24th August, 2024
The United States has sanctioned nearly 400 entities and individuals for enabling Russia’s prosecution of its illegal war in Ukraine.
This is building on the sanctions already imposed on Russia in response to its continued war of aggression against Ukraine.
The U.S. Department of the Treasury and the Department of State targeted nearly 400 individuals and entities both in Russia and outside its borders—including in Asia, Europe, and the Middle East—whose products and services enable Russia to sustain its war effort and evade sanctions.
The statement said the United States government would continue to support Ukraine as it defends its independence and hold the Kremlin accountable for its aggression.
“Russia has turned its economy into a tool in service of the Kremlin’s military industrial complex. Treasury’s actions today continue to implement the commitments made by President Biden and his G7 counterparts to disrupt Russia’s military-industrial base supply chains and payment channels,” said Deputy Secretary of the Treasury Wally Adeyemo.
“Companies, financial institutions, and governments around the world need to ensure they are not supporting Kremlin’s military-industrial supply chains,” he said.
The Treasury is targeting numerous transnational networks, including those involved in procuring ammunition and military materiel for Russia, facilitating sanctions evasion for Russian oligarchs through offshore trust and corporate formation services, evading sanctions imposed on Russia’s cyber actors, laundering gold for a sanctioned Russian gold company, and supporting Russia’s military-industrial base by procuring sensitive and critical items such as advanced machine tools and electronic components.
Today’s sanctions further limit Russia’s future revenue from metals and mining.
The Treasury is also targeting Russian financial technology companies that provide necessary software and IT solutions for Russia’s financial sector.
The Treasury is aware of Russian efforts to facilitate sanctions evasion by opening new overseas branches and subsidiaries of Russian financial institutions.
The U.S. said foreign regulators and financial institutions should be cautious about any dealings with overseas branches or subsidiaries of Russian financial institutions, including efforts to open new branches or subsidiaries of Russian financial institutions that are not themselves sanctioned.
The Treasury has a range of tools available to respond to the establishment of new evasion channels.
The State Department is targeting entities and individuals involved in Russia’s future energy, metals, and mining production and exports; sanctions evasion; Russia’s military-industrial base, including armed unmanned aerial vehicle (UAV) production, Belarusian support for Russia’s war effort, and air logistics entities; additional subsidiaries of State Atomic Energy Corporation Rosatom; and malign actors involved in the attempted, forcible “re-education” of Ukraine’s children.
