OFAC EO 14024 (Russia)

Executive Order 14024, "Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation," was signed by President Joseph R. Biden on April 15, 2021 and is administered by the US Treasury's Office of Foreign Assets Control (OFAC). It declared a national emergency in response to Russian conduct including efforts to undermine US elections, transnational corruption, malicious cyber activities, the targeting of dissidents and journalists abroad, and the violation of well-established principles of international law such as respect for the territorial integrity of states.

The order grants the Secretary of the Treasury, in consultation with the Secretary of State, authority to designate individuals and entities operating in sectors of the Russian economy determined to support such harmful activity. After Russia's full-scale invasion of Ukraine in February 2022, EO 14024 became the principal legal vehicle for the rapid expansion of US sanctions against Russia, used alongside EOs 14065, 14066, 14068, and 14071.

Sectoral determinations issued under Section 1(a)(i) of the order have covered the financial services, technology, defense and related materiel, aerospace, marine, electronics, quantum computing, accounting, management consulting, trust and corporate formation services, architecture, engineering, and metals and mining sectors. Persons designated under EO 14024 are placed on OFAC's Specially Designated Nationals (SDN) List, freezing any US-jurisdiction property and generally prohibiting US persons from dealing with them.

Notable designations have included Sberbank, VTB Bank, Alfa-Bank, the Russian Central Bank's foreign reserves (via a separate directive), major oligarchs, and members of the Russian government and Duma. The order also underpins secondary sanctions risk introduced by EO 14114 (December 2023), which authorizes sanctions on foreign financial institutions facilitating significant transactions for Russia's military-industrial base. EO 14024 works in coordination with parallel measures from the EU, UK, Canada, Japan, and Australia, though scope and listings differ across jurisdictions.