U.S. extends reach of sanctions against Russia and Belarus

On Tuesday, OFAC designated 70 entities, many of which are critical to the Russian Federation’s defense industrial base, including State Corporation Rostec, the cornerstone of Russia’s defense, industrial, technology, and manufacturing sectors, as well as 29 Russian individuals. Tuesday’s actions struck at the heart of Russia’s ability to develop and deploy weapons and technology used for Vladimir Putin’s brutal war of aggression against Ukraine.

These designations were taken in tandem with the U.S. Department of State, which is imposing sanctions on an additional 45 entities and 29 individuals. Included in the State Department’s action is the designation of Russian Federation military units and the re-designation of Russia’s Federal Security Service (FSB), which have been credibly implicated in human rights abuses or violations of international humanitarian law in Ukraine.

OFAC also prohibited the importation of Russian gold into the United States, and Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint alert with the U.S. Department of Commerce’s Bureau of Industry and Security, advising vigilance against Russian and Belarusian export control evasion.

For identification of the entities and individuals designated and details on new Russia-related licenses and related information, see the BankersOnline June 28, 2022, OFAC Update.