Publication of Directive 4 (as Amended) Under Executive Order 14024 of April 15, 2021, 36648-36649 [2023-11980]

Download as PDF 36648 Federal Register / Vol. 88, No. 107 / Monday, June 5, 2023 / Notices [FR Doc. 2023–11862 Filed 6–2–23; 8:45 am] BILLING CODE 4810–AL–C DEPARTMENT OF THE TREASURY ddrumheller on DSK120RN23PROD with NOTICES1 Office of Foreign Assets Control Publication of Directive 4 (as Amended) Under Executive Order 14024 of April 15, 2021 Office of Foreign Assets Control, Treasury. ACTION: Publication of one directive. AGENCY: The Department of the Treasury’s Office of Foreign Assets SUMMARY: VerDate Sep<11>2014 20:29 Jun 02, 2023 Jkt 259001 Control (OFAC) is publishing one Russian Harmful Foreign Activities Sanctions directive in the Federal Register. The directive, issued pursuant to an April 15, 2021 Executive Order, was previously made available on OFAC’s website. DATES: Directive 4 (as amended) under Executive Order 14024, ‘‘Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation,’’ was issued on May 19, 2023. FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for Licensing, 202–622–2480; Assistant Director for Regulatory Affairs, 202–622–4855; or Assistant Director for Compliance, 202– 622–2490. PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 SUPPLEMENTARY INFORMATION: Electronic Availability This document and additional information concerning OFAC are available on OFAC’s website: www.treas.gov/ofac. Background On May 19, 2023, the Director of OFAC issued Directive 4 (as amended) under E.O. 14024, ‘‘Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation’’, replacing and superseding Directive 4 under E.O. 14024 of April 15, 2021 issued on February 28, 2022 (87 FR 32303, May 31, 2022). Directive 4 (as amended) E:\FR\FM\05JNN1.SGM 05JNN1 EN05JN23.018</GPH> Dated: May 25, 2023. Andrea M. Gacki, Director, Office of Foreign Assets Control, U.S. Department of the Treasury. Federal Register / Vol. 88, No. 107 / Monday, June 5, 2023 / Notices includes a new Reports section, to require that United States persons who are in possession or control of property in which any entity determined to be subject to the prohibitions of Directive 4 (as amended) has an interest of any nature whatsoever, direct or indirect, must submit a report to OFAC on or before June 18, 2023, and annually thereafter by June 30, 2023, and reflects technical and other non-substantive changes. The text of this directive is provided below. OFFICE OF FOREIGN ASSETS CONTROL Directive 4 (as Amended) 1 Under Executive Order 14024 ddrumheller on DSK120RN23PROD with NOTICES1 Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order 14024, ‘‘Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation’’ (the ‘‘Order’’), the Director of the Office of Foreign Assets Control has determined, in consultation with the Department of State, that the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation are political subdivisions, agencies, or instrumentalities of the Government of the Russian Federation, and that the following activities by a United States person are prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by the Office of Foreign Assets Control: Any transaction involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation, including any transfer of assets to such entities or any foreign exchange transaction for or on behalf of such entities. All other activities with entities determined to be subject to the prohibitions of this Directive, or involving their property or interests in property, are permitted, provided that such activities are not otherwise prohibited by law, the Order, or any 1 A prior version of this Directive, which was issued on February 28, 2022 and is superseded by this version, prohibited these same activities. This amended version of the Directive includes a new Reports section and reflects technical and other non-substantive changes. VerDate Sep<11>2014 17:59 Jun 02, 2023 Jkt 259001 other sanctions program implemented by the Office of Foreign Assets Control. Except to the extent otherwise provided by law or unless licensed or otherwise authorized by the Office of Foreign Assets Control, the following are also prohibited: (1) any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions of this Directive; and (2) any conspiracy formed to violate any of the prohibitions of this Directive. A listing of entities determined to be subject to the prohibitions of this Directive can be found in the Office of Foreign Assets Control’s Non-SDN Menu-Based Sanctions (NS–MBS) List on the Office of Foreign Assets Control website (https://ofac.treasury.gov/). Reports. United States persons who are in possession or control of property in which any entity determined to be subject to the prohibitions of this Directive has an interest of any nature whatsoever, direct or indirect, must submit a report to OFACreport@ treasury.gov on or before June 18, 2023, and annually thereafter by June 30. Such reports shall include the following: 1. The name and address of the person in possession or control of the property; 2. The date the property came into the possession or control of such person; 3. The entity or entities subject to the prohibitions of this Directive having an interest in the property; 4. A description of the property and its location in the United States or otherwise, including any relevant account types, account numbers, reference numbers, dates, or other information necessary to identify the property; 5. The actual, or if unknown, estimated value of the property in U.S. dollars as of May 31, 2023, for the initial report, and annually thereafter as of May 31. Foreign currencies must be reported in U.S. dollars with the foreign currency amount and notional exchange rate in the narrative; and 6. A copy of the most recent relevant account statement or other documentation to support the estimated value of the property. Andrea M. Gacki, Director, Office of Foreign Assets Control. May 19, 2023. Andrea M. Gacki, Director, Office of Foreign Assets Control. [FR Doc. 2023–11980 Filed 6–2–23; 8:45 am] BILLING CODE 4810–AL–P PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 36649 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request Relating to Penalty on Income Tax Return Preparers Who Understate Taxpayer’s Liability on a Federal Income Tax Return or Claim for Refund Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning penalty on income tax return preparers who understate taxpayer’s liability on a federal income tax return or claim for refund. DATES: Written comments should be received on or before August 4, 2023 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Include OMB control number 1545– 1231 or Penalty on Income Tax Return Preparers Who Understate Taxpayer’s Liability on a Federal Income Tax Return or Claim for Refund on the subject line. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulation should be directed to Kerry Dennis at (202) 317– 5751, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.L.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Penalty on Income Tax Return Preparers Who Understate Taxpayer’s Liability on a Federal Income Tax Return or Claim for Refund. OMB Number: 1545–1231. Regulation Project Number: IA–38–90 (TD 9436–final). Abstract: These regulations set forth rules under section 6694 of the Internal Revenue Code regarding the penalty for understatement of a taxpayer’s liability on a Federal income tax return or claim for refund. In certain circumstances, the preparer may avoid the penalty by disclosing on a Form 8275 or by advising the taxpayer or another preparer that disclosure is necessary. SUMMARY: E:\FR\FM\05JNN1.SGM 05JNN1

