Russia and Belarus sanctions update

In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS) have taken additional actions targeting Russians and the Russian economy. 

• OFAC sanctioned the metals and mining sector of the Russian economy and targeted Russian financial service providers, designating 14 Russian banks and financial institutions for providing financial services and 15 entities and individuals in the wealth management industry;
• OFAC continued targeting sanction evaders, designating 35 entities and individuals, including Russian businessman Aleksandr Yevgenyevich Udodov, the former brother-in-law of Russian Prime Minister Mikhail Mishustin, along with Udodov’s business entities in Russia and abroad, while also sanctioning 37 entities and individuals in an effort to degrade Russia’s military capabilities. These include producers of carbon fiber and related advanced materials, researchers and producers in aerospace industry, producers and importers of microelectronics and other specialized or high-tech equipment used by Russia’s defense sector; and
• BIS expanded controls on the export of various items destined for Russia, Belarus, and Iran, and designated 86 entities to the Entity List in response to their support for Russia’s defense industrial sector.

                       
 
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