Cross References
• U.S. Department of the Treasury, Press Releases dated May 8, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has identified accounting, trust and corporate formation, and management consulting as categories of services that are subject to a prohibition on the export, re-export, sale, or supply, directly or indirectly, from the United States or by a U.S. person, wherever located, to any person located in the Russian Federation, pursuant to Executive Order (EO) 14071.

OFAC has further determined that these same services sectors of the Russian Federation economy are subject to sanctions pursuant to EO 14024. Wealthy Russians have relied on U.S. expertise to set up shell companies, move wealth and resources to alternate jurisdictions, and conceal assets from authorities around the world. In addition, Russian companies, particularly state-owned and state-supported enterprises, rely on these services to run and grow their businesses, generating revenue for the Russian economy that helps fund Putin’s war machine.

“Today we are further constricting Russia’s economy and access to services and technology it needs to conduct this unprovoked invasion,” said Secretary of the Treasury Janet L. Yellen. “Preventing Russia from accessing the United States’ valuable professional services increases the pressure on the Kremlin and cuts off its ability to evade sanctions imposed by the United States and our partners. We are also targeting Putin’s ability to generate revenue that enables his aggression, as well as entities and their leaders who support his destructive actions.”