Treasury Announces Sanctions against Russian Defense Companies, Sberbank CEO

The Treasury Department’s Office of Foreign Assets Control today issued a new round of sanctions in response to the ongoing invasion of Ukraine. The new sanctions target dozens of Russian defense companies, the CEO of Sberbank, Russia’s largest financial institution, and 328 members of the Russian State Duma.

Treasury said that the new sanctions will cut off 48 defense companies from western technological and financial resources and “will have a deep and long-lasting effect on Russia’s defense-industrial base and its supply chain.” OFAC also announced sanctions against Herman Gref, the head of Sberbank and a close Putin associate. In addition to leading Russia’s largest multi-billion dollar, multinational financial institution, Gref also oversees a large number of companies owned by Sberbank in other industries.

The sanctions against the Russian State Duma expand on earlier actions taken against 12 members of the Russian Duma and fall under an executive order which authorizes sanctions against Russia for its harmful foreign activities, including violating core principles of international law. Treasury also expanded sanctions against the State Duma itself as an entity.

Treasury today also released new guidance on transactions with the Central Bank of the Russian Federation involving gold.