Publication of Russian Harmful Foreign Activities Directive 1
| Published date | 07 July 2021 |
| Citation | 86 FR 35867 |
| Record Number | 2021-14339 |
| Section | Notices |
| Court | Foreign Assets Control Office,Treasury Department |
35867
Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices
(2) Federal Aid Highway Act of 1970;
(3) U.S. EPA Section 404(b)(1)
Guidelines (40 Code of Federal
Regulations [CFR] 230);
(4) Clean Air Act Amendments of
1990 (CAAA);
(5) Clean Water Act of 1977 and 1987;
(6) Federal Water Pollution Control
Act of 1972 (see Clean Water Act of
1977 & 1987);
(7) Safe Drinking Water Act of 1944,
as amended;
(8) Endangered Species Act of 1973;
(9) Executive Order 13112, Invasive
Species;
(10) Migratory Bird Treaty Act;
(11) Fish and Wildlife Coordination
Act of 1934, as amended;
(12) Coastal Zone Management Act of
1972;
(13) Title VI of the Civil Rights Act of
1964, as amended
(Catalog of Federal Domestic Assistance
Program Number 20.205, Highway Planning
and Construction. The regulations
implementing Executive Order 12372
regarding intergovernmental consultation on
Federal Programs and activities apply to this
program.)
Authority: 23 U.S.C. 139(l)(1).
Issued on: June 30, 2021.
Rodney Whitfield,
Director, Financial Services, Federal Highway
Administration, California Division.
[FR Doc. 2021–14423 Filed 7–6–21; 8:45 am]
BILLING CODE 4910–RY–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Publication of Russian Harmful
Foreign Activities Directive 1
AGENCY
: Office of Foreign Assets
Control, Treasury.
ACTION
: Publication of directive.
SUMMARY
: The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing a Russian
Harmful Foreign Activities Sanctions
Directive in the Federal Register. The
Directive was previously issued on
OFAC’s website.
DATES
: Directive 1 was issued on April
15, 2021 and the prohibitions therein
take effect on June 14, 2021.
FOR FURTHER INFORMATION CONTACT
:
OFAC: Assistant Director for Licensing,
202–622–2480; Assistant Director for
Regulatory Affairs, 202–622–4855; or
Assistant Director for Sanctions
Compliance & Evaluation, 202–622–
2490.
SUPPLEMENTARY INFORMATION
:
Electronic Availability
This document and additional
information concerning OFAC are
available on OFAC’s website
www.treasury.gov/ofac.
Background
On April 15, 2021, the President,
invoking the authority of, inter alia, the
International Emergency Economic
Powers Act (50 U.S.C. 1701–1706)
(IEEPA), issued Executive Order (E.O.)
14024 (86 FR 20249, April 19, 2021).
In E.O. 14024, the President found
that specified harmful foreign activities
of the Government of the Russian
Federation—in particular, efforts to
undermine the conduct of free and fair
democratic elections and democratic
institutions in the United States and its
allies and partners; to engage in and
facilitate malicious cyber-enabled
activities against the United States and
its allies and partners; to foster and use
transnational corruption to influence
foreign governments; to pursue
extraterritorial activities targeting
dissidents or journalists; to undermine
security in countries and regions
important to United States national
security; and to violate well-established
principles of international law,
including respect for the territorial
integrity of states—constitute an
unusual and extraordinary threat to the
national security, foreign policy, and
economy of the United States and
declared a national emergency to deal
with that threat.
Also on April 15, 2021, the Acting
Director of OFAC issued Directive 1
under E.O. 14024, wherein the Acting
Director of OFAC, in consultation with
the Department of State, determined
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 certain activities by U.S.
financial institutions that are specified
in Directive 1 involving such entities are
prohibited as of June 14, 2021. The text
of Directive 1 under E.O. 14024 is
provided below.
Office of Foreign Assets Control
Directive 1 Under Executive Order of
April 15, 2021
Blocking Property With Respect to
Specified Harmful Foreign Activities of
the Government of the Russian
Federation
Pursuant to sections 1(a)(iv), 1(d), and
8 of Executive Order of April 15, 2021,
‘‘Blocking Property with Respect to
Specified Harmful Foreign Activities of
the Government of the Russian
Federation’’ (the ‘‘Order’’), the Acting
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 U.S. financial
institution are prohibited as of June 14,
2021, except to the extent provided by
law or unless licensed or otherwise
authorized by the Office of Foreign
Assets Control:
(1) Participation in the primary
market for ruble or non-ruble
denominated bonds issued after June 14,
2021 by the Central Bank of the Russian
Federation, the National Wealth Fund of
the Russian Federation, or the Ministry
of Finance of the Russian Federation;
and
(2) lending ruble or non-ruble
denominated funds to the Central Bank
of the Russian Federation, the National
Wealth Fund of the Russian Federation,
or the Ministry of Finance of the
Russian Federation.
