OFAC issues new General License, FAQs and sanctions

On 2nd March 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Cyber-related General License (1B) entitled, “Authorizing Certain Transactions with the Federal Security Service.” OFAC also amended related Frequently Asked Questions (FAQs) 501, 502 and 503. In addition, OFAC updated its Specially Designated Nationals and Blocked Persons List (SDN list). For further details, see OFAC’s recent actions and press release.