On July 14, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the issuance of four Russia-related General Licenses. OFAC also updated three Frequently Asked Questions (FAQs) pertaining to the Russian sanctions. Two banks were removed from OFAC’s Specially Designated Nationals (SDN) List:

• “SUBSIDIARY BANK ALFA-BANK JSC (a.k.a. JSC SB ALFA BANK), Masanchy Street 57a, Almaty 050012, Kazakhstan; SWIFT/BIC ALFAKZKA; Website www.alfabank.kz; Organization Established Date 1994 [RUSSIA-EO14024] (Linked To: JOINT STOCK COMPANY ALFA-BANK).
• “JSC SB ALFA BANK (a.k.a. SUBSIDIARY BANK ALFA-BANK JSC), Masanchy Street 57a, Almaty 050012, Kazakhstan; SWIFT/BIC ALFAKZKA; Website www.alfabank.kz; Organization Established Date 1994 [RUSSIA-EO14024] (Linked To: JOINT STOCK COMPANY ALFA-BANK).”

Finally, OFAC published a fact sheet on food security, “Russia Sanctions and Agricultural Trade.” which clarifies “that the United States has not imposed sanctions on the production, manufacturing, sale, or transport of agricultural commodities (including fertilizer), agricultural equipment, or medicine relating to the Russian Federation (Russia).” The fact sheet addresses questions related to the agricultural sector, food security, and the impact of the sanctions against Russia.

The July 14, 2022 OFAC announcements can be found here:

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220714

The OFAC-issued fact sheet can be found here:

https://home.treasury.gov/system/files/126/russia_fact_sheet_20220714.pdf