Further to Russia’s recognition of the Donetsk and Luhansk People’s Republics as independent states, Russia has been sanctioned by the US, EU, Australia, Canada and Japan!
In this post we will only focus on the US Sanctions.
On 22 February 2022, the Office Foreign Assets Control (OFAC) announced new sanctions on Russia by:
1- Blocking the property of two major Russian banks, namely Vnesheconombank (VTB) and PromSvyazBank (PSB);
2- Blocking the property of 42 of their subsidiaries (if they are owned 50% or more by one or more blocked person);
3- Blocking the property of five individuals, namely:
■Denis Aleksandrovich Bortnikov, a Deputy President of Russian state-owned financial institution VTB Bank;
■His father, Aleksandr Vasilievich Bortnikov, Director of the Federal Security Service of the Russia;
■Petr Mikhailovich Fradkov, Chairman and CEO of PSB;
■Vladimir Sergeevich Kiriyenko CEO of VK Group, the parent company of Russia’s top social media platform;
■His father, Sergei Vladilenovich Kiriyenko, First Deputy Chief of Staff of the Presidential Office; and
4- Imposing additional restrictions on dealings in Russia’s sovereign debt. The prohibited the participation in the secondary as well as in the primary market for ruble or non-ruble issued by the following entities:
■The Central Bank of Russia;
■National Wealth Fund of Russia;
■Ministry of Finance of Russia.
On 23 February 2022, the OFAC imposed sanctions on Nord Stream 2 (the natural gas pipeline under the Baltic sea, running from Russia to Germany’s Baltic coast), and its CEO.
These sanctions are subject to escalation. The up-coming days will be decisive in that regard.
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