On April 29, 2022, the US Department of the Treasury’s Office of Foreign Assets Control amended the Ukraine-Related Sanctions Regulations, 31 CFR part 589, which were published in an abbreviated form on May 8, 2014, and reissued the regulations in their entirety renaming them the Ukraine-/Russia-Related Sanctions Regulations. This administrative action serves to replace the abbreviated set of regulations from 2014 with a more comprehensive set that will provide the public with additional interpretive and definitional guidance, general licenses and other regulatory provisions with additional guidance. The amended regulations are effective on May 2, 2022 upon publication in the Federal Register.
OFAC also revised several frequently asked questions in order to clarify certain interpretive and definitional changes that will occur when the Ukraine-/Russia-Related Sanctions Regulations are in effect.
In addition, OFAC reports that its recent publication of the final rule in the Federal Register triggered an automatic administrative update in the sanctions numbering system that affected several sanction entries. OFAC provided a list of the unique identifier numbers (UIDs) that were affected and issued a frequently asked question 1031 to explain the reason for the numbering change.