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Historic Treasury Building. Weekly Public Schedule Archive. Media Advisories Archive. Subscribe to Press Releases. S Restrictions; U. Ready to Impose Additional Major Costs. The U. The actions also target nearly 80 percent of all banking assets in Russia and will have a deep and long-lasting effect on the Russian economy and financial system.
Treasury is also sanctioning additional Russian elites and their family members and imposing additional new prohibitions related to new debt and equity of major Russian state-owned enterprises and large privately owned financial institutions. We are united in our efforts to hold Russia accountable for its further invasion of Ukraine while mitigating impacts to Americans and our partners.
If necessary, we are prepared to impose further costs on Russia in response to its egregious actions. The sanctions the United States is imposing today cut off major parts of the Russian financial system and economy from access to this important financial infrastructure and the U. The United States consulted closely with partners to tailor the economic costs of these actions to weigh most heavily on the Government of the Russian Federation GoR and its economy while mitigating impacts to America and its allies.
The vast majority of those transactions will now be disrupted. Today Treasury is imposing correspondent and payable-through account sanctions on Sberbank. Sberbank is uniquely important to the Russian economy, holding about a third of all bank assets in Russia.
Sberbank is the largest financial institution in Russia and is majority-owned by the GoR. It holds the largest market share of savings deposits in the country, is the main creditor of the Russian economy, and is deemed by the GoR to be a systemically important financial institution. Payments that Sberbank attempts to process in U.
This directive prohibits U. Accordingly, U. Pursuant to Directive 2 under E. These subsidiaries include banks, trusts, insurance companies, and other financial companies located in Russia and six other countries. Accordingly, by a. In addition, after a. VTB Bank is majority-owned by the GoR, which deems it to be a systemically important financial institution.
By imposing these sanctions, assets held in U. This is one of the largest financial institutions Treasury has ever blocked and sends an unmistakable signal that the United States is following through on its promise of delivering severe economic costs. VTB Bank was designated pursuant to E. These subsidiaries include banks, holding companies, and other financial companies located in Russia and eight other countries. These designations further restrict the Russian financial services sector and greatly diminish the ability of other critical Russian economic sectors from accessing global markets, attracting investment, and utilizing the U.
Otkritie was designated pursuant to E. In addition, 12 Otkritie subsidiaries were designated today pursuant to E. The 12 Otkritie subsidiaries designated today include an insurance company, a bank, and other financial services companies in Russia and Cyprus. All entities owned 50 percent or more, directly or indirectly, by Otkritie are subject to blocking under E.
The GoR identifies it as a systemically important Russian financial institution. Sovcombank was designated pursuant to E. In addition, 22 Sovcombank subsidiaries were designated today pursuant to E. The 22 Sovcombank subsidiaries designated today include a variety of financial services companies in Russia and Cyprus.
All entities owned 50 percent or more, directly or indirectly, by Sovcombank are subject to blocking under E. Joint Stock Commercial Bank Novikombank Novikombank is state-owned and among the 50 largest financial institutions in Russia. Novikombank primarily operates in the Russian defense sector and serves as the core financial institution for Russian defense company Rostec, which fully owns the bank.
Novikombank was designated pursuant to E. They are now heavily restricted from raising money through the U. This includes 13 entities with outstanding debt issuances, six of which are also subject to certain debt or additional restrictions pursuant to directives under E.
Pursuant to E. To ensure that these sanctions and prohibitions have an impact on the intended targets and to minimize unintended consequences on third parties, OFAC has also issued several general licenses in connection with these actions. In particular, payments for energy are from production to consumption.
Elites close to Putin continue to leverage their proximity to the Russian President to pillage the Russian state, enrich themselves, and elevate their family members into some of the highest positions of power in the country at the expense of the Russian people. Sanctioned oligarchs and powerful Russian elites have used family members to move assets and to conceal their immense wealth. Many serve in leadership roles of companies designated or identified today.
Sergei Borisovich Ivanov Sergei B. Sergei B. He is also a permanent member of the Security Council of the Russian Federation. Ivanov was previously designated in March for being an official of the GoR. Ivanov and designated his son Sergei S. Ivanov pursuant to E. Sergei S. Ivanov was also designated pursuant to E. Ivanov, a person whose property or interests in property are blocked for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR.
Nikolai Patrushev was previously designated in April for being an official of the GoR. Andrey Patrushev was also designated pursuant to E. Igor Sechin was formerly the Deputy Prime Minister of the Russian Federation from until and is reportedly a close ally of Putin. Igor Sechin was previously designated in April pursuant to E. Ivan Sechin was designated pursuant to E. Senior executives at state-owned banks, like Kremlin-linked elites, take advantage of their closeness to the Russian power vertical to advance the interests of the Russian state while maintaining an extravagant standard of living.
Ulyutina was designated pursuant to E. For identifying information on the individuals and entities sanctioned today, click here. About Treasury About Treasury. Policy Issues. Tribal Affairs. National Debt National Debt to the Penny. International Reserve Position. Troubled Assets Relief Program Reports. Treasury Payments Where is my Refund? S Mint. Featured Stories. May 26, Measuring the Strength of the Recovery. Figure 1: Geographical distribution of Bank of Russia foreign exchange and gold assets in percentages as of mid Should Russian exports shrink due to other sanctions put in place and the Central Bank cannot deploy part of its international reserves, imports and therefore domestic demand will be similarly impacted.
Furthermore, the Bank of Russia is now limited in its ability to bail-out institutions that cannot make foreign payments or repay foreign debt, as Ruskin points out. For 1 March , the Bank of Russia has scheduled repo transactions with no limit set to address the structural liquidity deficit that the banking sector is facing.
Choose your preferred banking topics and we will send you updated emails based on your selection. The recent surge in energy prices raises big questions: will Europe be able to secure its energy supply on the back of reduced investments in fossil fuels and ongoing geopolitical conflicts?
And how can corporates best prepare for a prolonged period of elevated energy prices? As economies implement their decarbonisation targets, this changes supply and demand for not only metals and minerals, but also the energy needed to smelt the ores. Eliminating duplicative activities is essential for financial institutions seeking to provide added value to clients during the performance of underlying client checks.
Freeze of Russian central bank reserves. Russian Central Bank has introduced new measures. Deutsche Bank Research reports referenced. Cash management solutions Explore more.
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