U.S. OFAC sanctions entities and vessel for price cap violation, implements G7 ban on Russian diamonds
U.S. OFAC imposed sanctions on entities and identified one vessel as blocked property that were involved in a price cap violation scheme.
U.S. OFAC sanctions entities and vessel for price cap violation, implements G7 ban
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today imposed sanctions on four entities and identified one vessel as blocked property that were involved in a price cap violation scheme in late 2023.
OFAC today also issued two new determinations that implement G7 commitments to ban the importation of Russian diamonds. Finally, OFAC issued a Russia-related general license.
Documents
- Treasury release (February 8, 2024)
- OFAC release (February 8, 2024)
- OFAC determination [PDF 165 KB] for “Prohibitions Related to Imports of Diamond Jewelry and Unsorted Diamonds of Russian Federation Origin and Diamond Jewelry and Unsorted Diamonds Exported From the Russian Federation”
- OFAC determination [PDF 177 KB] for “Prohibitions Related to Imports of Certain Categories of Diamonds”
- Russia-related General License 87 [PDF 227 KB—"Authorizing Limited Safety and Environmental Transactions Involving Certain Persons or Vessels Blocked on February 8, 2024"
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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