OFAC issues frequently asked questions to clarify May 8, 2022 determinations and general license

On May 11, 2022, the Department of the Treasury’s Office of Foreign Assets Control updated frequently asked questions 1034, 1035, and 1038 in order to provide the public with additional clarity regarding the meaning of certain terms in General License 35, the Determination Pursuant to Section 1(a)(ii) of EO 14024, and the Determination Pursuant to Section 1(a)(i) of EO 14071, which were issued by OFAC on May 8, 2022. 

FAQ 1034 includes a discussion on the meaning of “accounting services,” “trust and corporate formation services,” and “management consulting services” as used in the Determination Pursuant to Section 1(a)(i) of EO 14071, which banned the export, reexport, sale or supply of accounting, trust and corporate formation, and management consulting services from the US to the Russian Federation. GL 35 was issued to temporarily allow credit rating or auditing services to persons located Russia for transactions related to the EO 14071 prohibitions, and FAQ 1035 provides a discussion the meaning of “credit rating services and “auditing series” under this general license. FAQ 1038 discusses the meaning of “accounting services,” “trust and corporate formation services,” and “management consulting services” as used in the Determination Pursuant to Section 1(a)(ii) of EO 14024.

Department of Treasury Recent Action | FAQ 1034 | FAQ 1035 | FAQ 1038

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