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Major Russian state-owned enterprises sanctioned

On Thursday, Treasury announced that OFAC has designated Alrosa, a Russian state-owned enterprise and the world’s largest diamond mining company, which is also responsible for 90 percent of Russia’s diamond mining capacity. Alrosa has also been sanctioned by Canada, the United Kingdom, New Zealand, and the Bahamas.

The Department of State also redesignated Joint Stock Company United Shipbuilding Corporation (USC), as well as its subsidiaries and board members. USC is a Russian state-owned enterprise that develops and constructs the majority of the Russian military’s warships, likely including many of those used to bombard Ukraine’s cities and harm Ukraine’s citizens. Along with re-designating USC, the Department of State designated 28 subsidiaries and eight board members.

For information on the individuals and entities designated as well as updates to Russia-related General Licenses, see the BankersOnline April 7, 2022, OFAC Update.

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