Apr 20, 2022 - Economy

Treasury unveils new round of sanctions against Russia

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The U.S. Treasury on Wednesday announced a new round of sanctions against Russia, singling out entities and individuals involved in attempts to evade previous sanctions imposed by the U.S. and its allies.

Driving the news: The sanctions target a key commercial bank, a virtual currency mining company and a "global network of more than 40 individuals and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev."

  • The Treasury is also sanctioning 635 Russian nationals "who are involved in suppressing dissent in Russia and abroad, who have been involved in activities that threaten the territorial integrity of Ukraine, and who have been involved in human rights abuses in prison facilities and places of unofficial detention in Russia-controlled areas of the Donbas region of Ukraine."
  • Three Russian officials are targeted "for involvement in gross violations of human rights, and on 17 individuals responsible for undermining democracy in Belarus."
  • The sanctions mean that all U.S. property and interests in property of the targeted individuals are blocked. All U.S. transactions involving the individuals are also now prohibited unless authorized by the Treasury.

What they're saying: "Treasury can and will target those who evade, attempt to evade, or aid the evasion of U.S. sanctions against Russia, as they are helping support Putin’s brutal war of choice," Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson said in a statement.

  • "The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and fund its invasion."

Worth noting: Attorney General Merrick Garland earlier this month unveiled an indictment against Malofeev for sanctions violations and announced the seizure of "millions of dollars from a U.S. financial institution" as proceeds traceable to the violations.

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