Agencies

[Federal Register Volume 88, Number 107 (Monday, June 5, 2023)]
[Notices]
[Pages 36648-36649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-11980]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Publication of Directive 4 (as Amended) Under Executive Order 
14024 of April 15, 2021

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of one directive.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing one Russian Harmful Foreign Activities 
Sanctions directive in the Federal Register. The directive, issued 
pursuant to an April 15, 2021 Executive Order, was previously made 
available on OFAC's website.

DATES: Directive 4 (as amended) under Executive Order 14024, 
``Prohibitions Related to Transactions Involving the Central Bank of 
the Russian Federation, the National Wealth Fund of the Russian 
Federation, and the Ministry of Finance of the Russian Federation,'' 
was issued on May 19, 2023.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Compliance, 202-622-2490.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document and additional information concerning OFAC are 
available on OFAC's website: www.treas.gov/ofac.

Background

    On May 19, 2023, the Director of OFAC issued Directive 4 (as 
amended) under E.O. 14024, ``Prohibitions Related to Transactions 
Involving the Central Bank of the Russian Federation, the National 
Wealth Fund of the Russian Federation, and the Ministry of Finance of 
the Russian Federation'', replacing and superseding Directive 4 under 
E.O. 14024 of April 15, 2021 issued on February 28, 2022 (87 FR 32303, 
May 31, 2022). Directive 4 (as amended)

[[Page 36649]]

includes a new Reports section, to require that United States persons 
who are in possession or control of property in which any entity 
determined to be subject to the prohibitions of Directive 4 (as 
amended) has an interest of any nature whatsoever, direct or indirect, 
must submit a report to OFAC on or before June 18, 2023, and annually 
thereafter by June 30, 2023, and reflects technical and other non-
substantive changes.
    The text of this directive is provided below.

