US Treasury: agricultural and medical products not part of Russian sanctions
The US Treasury Department released a fact sheet on Thursday that seeks to clarify its sanctions policy against Russia, saying agricultural and medical products are not targets.
Rising fuel, food and fertilizer prices, often attributed to the war in Ukraine and the resulting sanctions regimes, have rattled public finances and sparked public anger around the world, particularly in developing countries.
The fact sheet says the Treasury Department’s Office of Foreign Assets Control has issued a blanket license to authorize certain types of transactions related to agricultural products and farm equipment, as well as drugs and medical devices. He said the United States strongly supports United Nations efforts to bring Russian and Ukrainian grain to world markets.
“The agricultural and medical trade is not the target of US sanctions imposed on Russia for its atrocities in Ukraine,” the fact sheet states.
The document also notes that the United States has not imposed sanctions on the export of fertilizers to or from Russia, and although the United States has banned the import of Russian seafood into the United States , “the ban does not restrict the import of fertilizers originating in the Russian Federation”. fish, seafood and their preparations from Russia to countries other than the United States.
It also stipulates that the export of agricultural equipment and spare parts to Russia is permitted under US sanctions, and that transactions involving the insurance and reinsurance of the transportation and shipment of agricultural products, including fertilizers, are also permitted.
In addition, the memo clarifies that U.S. financial institutions can process transactions related to the export of commodities, drugs, or medical devices to or from Russia, and adds that the Russian Agricultural Bank, owned by the state, was not on OFAC’s Specially Designated Nationals list, but that the transactions were subject to certain debt and equity restrictions.
The fact sheet aligns with broader United States sanctions policy, which generally exempts humanitarian, medical, and agricultural products from sanctions, with certain restrictions. The United States issued a memo in February stating that its sanctions regime does not prohibit the import or export of agricultural products, drugs and medical devices to Afghanistan.
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