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US imposes sanctions on Armenian company

15 November 2022 10:16

The Armenian company Milur Electronics LLC (a branch of Milandr in Armenia) came under US sanctions for its ties with a Russian company.

US Secretary of State Anthony Blinken made the announcement in a written statement, Caliber.Az reports.

“This entity is a Russian developer and manufacturer of integrated microcircuits, specializing in the production of microelectronics products. Milandr is part of Moscow’s military research and development structure and has participated in Russian weapons expositions,” Blinken wrote. 

“In parallel, the Department of the Treasury is designating three entities tied to Milandr: Armenia-based Milur Electronics LLC, which has been used as a Milandr front company to conduct Milandr’s business with foreign partners; Taiwan-based Sharp Edge Engineering Inc., a front company used to purchase microelectronic components from Asian companies; and Switzerland-based Milur SA, which has been used by employees and business associates of Milandr to coordinate financial transfers to Milur Electronics LLC.  Treasury additionally designated two Milur SA officials and the General Director of both Milandr itself and Milur Electronics.”

In addition, on November 14, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), alongside the US Department of State, sanctioned a transnational network procuring technology that supports the Russian military-industrial complex. OFAC also designated a global network of financial facilitators, enablers, and others associated with two key Kremlin-linked elites whose fortunes are intertwined with the West. In total, today’s actions designated 14 individuals and 28 entities and identified eight aircraft as blocked property. 

Milur SA is the Switzerland-based primary shareholder of Milur Electronics and has been utilized by employees and business associates of Milandr to coordinate financial transfers to Milur Electronics.

Milur Electronics LLC (Milur Electronics), was initiated to place orders from foreign factories, produce integrated microchips, and conduct overseas sales. The company has been used as a Milandr front affiliate as a means to conduct Milandr’s business with foreign partners. In fact, Milandr employees have sought to access Milur Electronics’ network themselves to conduct business. 

Caliber.Az
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