OFFICE OF FOREIGN ASSETS CONTROL

Directive 4 (as Amended) 1 Under Executive Order 14024
---------------------------------------------------------------------------

    \1\ A prior version of this Directive, which was issued on 
February 28, 2022 and is superseded by this version, prohibited 
these same activities. This amended version of the Directive 
includes a new Reports section and reflects technical and other non-
substantive changes.
---------------------------------------------------------------------------

Prohibitions Related to Transactions Involving the Central Bank of the 
Russian Federation, the National Wealth Fund of the Russian Federation, 
and the Ministry of Finance of the Russian Federation

    Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order 
14024, ``Blocking Property With Respect To Specified Harmful Foreign 
Activities of the Government of the Russian Federation'' (the 
``Order''), the Director of the Office of Foreign Assets Control has 
determined, in consultation with the Department of State, that the 
Central Bank of the Russian Federation, the National Wealth Fund of the 
Russian Federation, and the Ministry of Finance of the Russian 
Federation are political subdivisions, agencies, or instrumentalities 
of the Government of the Russian Federation, and that the following 
activities by a United States person are prohibited, except to the 
extent provided by law, or unless licensed or otherwise authorized by 
the Office of Foreign Assets Control:
    Any transaction involving the Central Bank of the Russian 
Federation, the National Wealth Fund of the Russian Federation, or the 
Ministry of Finance of the Russian Federation, including any transfer 
of assets to such entities or any foreign exchange transaction for or 
on behalf of such entities.
    All other activities with entities determined to be subject to the 
prohibitions of this Directive, or involving their property or 
interests in property, are permitted, provided that such activities are 
not otherwise prohibited by law, the Order, or any other sanctions 
program implemented by the Office of Foreign Assets Control.
    Except to the extent otherwise provided by law or unless licensed 
or otherwise authorized by the Office of Foreign Assets Control, the 
following are also prohibited: (1) any transaction that evades or 
avoids, has the purpose of evading or avoiding, causes a violation of, 
or attempts to violate any of the prohibitions of this Directive; and 
(2) any conspiracy formed to violate any of the prohibitions of this 
Directive.
    A listing of entities determined to be subject to the prohibitions 
of this Directive can be found in the Office of Foreign Assets 
Control's Non-SDN Menu-Based Sanctions (NS-MBS) List on the Office of 
Foreign Assets Control website (https://ofac.treasury.gov/).
    Reports. United States persons who are in possession or control of 
property in which any entity determined to be subject to the 
prohibitions of this Directive has an interest of any nature 
whatsoever, direct or indirect, must submit a report to 
[email protected] on or before June 18, 2023, and annually 
thereafter by June 30. Such reports shall include the following:
    1. The name and address of the person in possession or control of 
the property;
    2. The date the property came into the possession or control of 
such person;
    3. The entity or entities subject to the prohibitions of this 
Directive having an interest in the property;
    4. A description of the property and its location in the United 
States or otherwise, including any relevant account types, account 
numbers, reference numbers, dates, or other information necessary to 
identify the property;
    5. The actual, or if unknown, estimated value of the property in 
U.S. dollars as of May 31, 2023, for the initial report, and annually 
thereafter as of May 31. Foreign currencies must be reported in U.S. 
dollars with the foreign currency amount and notional exchange rate in 
the narrative; and
    6. A copy of the most recent relevant account statement or other 
documentation to support the estimated value of the property.

Andrea M. Gacki,

Director, Office of Foreign Assets Control.

May 19, 2023.

Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-11980 Filed 6-2-23; 8:45 am]
BILLING CODE 4810-AL-P
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