OFAC Sanctions More Entities Involved in Russian Financial Sector

OFAC sanctioned 18 entities related to the Russian Federation's financial services sector as part of a broader effort to limit Russia's ability to fund its war against Ukraine.

In a Treasury release, OFAC said that the entities include a commercial bank that a Russian oligarch acquired earlier this year, as well as various subsidiaries of VTB Bank Public Joint Stock Company, Russia's second-largest bank. In a related action, the U.S. State Department sanctioned the Russian oligarch, his affiliates and over 40 persons linked to the Government of the Russian Federation.

In addition, OFAC issued three new General Licenses and two Frequently Asked Questions. The designation was issued pursuant to EO 14024 ("Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation").