U.S. Treasury targets Russian sanctions evasion schemes and designates Kyrgyzstani bank

Actions target a secret payment channel between Russia and China for sensitive exports

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January 15, 2025

The U.S. Department of the Treasury today announced actions to disrupt Russian sanctions evasion schemes. These actions target a secret payment channel between Russia and China for sensitive exports and designate a Kyrgyzstani financial institution for supporting Russia's military-industrial base.

According to today’s Treasury release:

  • These actions aim to counter Russian efforts to bypass U.S. sanctions by establishing regional clearing platforms (RCPs) in Russia and China to facilitate cross-border payments for sanctioned goods. Several Russian and China-based entities involved in this scheme have already been designated under Executive Orders 14024 and 13662. Read TradeNewsFlash
  • A Kyrgyzstani bank has been implicated in a sanctions evasion scheme with Russian officials and a U.S.-designated company. The bank facilitated cross-border transfers for Russia's defense industry, and its previous designation under Executive Order 14024, as amended by Executive Order 14114, reflects its role in these activities.

For more information, contact a professional with KPMG Trade & Customs services:

Andrew Siciliano
Partner, U.S. & Global Practice Leader

E: asiciliano@kpmg.com

Doug Zuvich
Partner

E: dzuvich@kpmg.com

Irina Vaysfeld
Principal

E: ivaysfeld@kpmg.com

John L. McLoughlin
Principal

E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal

E: labad@kpmg.com

George Zaharatos
Principal

E: gzaharatos@kpmg.com

Christopher Young
Principal

E: christopheryoung@kpmg.com

Amie Ahanchian
Principal

E: aahanchian@kpmg.com

Gisele Belotto
Principal

E: gbelotto@kpmg.com

Steve Brotherton
Principal

E: sbrotherton@kpmg.com

Jessica Libby
Principal

E: jlibby@kpmg.com

Dawn Olesky
Principal

E: dolesky@pmg.com

Frances Xing
Principal

E: francesxing@kpmg.com

 

 

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