PRESS RELEASES
Treasury Imposes Sanctions on More Than 150 Individuals and Entities Supplying Russia’s Military-Industrial Base
December 12, 2023
WASHINGTON — Last week, G7 Leaders reaffirmed their support for an independent, democratic Ukraine within is internationally recognized borders. Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), is implementing the commitments made by G7 Leaders by taking action against third-country actors who materially support Russia’s war; targeting Russian military procurement networks and those who help Russia acquire machine tools, equipment, and key inputs; and further curtailing Russia’s use of the international financial system to further its war in Ukraine.
“The Kremlin has steadily turned Russia into a wartime economy, but Putin’s war machine cannot survive on domestic production alone,” said Secretary of the Treasury Janet L. Yellen. “Our sanctions today continue to tighten the vise on willing third-country suppliers...
On 12-12-23, OFAC and the State Department, separately, designated dozens third-country entities for providing goods to Russian entities. The third-country entities were designated for “operating in” various sectors of the Russian economy, e.g. technology, manufacturing, electronics and aerospace, depending on the nature of the goods exported and end users.
See Introductory Note Common to all Derivative Designation Notices Included in the Research System, and query whether and to what extent any of these designations are the sort of “de facto secondary sanctions” actions described in the System Note. We generally exclude designations where there is an allegation of deceptive or evasive conduct or where the transaction involves the bulk shipment of...