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Apr 7, 2022 · On April 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added two of Russia’s largest banks, Public Joint Stock Company Sberbank of Russia (“Sberbank”) and Joint Stock Company Alfa Bank (“Alfa-Bank”), and their subsidiaries to the Specially Designated Nationals and Blocked Persons List (“SDN List”). OFAC also issued 3
- Major Economic Actions
- Blocking Other Major Russian Financial Institutions
- Debt and Equity Prohibitions Against Major State-Owned and Private Entities
- General Licenses
- New Actions Targeting Russian Elites
Targeting Russia’s Two Largest Financial Institutions Treasury is taking unprecedented action against Russia’s two largest financial institutions, Public Joint Stock Company Sberbank of Russia (Sberbank)and VTB Bank Public Joint Stock Company(VTB Bank), drastically altering their fundamental ability to operate. On a daily basis, Russian financial i...
OFAC has also imposed blocking sanctions on three additional major Russian financial institutions: Otkritie, Novikom, and Sovcom. These three financial institutions play significant roles in the Russian economy, holding combined assets worth $80 billion. These designations further restrict the Russian financial services sector and greatly diminish ...
In a move to limit Russia’s ability to finance its invasion against Ukraine or other priorities of President Putin, OFAC expanded Russia-related debt and equity restrictions to additional key aspects of Russia’s economy. To implement this action, OFAC issued Directive 3 under E.O. 14024, “Prohibitions Related to New Debt and Equity of Certain Russi...
To ensure that these sanctions and prohibitions have an impact on the intended targets and to minimize unintended consequences on third parties, OFAC has also issued several general licenses in connection with these actions. In particular, payments for energy are from production to consumption. The sanctions and license package has been constructed...
Families Close to Putin Elites close to Putin continue to leverage their proximity to the Russian President to pillage the Russian state, enrich themselves, and elevate their family members into some of the highest positions of power in the country at the expense of the Russian people. Sanctioned oligarchs and powerful Russian elites have used fami...
PJSC Sberbank (Russian: Сбербанк, initially a contraction of Russian: сберегательный банк, romanized: sberegatelnyy bank, lit. 'savings bank') is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the ...
Feb 7, 2023 · The U.S. Treasury Department will lift sanctions imposed on a former Russian Sberbank SBER.MM subsidiary that is now wholly owned by a Kazakh firm, its spokesperson and a U.S. official told ...
Apr 6, 2022 · On February 24, 2022, OFAC identified Sberbank as subject to prohibitions pursuant to Directive 2 under E.O. 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (the “Russia-related CAPTA Directive”) and the Russia-related Entities Directive for operating or having operated in the ...
Feb 24, 2022 · Sberbank is the largest bank in Russia, holds nearly one-third of the overall Russian banking sector’s assets, is heavily connected to the global financial system, and is systemically critical ...
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Sep 11, 2023 · Yet the country’s largest retail lender, Sberbank, is trumpeting a return on equity that western counterparts can only dream of. The rouble has dropped 20 per cent against the dollar in the past ...
