United States and its allies are working hard to ensure Russia and Lukashenka regime in Belarus pay a price for their aggressive actions. Last week, Treasury issued new sanctions that are sure to further exacerbate Russia’s economic costs.
Sanctions have been implemented against entities and individuals aiding Russia’s aggression against Ukraine, with some measures targeting Russian central bank assets.
1. Blocking of Central Bank Assets
Today, the United States expanded the scope of economic measures against Russia for its aggressive war against Ukraine. Alongside designating senior Russian government officials and malign actors – including Alexey Kudrin – as designated individuals, the Department of State will block assets belonging to Central Bank of Russian Federation and sanction entities involved with helping facilitate sanctions evasion or circumvention by Russia.
OFAC has targeted several Russian entities and funds, most notably RDIF – widely seen as President Vladimir Putin’s personal slush fund – including their sovereign wealth fund known as RDIF and their management company; as well as several companies essential to managing RDIF.
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2. Targeting of Military Equipment and Munitions
Treasury is taking action against multiple entities providing equipment, materials and services for Russia’s war against Ukraine, including procurement networks that supply weapons to their Russian Ministry of Defense. Individuals involved with these activities also face sanctions from Washington.
Today’s actions demonstrate bipartisan support in Congress for strong, comprehensive, and targeted Russian sanctions that deprive Russia of resources it needs to escalate its war with Ukraine. Furthermore, these measures send a clear signal to international financial institutions that they should exercise caution when engaging with individuals or businesses associated with Russia’s procurement networks, and implement adequate due diligence processes when doing business with these individuals or businesses.
The Department continues to work closely with our allies and G7 partners to ensure that sanctions imposed against Russia, especially energy sector sanctions, are coordinated and applied multilaterally. It should be noted however, that we can only isolate Russia to an extent without creating additional collateral damage within global economies.
3. Blocking of Property and Interests in Property
The Treasury’s Office of Foreign Assets Control (OFAC) administers various sanctions programs designed to further U.S. policy and national security goals through asset freezing or trade restrictions. Today, individuals and entities were designated for aiding grain theft as well as engaging in activities that undermine peace, security, political stability or economic prosperity within the United States or its allies.
Olga Vladimirovna Skabeyeva and Yevgeny Popov, Duma members in their own right, co-host a Russian talk show where they disseminate pro-Russia propaganda for Ukraine’s civil war. According to the Department of State, they are complicit with or acting for or on behalf of Russia.
Natalya Leonidivna Desyatova (Desyatova) oversees the theft of cultural artifacts from Kherson Arts Museum. According to Department, Desyatova was either complicit with or acting on behalf of Russia in this theft. Secretary of State directs denial of visa and exclusion from United States for any alien whom Secretary of Homeland Security determines as either being an officer, principal, director, shareholder with controlling interests in any sanctioned individual.
4. Targeting of Individuals
The State Department oversees 273 diplomatic posts around the world and oversees immigration law in its entirety, while managing the Foreign Service that recruits diplomats. Furthermore, this office issues international travel advisories, manages a Foreign Service Academy program, and appoints ambassadors to key countries.
The United States is exerting enormous efforts to deny Russia the means for its war against Ukraine by restricting access to financial markets and trading relations with Russia’s oligarchs. Our G7 allies and partners have joined us in taking these measures which impose significant costs on Russian political elites while significantly undermining Russia’s ability to wage its fight against Ukraine.
We are expanding sanctions authorities to include more individuals and entities engaged in aiding sanction evasion, such as backfill activities. Furthermore, the Department of Commerce is taking new export control actions targeting Russian and third country companies connected to Russia’s defense sector while minimising market disruption.
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