Overview
Following up on our earlier blog post, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new blocking sanctions on April 6, 2018 against seven Russian oligarchs, 12 entities owned or controlled by those oligarchs, 17 senior Russian government officials, a Russian weapons trading company, and a banking subsidiary owned by the weapons trading company. Treasury Secretary Steven Mnuchin stated that the sanctions were issued in response to Russia’s “range of malign activity around the globe,” including actions in Crimea, Eastern Ukraine, and Syria, and “Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government’s destabilizing activities.”
For more information, please see our advisory.
