OFAC TARGETS SANCTIONS EVASION NETWORKS AND RUSSIAN TECHNOLOGY COMPANIES ENABLING PUTIN’S WAR

On 31 March, the US Treasury announced expanded sanctions authorities to include aerospace, marine, and electronics sectors; and OFAC designated 21 entities and 13 individuals as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine.  One of the technology companies designated today exports more than 50% of Russian microelectronics and is Russia’s largest chipmaker.  In addition to the sanctions imposed on Russian actors, the US Treasury is also enhancing and expanding its Russia sanctions authorities.  allows for sanctions to be imposed on any individual or entity determined to operate or have operated in any of the aerospace, marine, and electronics sectors and provides an expanded ability to swiftly impose additional economic costs on Russia for its war of choice in Ukraine. 

https://home.treasury.gov/news/press-releases/jy0692

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220331

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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