On Monday, November 24, the Office of Foreign Assets Control removed several individuals and legal entities from their sanctioned list.

Among those removed were five people and three companies that are registered in Cyprus and previously posed a “secondary sanctions risk”. The reason these entities and individuals were sanctioned initially was that they posed national security threats to the United States due to their connections to the Russian Federation and a heavily sanctioned individual, Alisher Burhanovich Usmanov.

Executive Order 14024 designated Russia as a threat for several reasons. For one, Russia is accused of significantly undermining free and fair democratic elections both in the United States and abroad. 

Russia has additionally been accused of undermining democratic institutions in general for allies of the U.S. 

The United States also suspects Russia has repeatedly engaged in malicious cyber attacks against the U.S. and many of its allies, undermined security in countries and regions of interest to the U.S., and spreading corruption to many foreign governments. Most significantly, Russia has been accused of violating the principles of international law.

D.S., a legal entity with addresses in both Monaco and Limassol, was originally sanctioned due to its connection with Alisher Burhanovich Usmanov. D.S. and three legal entities connected to it were removed from the list, including Omnia Services Cyprus Ltd, Hightrail Ltd, and Omnia Antibes.

K.A. and A.K.V., two entities that were sanctioned due to their link with other companies, were also removed from the sanctioned list. K.G. (K.Y.) and M.G. were also removed from the sanctions list.

While many of individuals and entities have been removed, the OFAC has not removed Alisher Burhanovich Usmanov from the list, nor have they removed Russia or several Russian companies from the sanctioned list.

Why You Need to Keep Up With the OFAC Sanctions List

If you do business internationally, then it’s critical for you to regularly check the OFAC sanctions list to ensure you aren’t doing business with any sanctioned individuals, entities, or countries.

You can use the official OFAC Sanctions List Search Tool to search names and entities and ensure you’re remaining compliant with the law. A failure to do so could lead to severe civil and criminal consequences. Civil penalties can range from twice the value of the transaction for minor offenses to massive $20 million fees against companies who willfully and intentionally violate the sanctions and put the safety of Americans at risk. The worst offenders might also face criminal charges, with a maximum sentence of up to 30 years behind bars.

If you need help understanding your obligations when it comes to OFAC sanctions or you have other questions about your international business dealings, then our team can help. Here at Bukh Global, our team has extensive experience helping clients with international legal issues. We’ve been featured and mentioned on major platforms like CNBC, CNN, The Fox News Channel, and The Washington Post.

To get in touch with our team and schedule a free case evaluation, leave your contact details on our online form now.