Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 31 - Money and Finance: Treasury |
Subtitle B - Regulations Relating to Money and Finance |
Chapter V - Office of Foreign Assets Control, Department of the Treasury |
Part 587 - Russian Harmful Foreign Activities Sanctions Regulations |
Subpart D - Interpretations |
§ 587.405 - Setoffs prohibited.
Latest version.
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§ 587.405 Setoffs prohibited.
A setoff against blocked property (including a blocked account), whether by a U.S. financial institution or other U.S. person, is a prohibited transfer under § 587.201 if effected after the effective date.