Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues alert warning of risks of joining Russia’s System for Transfer of Financial Messages
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken another major step in implementing commitments made by G7 leaders to curtail Russia’s use of the international financial system to further its war against Ukraine. OFAC’s action includes the designation of Gazprombank, more than 50 internationally connected Russian banks, more than 40 Russian securities registrars, and 15 Russian finance officials. OFAC is also issuing an alert describing sanctions risks related to Russia’s System for Transfer of Financial Messages (SPFS), which the Kremlin created and uses to evade sanctions.
'Today’s sanctions targeting Russia’s largest remaining non-designated bank, as well as dozens of other financial institutions and officials in Russia, will further diminish and degrade Russia’s war machine. This sweeping action will make it harder for the Kremlin to evade U.S. sanctions and fund and equip its military,' said Secretary of the Treasury Janet L. Yellen. 'We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine.'
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Source: U.S. Department of the Treasury’s Office of Foreign Assets Control
