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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

Russian mining industry sanctioned by U.S. Treasury

A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian Snyder
A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian S... A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian Snyder
A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian Snyder
A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian S... A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. Photo Credit: Brian Snyder

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On Friday, the U.S. Treasury Department sanctioned Russian banks, its mining and metals industry, and over 30 people and organizations from Switzerland, Germany, and other nations for helping Moscow escape sanctions to fund its war against Ukraine.

On the first anniversary of Russia’s invasion, 22 Russian people and 83 businesses were sanctioned, adding to more than 2,500 penalties. In addition, Treasury stated that it would further isolate Russia from the world economy.

The latest measures were coordinated with other U.S. agencies, allies, and the Group of Seven affluent nations to limit Russia’s capacity to conduct the conflict that has killed tens of thousands and dislocated millions of Ukrainians.

“Our sanctions have had both short-term and long-term consequences,” Treasury Secretary Janet Yellen stated. “Together with our G7 partners, we showed we will stand with Ukraine forever.”

The new restrictions targeted banks, wealth management organizations, and people in Russia’s financial services industry to “impede President Vladimir Putin’s regime’s ability to generate cash in support of the conflict,” according to the Treasury.

The latest U.S. sanctions on Russia freeze those targeted’s U.S. assets and ban Americans from engaging with them.

Treasury released a new OFAC judgment that enables penalties on any individual or business involved in Russia’s metals and mining industry, expanding its Russia-related sanctions.

The Treasury said it hit four mining and metals businesses on Friday, including TPZ-Rondol, a unit of Russia’s largest ammunition producer, for making weapons for the Russian military, including the navy.

Almost a dozen Russian banks were also struck Friday. Russia’s largest non-state public bank, Credit Bank of Moscow Joint Public Stock Corporation, was entirely barred by the EU in December.

The statement stated Treasury’s Office of Foreign Assets Control issued a license to wind down transactions with specified entities by 12:01 a.m. on May 25.

Treasury also named Walter Moretti, a Swiss-Italian business executive and a network of organizations that surreptitiously bought sensitive Western technology for Russian intelligence and the military.

It also sanctioned four Swiss and a German who collaborated with Moretti.

Treasury sanctioned the owners of Russian wealth-management business Confideri Pte Ltd, Russian-Israeli nationals Olga Borisovna Raykes and Marat Maratovich Savelov, who own a Vienna, Austria, firm.

UMATEX Joint-Stock Corporation, which makes aviation and rocket carbon fibers, was also sanctioned.

Treasury said these corporations supported Russian intelligence’s “malign influence activities” and databases of Western citizens’ personal data.

 


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