 

Determination Pursuant to Section 

1(a)(ii) of Executive Order 14071 was 

issued on May 8, 2022 and takes effect 

on June 7, 2022. 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Assistant Director for Licensing, 

202–622–2480; Assistant Director for 

Regulatory Affairs, 202–622–4855; or 

Assistant Director for Sanctions 

Compliance & Evaluation, 202–622– 

2490. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

This document and additional 

information concerning OFAC are 

available on OFAC’s website: 

www.treas.gov/ofac. 

Background 

On April 15, 2021, the President, 

invoking the authority of, inter alia, the 

International Emergency Economic 

Powers Act (50 U.S.C. 1701 et seq.) 

(IEEPA), issued Executive Order (E.O.) 

14024 (86 FR 20249, April 19, 2022). 

Among other prohibitions, section 1(a) 

of E.O. 14024 blocks, with certain 

exceptions, all property and interests in 

property that are in the United States, 

that come within the United States, or 

that are or come within the possession 

or control of any U.S. person of, any 

person determined by the Secretary of 

the Treasury, in consultation with the 

Secretary of State: (i) To operate or have 

operated in the technology sector or the 

defense and related materiel sector of 

the Russian Federation economy, or any 

other sector of the Russian Federation 

economy as may be determined by the 

Secretary of the Treasury, in 

consultation with the Secretary of State. On April 6, 2022, the President, 

invoking the authority of, inter alia, 

IEEPA, issued E.O. 14071 of April 6, 

2022, ‘‘Prohibiting New Investment in 

and Certain Services to the Russian 

Federation in Response to Continued 

Russian Federation Aggression’’ (87 FR 

20999, April 8, 2022). Among other 

prohibitions, section 1(a)(ii) of E.O. 

14071 prohibits the exportation, 

reexportation, sale, or supply, directly 

or indirectly, from the United States, or 

by a United States person, wherever 

located, of any category of services as 

may be determined by the Secretary of 

the Treasury, in consultation with the 

Secretary of State, to any person located 

in the Russian Federation. 

On March 31, 2022, the Secretary of 

the Treasury, in consultation with the 

Secretary of the State, issued a sectoral 

determination pursuant to E.O. 14024. 

This determination took effect upon 

publication on OFAC’s website, which 

occurred on March 31, 2022. On May 8, 

2022, pursuant to delegated authority, 

the Director of OFAC, in consultation 

with the Department of State, issued a 

sectoral determination pursuant to E.O. 

14024. This determination took effect 

upon publication on OFAC’s website, 

which occurred on May 8, 2022. Also on 

May 8, 2022, pursuant to delegated 

authority, the Director of OFAC, in 

consultation with the Department of 

State, issued a category of services 

determination pursuant to E.O. 14071. 

This determination takes effect at 12:01 

a.m. eastern daylight time on June 7, 

2022. 

The texts of the March 31, 2022 and 

May 8, 2022 sectoral determinations 

pursuant to E.O. 14024, and the May 8, 

2022 category of services determination 

pursuant to E.O. 14071, are below. 

Determination Pursuant to Section 

1(a)(i) of Executive Order 14024 

Section 1(a) of Executive Order (E.O.) 

14024 of April 15, 2021 (‘‘Blocking 

Property With Respect To Specified 

Harmful Foreign Activities of the 

Government of the Russian Federation’’) 

imposes economic sanctions on any 

person determined by the Secretary of 

the Treasury, in consultation with the 

Secretary of State, or the Secretary of 

State, in consultation with the Secretary 

of the Treasury, to operate or have 

operated in such sectors of the Russian 

Federation economy as may be 

determined, pursuant to section 1(a)(i) 

of E.O. 14024, by the Secretary of the 

Treasury, in consultation with the 

Secretary of State. 

To further address the unusual and 

extraordinary threat to the national 

security, foreign policy, and economy of 

the United States described in E.O. 

14024, and in consultation with the 

Secretary of State, I hereby determine 

that section 1(a)(i) shall apply to the 

aerospace, electronics, and marine 

sectors of the Russian Federation 

economy. Any person that I or my 

designee, in consultation with the 

Secretary of State or the Secretary of 


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