Key takeaways:

• The US announced three Russian banks have been added to the Sectoral Sanctions Identification List, and United Shipbuilding Corporation, a state-owned defense company, is now subject to blocking sanctions.
• OFAC published new Frequently Asked Questions discussing transactions by US persons with Russian companies on the Sectoral Sanctions Identification List.
• Among other issues, the new guidance addresses depositary receipt programs, loan facilities and letters of credit, as well as issues involved in identifying newly-issued equity.