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Russia on OFAC Country Sanction List

February 23, 2022 Avalon

Avalon would like to remind you that as of February 22, 2022, the Department of Treasury Office of Foreign Asset Control issued Directive 1A Under Executive Order 14024. They also issued Russia-related General License 2 and General License 3. As such, please be aware that Russia has been added to the OFAC Sanctions Program List.

We urge you to visit the U.S. Department of the Treasury's Specially Designated Nationals and Blocked Persons List website. You are able to read and review FAQs, Interpretive Guidance and Guidance on OFAC Licensing Policy.

Please note that effective immediately, all cargo insurance requests to Russia will require OFAC screening of the parties along with approval from the cargo insurance underwriters. This will require copies of the commercial invoices, packing lists and bills of lading.

Please make sure you adjust your processes accordingly. Avalon is here to assist you. If you have any questions regarding this matter, please contact your Avalon representative.

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The Quest Newsletter is designed to provide critical information in the transportation industry. Avalon Risk Management is not responsible for the accuracy or reliability of information contained in articles. The reader/user assumes all risk in the use of such information.