OFAC announces additional Russian sanctions

The Treasury Department’s Office of Foreign Assets Control today sanctioned Transkapitalbank, a Russian commercial bank, and its subsidiary, Joint Stock Company Investtradebank for sanctions evasion activity connected to the recent Russian invasion of Ukraine. Treasury noted that representatives of the bank “have offered services to several banks in Asia, including within China and the Middle East, and suggested options to evade international sanctions.”

OFAC also targeted a worldwide sanctions evasion and malign influence network led by Russian oligarch Konstantin Malofeyev, and announced action against Russian virtual cryptomining firms.