US Treasury Broadens Sanctions, Impacts 13 Entities and 2 Individuals
US Treasury Broadens Sanctions on Russian Financial and Tech Sectors
The US Treasury's Office of Foreign Assets Control (OFAC) has broadened sanctions, targeting individuals and entities within Russia's financial and technology sectors.
Action Impact
- Impacts thirteen entities and two individuals involved with virtual assets bypassing US sanctions.
- Includes entities linked to individuals previously sanctioned by OFAC.
Treasury's Targets
These steps build on OFAC's efforts aiming to cut off Russia's access to vital financial infrastructure and hinder its military actions against Ukraine.
Consequence of the Sanctions
Authorities have frozen all US assets and property interests of the designated individuals and entities. Reporting to OFAC is mandatory for them. Entities owning at least 50% of the sanctioned parties are also subject to these restrictions.
Crypto Regulation in Russia
Finance Minister Siluanov's recent remarks indicate a balanced approach to crypto market regulation over prohibition in response to growing sanctions pressure. The closure of CommEx, seen as a prominent crypto exchange, further reflects uncertain times for Russia's cryptocurrency community.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.