The OFAC has used the one year anniversary of Russia’s attack on the Ukraine as an opportunity to announce additional sanctions against 22 individuals and 83 entities involved in the metals and mining sector which, according to the OFAC news release, continues to be a key revenue source for Russia.

New sanctions are also aimed at individuals and entities that are believed to be aiding Russia in evading sanctions and export controls. The sanctions focus on individuals and entities located in third-countries that are facilitating either transactions or the transfer of material and valuable technology. For example, several Swiss and German nationals have been sanctioned for helping Russia evade sanctions by procuring sensitive technology and equipment including that intended for “Russia’s nuclear weapons laboratories.”

Wealth and investment managers

Some of the last of Russia’s unsanctioned financial institutions are now subject to full sanctions, along with a number of wealth and investment managers who are viewed as supporting the evasion of sanctions or other illicit financial activity that directly or indirectly supports the war effort.  

Companies operating within the military supply chain in Russia, including those producing advanced materials, or operating in the aerospace, electronics and technology sectors are also being targeted by sanctions.

The latest measures are intended to close any gaps in the existing sanctions and are aimed at further isolating Russia from the global financial system and sapping the Russian war effort. The new sanctions will be welcomed by those calling for more action globally to punish Russia for its aggression and to force it to the negotiating table.