U.S. Unveils New Sanctions on Hundreds of Russian Individuals and Entities

On August 23, the U.S. Treasury Department announced the addition of nearly 400 individuals and entities to its sanctions against Russia, aimed at addressing the ongoing conflict in Ukraine sparked by Russia’s invasion.

The focus of these new sanctions includes disrupting Russia’s international supply chains that support its war efforts.

Deputy Treasury Secretary Wally Adeyemo emphasized that “Russia has turned its economy into a tool in service of the Kremlin’s military-industrial complex.” He elaborated that these sanctions are part of the ongoing commitments made by President Biden and leaders from the G7 to hinder Russia’s military supply chains and financial channels.

The sanctions specifically target transnational networks involved in procuring ammunition and military supplies for Russia’s military operations.

The recent actions affect a range of individuals and organizations that are part of Russian support networks. This includes sectors such as financial technology, ammunition procurement, military-industrial base supplies, and jet fighter supply chains. Other targeted areas involve the domestic war economy alongside suppliers of machine tools and manufacturing equipment.

The sanctions also aim at networks that assist Russian oligarchs in evading restrictions, as well as those that support Russian cyber activities in circumventing sanctions.

Furthermore, the Treasury Department indicated that these sanctions will limit future revenues from metals and mining for Russia. Efforts to combat gold laundering and projects involving Russian financial technology companies are also part of this comprehensive approach.

In a cautionary note, the Treasury Department warned foreign regulators and financial institutions to exercise prudence in any dealings with overseas branches or subsidiaries of Russian financial entities, especially regarding the establishment of new branches that may not be directly sanctioned.

A detailed list outlining the individuals and entities affected by these newly imposed sanctions was published by the Treasury Department on the same day.

The U.S. government reaffirmed its commitment to support Ukraine in its defense of sovereignty and to hold Russia accountable for its ongoing aggression.