U.S. Treasury sanctions Russian banks and expands measures against Russian financial entities
Sanctions to limit Russia's financial access amid Ukraine conflict
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced sanctions targeting a private-owned Russian bank and additional Russian financial entities to limit Russia's access to the international financial system amid its ongoing conflict with Ukraine. The action includes the designation of this bank, over 50 other Russian banks, more than 40 securities registrars, and 15 finance officials.
The private-owned Russian bank, along with its six foreign subsidiaries, has been designated under Executive Order 14024 for its role in facilitating Russia's military operations. These subsidiaries are located in Luxembourg, Hong Kong, Cyprus, Switzerland, and South Africa. Read the Treasury release
OFAC today has also issued:
- New general licenses allowing U.S. persons to wind down transactions with the private-owned Russian bank and divest from its debt or equity
- An alert regarding the sanctions risks associated with Russia's System for Transfer of Financial Messages (SPFS), which is used to circumvent sanctions
- New Russia-related “frequently asked questions” (FAQs)
- Amended Russia-related FAQs
Read the OFAC release