The Financial Crimes Enforcement Network and the Commerce Department’s Bureau of Industry and Security issued a supplemental joint alert urging continued vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade export controls.
Nearly a year after the start of the Russian invasion of Ukraine, the U.S. and its allies are continuing to pressure companies and financial institutions worldwide to sever their economic ties to Russia, Deputy Secretary of the Treasury Wally Adeyemo said this week.
In a report today, the Financial Crimes Enforcement Network said it was able to identify tens of billions of dollars in suspicious activity by Russian oligarchs thanks in large part to filings from U.S. depository institutions.
With the announcement that G7 member states had agreed to a price cap on Russian oil in response to Russian President Vladimir Putin’s invasion of Ukraine, Office of Foreign Assets Control Director Andrea Gacki today discussed how her office will approach implementation, and its expectations for banks.
The “relative inelasticity of supply in key sectors” sets the economy of the past three years (encompassing the COVID-19 pandemic and the Russian war in Ukraine) apart from the 30-year period prior, Federal Reserve Vice Chair Lael Brainard said.
Following Russian President Vladimir Putin’s announcement that he would illegally annex four Ukrainian territories, the Treasury Department’s Office of Foreign Assets Control designated 14 individuals in Russia’s military industrial complex, as well as 278 members of the Russian legislature for supporting the annexation.
The Treasury Department’s Office of Foreign Assets Control today announced additional sanctions against Russia as a result of the ongoing conflict in Ukraine
The Federal Reserve raised interest rates by three-quarters of a percentage point to a target range of 2.25% to 2.5%, the Federal Open Market Committee announced today.
A dedicated international task force focused on executing sanctions against Russia has blocked or frozen more than $30 billion worth of sanctioned Russian assets in financial accounts and economic resources, and immobilized approximately $300 billion worth of Russian Central Bank Assets, according to a press release issued by the Treasury Department.
Russia’s efforts to disengage with the global economy and isolate itself may have helped minimize the initial shock from the most recent sanctions and could explain why Putin has yet to back down from the Ukraine invasion.