The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced
a new determination targeting the metals and mining sector of the Russian Federation economy and is also imposing sanctions on 22 individuals and 83 entities.
Today's action, together with additional measures taken by the Department of State, the Department of Commerce, and the Office of the US Trade Representative, in coordination with allies and G7 partners, further isolates Russia from the international economy and hinders Russia's ability to obtain the capital, materials, technology, and support that sustain its war against Ukraine, which has killed thousands and displaced millions of people, the Treasury said.
Today's action includes designations of over 30 third-country individuals and companies connected to Russia’s sanctions evasion efforts, including those related to arms trafficking and illicit finance.
"While Russian banks representing over 80 percent of total Russian banking sector assets are already subject to US and international sanctions, OFAC today is designating over a dozen financial institutions in Russia, including one of the top-ten largest banks by asset value," it noted.
Sanctioned actors have been known to turn to smaller banks as well as wealth-management firms in an attempt to evade sanctions as Russia seeks new ways to access the international financial system.
"As the Ukrainian people continue to valiantly defend their homeland and their freedom, the United States is proud to support Ukraine through economic, security, and humanitarian assistance," said Secretary of the Treasury Janet L. Yellen. "Over the past year, we have taken actions with a historic coalition of international partners to degrade Russia's military-industrial complex and reduce the revenues that it uses to fund its war. Our sanctions have had both short-term and long-term impact, seen acutely in Russia's struggle to replenish its weapons and in its isolated economy. Our actions today with our G7 partners show that we will stand with Ukraine for as long as it takes."