Frequently Asked Questions

964. Does the financial services sector determination made by the Secretary of the Treasury, in consultation with the Secretary of State, pursuant to Executive Order (E.O.) 14024 mean that all persons that operate or have operated in the financial services sector of the Russian Federation economy are sanctioned by OFAC?

Answer

No.  The Secretary of the Treasury, in consultation with the Secretary of State, has issued a determination pursuant to E.O. 14024 that authorizes sanctions against persons that operate or have operated in the financial services sector of the Russian Federation economy.  The technology sector and defense and related materiel sector of the Russian Federation economy were identified in E.O. 14024 when it was issued on April 15, 2021. 

A sector determination pursuant to E.O. 14024 exposes persons who operate or have operated in an identified sector to sanctions risk; however, a sector determination does not automatically impose sanctions on all persons who operate or have operated in the sector.  Only persons determined, pursuant to E.O. 14024, by the Secretary of the Treasury in consultation with the Secretary of State, or by the Secretary of State, in consultation with the Secretary of the Treasury, to operate or have operated in the above-identified sectors are subject to sanctions.

Persons sanctioned pursuant to E.O. 14024 for operating or having operated in an identified sector are added to one or more OFAC sanctions lists based on the type of sanction, including the Specially Designated Nationals and Blocked Persons List (SDN List), the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List), and the Non-SDN Menu-Based Sanctions List (NS-MBS List).

Date Updated: February 24, 2022

Date Released
February 22, 2022