US Treasury sanctions Russian Duma members, defense companies, Sberbank CEO

24 March 2022, 07:37 PM

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on March 24 put dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution on the sanctions list over Russia's full-scale invasion of Ukraine, the agency said in a press release.

In addition to designating 328 members of the State Duma today, OFAC is also designating the State Duma itself as an entity, it said.

"This action aligns with similar actions taken by the European Union, the United Kingdom, and Canada, and reflects continued unity to hold Putin accountable for his war of choice," reads the press release.

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It is noted that OFAC is designating multiple companies that are part of Russia's defense-industrial base and that produce weapons that have been used in Russia's assault against Ukraine's people, infrastructure, and territory.

"Today's designations build on those levied by Treasury in previous weeks against key components of the Government of the Russian Federation (GoR) that facilitate Putin's hostile campaign against Ukraine. By cutting off 48 companies from Western technological and financial resources, today's action will have a deep and long-lasting effect on Russia's defense-industrial base and its supply chain," the press release reads.

Sanctions against Russian Duma members have been imposed as they "supported the Kremlin's efforts to violate Ukraine's sovereignty and territorial integrity, including through treaties recognizing the self-proclaimed independence of areas of eastern Ukraine controlled by Russia's proxies, known as the so-called Donetsk People's Republic (DNR) and Luhansk People's Republic (LNR)."

Finally, OFAC is designating Herman Gref, the head of Sberbank and a close Putin associate.

"The United States, with our partners and allies, is striking at the heart of Russia's ability to finance and carry out its warfare and atrocities against Ukraine," said Secretary of the Treasury Janet L. Yellen.

"The Russian State Duma continues to support Putin's invasion, stifle the free flow of information, and infringe on the basic rights of the citizens of Russia. We call on those closest to Putin to cease and condemn this cold-blooded war."

Earlier today, British Foreign Secretary Liz Truss announced 65 new Russian sanctions against a range of key strategic industries and individuals, including Sberbank CEO Herman Gref, billionaire oil tycoon Eugene Shvidler, founder of Tinkoff bank Oleg Tinkov, and other high-level Russian figures.

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