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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On May 8, 2022, the Department of the Treasury&rsquo;s Office of Foreign Assets Control (OFAC) implemented additional sanctions on several sectors of the Russian economy.&nbsp; OFAC designated three Russian telecommunications companies and placed them on the Specially Designated Nationals (SDN) list, noting that they are Russian state-controlled television stations generating revenue for the Russian government.&nbsp; The stations are: (i) Joint Stock Company Channel One Russia; (ii) Joint Stock Company NTV Broadcasting Company; and (iii) Television Station Russia-1.
General License (GL) 25 which authorizes transactions related to telecommunications and certain Internet-based communications has thus been revised. &nbsp;As revised, <a href="https://home.treasury.gov/system/files/126/russia_gl25a.pdf">GL 25A</a> does NOT cover or authorize transactions with these entities (or any entity owned or controlled 50% or more by these listed entities).&nbsp; <a href="https://home.treasury.gov/system/files/126/russia_gl33.pdf">GL 33</a> authorizes a wind down period of operations, existing contracts or other agreements involving these three Russian TV companies until June 7, 2022.
OFAC has also sanctioned and designated seven Russian shipping companies, 69 of their vessels; and one marine towing company.&nbsp; It has also designated a private defense company that supplies Russia&rsquo;s military and intelligence services and is closely associated with the Russian Government.
For detailed identifying information on these entities click <a href="https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220508">here</a>.&nbsp; All property and interests in property of these newly designated SDN List entities that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50% or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt.
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core/freeform

SmarTrade

Senior Legislative and Regulatory Policy Advisor

Scott E. Diamond

Partner

Francesca M.S. Guerrero

Samir D. Varma

International Trade

OFAC Imposes Additional Sanctions on Russian Telecommunications, Shipping and Defense Companies