Treasury Announces Additional Sanctions against Russia

The Treasury Department last Friday issued a new round of sanctions against individuals who have supported Russian President Vladimir Putin’s invasion of Ukraine, including the management board of VTB Bank, which was also previously sanctioned. The sanctions followed an executive order signed by President Biden that established several additional steps to limit imports, exports and new investment with Russia in light of the ongoing conflict.

Additionally, the Office of Foreign Assets Control issued new guidance aimed at preventing sanctions evasion, including through the use of cryptocurrencies. “This guidance continues to make clear that Treasury’s expansive sanctions actions against Russia require all U.S. persons to comply with OFAC regulations, regardless of whether a transaction is denominated in traditional fiat currency or virtual currency,” Treasury said.

OFAC also issued Ukraine-related General License 23, which authorizes “certain transactions that are ordinarily incident and necessary to nongovernmental organizations’ activities in the so-called Donetsk People’s Republic or Luhansk People’s Republic regions of Ukraine, including activities related to humanitarian projects to meet basic human needs, democracy building, education, non-commercial developments projects, and environmental and natural resource protection.”

In related news, the Treasury Department also announce sanctions against two individuals and three entities for supporting North Korea’s ongoing development of weapons of mass destruction and ballistic missile programs. This action targets a group of foreign individuals and companies that aid a North Korean defense industry-related procurement agent in Russia.

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