On April 29, 2022, OFAC re-issued the amended the Ukraine-Related Sanctions Regulations, 31 C.F.R. part 589, renaming it to Ukraine-/Russia-Related Sanctions Regulations. This administrative action replaces the regulations that were published in abbreviated form on May 8, 2014 with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, and other regulatory provisions that will provide further guidance to the public.

The Ukraine-/Russia-Related Sanctions Regulations will be effective May 2, 2022. In addition, OFAC is also revising several FAQs for the Ukraine-/Russia-Related Sanctions Regulations.

Read the Treasury’s full announcement here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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