On 28 June 2023, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) and the UK's HM’s Treasury's Office of Financial Sanctions Implementation (OFSI) joined forces with international partners to tackle the humanitarian and food security challenges stemming from Russia's war against Ukraine. Their joint efforts aim to mitigate the impact on global food supplies and prices.

OFAC and OFSI have jointly released a “Fact Sheet on Understanding UK and US Russia-Related Sanctions and the Provision of Humanitarian Assistance,” in order to provide greater clarity regarding Russia related sanctions, as well as the relevant authorisations, exceptions, and public guidance issued by both countries.

This Fact Sheet serves as a practical guide for conducting transactions impacted by Russian sanctions, ensuring informed decision-making regarding humanitarian aid, agricultural trade, and medical assistance. It also serves as a guide for conducting transactions that may be affected by sanctions imposed on Russia.

It is intended to assist humanitarian actors, non-governmental organisations, financial institutions, and companies involved in agricultural trade or the provision of medical supplies and assistance.

The Fact Sheet can be found here.

OFAC’s press release can be found here.