US expands sanctions against Russia, targets financial sector and key individuals

The US Treasury Department has updated its sanctions against Russia, targeting five individuals and five entities in its latest measures.

The newly sanctioned individuals include three Russian nationals, one Latvian citizen, and one Ukrainian citizen, Caliber.Az reports via Russian media.

The affected organizations are based in or have offices across the US, Thailand, the UK, the UAE, and a multinational company operating in cities such as London, Moscow, Riga, Singapore, and Istanbul.

According to a statement by Matthew Miller, head of the US State Department’s press office, these sanctions are directed at individuals associated with the TGR Group, an international network accused by US authorities of facilitating sanctions evasion for Russian elites. Miller highlighted that the measures were implemented in coordination with the British National Crime Agency.

On November 21, the Office of Foreign Assets Control (OFAC), the U.S. sanctions regulator, introduced expansive restrictions targeting Russia’s financial sector. Over 50 banks, including major institutions like Gazprombank and Dom.RF Bank were blacklisted under the SDN (Specially Designated Nationals) list. Additional restrictions were imposed on registrars and depositories responsible for managing securities.

Personal sanctions were extended to 11 senior executives of the Russian Central Bank, including First Deputy Chairmen Vladimir Chistyukhin and Dmitry Tulin, Deputy Chairwoman Olga Polyakova, and several department heads. These restrictions mark a significant escalation since the last comprehensive sanctions against the Central Bank’s leadership in 2022, which included Governor Elvira Nabiullina and Deputy Olga Skorobogatova.

While systemically important credit institutions have largely avoided sanctions since mid-2023, the Russian financial infrastructure was significantly affected in June 2024, when the Mosbirzhi Group faced sanctions that disrupted dollar and euro trading.

On November 28, the European Parliament (EP) urged the Council of the European Union to expand sanctions against Russia, particularly in economically critical sectors such as metallurgy, banking, chemicals, and agriculture. The EP’s resolution also proposed a comprehensive embargo on Russian fossil fuels and liquefied natural gas, as well as extending the sanctions' duration from six months to three years.

The EU further recommended restrictions against approximately 30 organizations allegedly aiding Russia in acquiring military technology. The list includes firms from Russia, Serbia, Iran, India, Thailand, and the UAE. Additionally, the resolution called for sanctions on military officials from North Korea accused of facilitating the deployment of personnel to Russia.

New measures include banning over 45 Russian oil tankers from accessing European ports and related services, further tightening restrictions on Moscow's economic activities.

By Tamilla Hasanova