For purposes of this Directive, the
term ‘‘U.S. financial institution’’ means
any U.S. entity (including its foreign
branches) that is engaged in the
business of accepting deposits, making,
granting, transferring, holding, or
brokering loans or other extensions of
credit, or purchasing or selling foreign
exchange, securities, commodity futures
or options, or procuring purchasers and
sellers thereof, as principal or agent.
The term includes depository
institutions, banks, savings banks, trust
companies, securities brokers and
dealers, futures and options brokers and
dealers, forward contract and foreign
exchange merchants, securities and
commodities exchanges, clearing
corporations, investment companies,
employee benefit plans, and U.S.
holding companies, U.S. affiliates, or
U.S. subsidiaries of any of the foregoing.
This term includes those branches,
offices, and agencies of foreign financial
institutions that are located in the
United States, but not such institutions’
foreign branches, offices, or agencies.
All other activities with the Central
Bank of the Russian Federation, the
National Wealth Fund of the Russian
Federation, or the Ministry of Finance of
the Russian Federation, or involving
their property or interests in property
are permitted, provided such activities
are not otherwise prohibited pursuant to
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35868
Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices
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 contained in this
Directive; and (2) any conspiracy
formed to violate any of the prohibitions
in this Directive. April 15, 2021.
Dated: June 30, 2021.
Bradley T. Smith,
Acting Director, Office of Foreign Assets
Control.
[FR Doc. 2021–14339 Filed 7–6–21; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Information Collection
Tools Relating to the Offshore
Voluntary Disclosure Program (OVDP)
AGENCY
: Internal Revenue Service (IRS),
Treasury.
ACTION
: Notice and request for
comments.
SUMMARY
: 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 the offshore voluntary
disclosure program.
DATES
: Written comments should be
received on or before September 7, 2021
to be assured of consideration.
ADDRESSES
: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT
:
Requests for additional information or
copies of the form should be directed to
Kerry Dennis, at (202) 317–5751 or
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at Kerry.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION
:
Title: Offshore Voluntary Disclosure
Program (OVDP).
OMB Number: 1545–2241.
Form Number(s): 14452, 14453,
14454, 14457, 14467, 14653, 14654, and
14708.
Abstract: The IRS is offering people
with undisclosed income from offshore
accounts an opportunity to get current
with their tax returns. Taxpayers with
undisclosed foreign accounts or entities
should make a voluntary disclosure
because it enables them to become
compliant, avoid substantial civil
penalties and generally eliminate the
risk of criminal prosecution. The
objective is to bring taxpayers that have
used undisclosed foreign accounts and
undisclosed foreign entities to avoid or
evade tax into compliance with United
States tax laws.
Current Actions: There is no change
in the paperwork burden previously
approved by OMB procedure.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
Households.
Estimated Number of Respondents:
474,569.
Estimated Time per Response: 1 hour,
49 min.
Estimated Total Annual Burden
Hours: 863,638.
The following paragraph applies to all
the collections of information covered
by this notice.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained if their
contents may become material in the
administration of any internal revenue
law. Generally, tax returns and tax
return information are confidential, as
required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: June 30, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021–14375 Filed 7–6–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request on Reduction of Tax
Attributes Due to Discharge of
Indebtedness
AGENCY
: Internal Revenue Service (IRS),
Treasury.
ACTION
: Notice and request for
comments.
SUMMARY
: 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 reduction of tax attributes due to
discharge of indebtedness.
DATES
: Written comments should be
received on or before September 7, 2021
to be assured of consideration.
ADDRESSES
: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT
:
Requests for additional information or
copies of the form should be directed to
Kerry Dennis, at (202) 317–5751 or
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at Kerry.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION
:
Title: Reduction of Tax Attributes Due
to Discharge of Indebtedness.
OMB Number: 1545–0046.
Form Number(s): 982.
Abstract: Reduction of Tax Attributes
Due to Discharge of Indebtedness.
Internal Revenue Code (IRC) section 108
allows taxpayers to exclude from gross
income amounts attributable to
discharge of indebtedness in title 11
cases, insolvency or a qualified farm
indebtedness. Section 1081(b) allows
corporations to exclude from gross
income amounts attributable to certain
transfers of property. The data is used
to verify adjustments to basis of
property and reduction of tax attributes.
Current Actions: There is no change
in the form or paperwork burden
previously approved by OMB.
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