The US Department of the Treasury’s Office of Foreign Assets Control has imposed sanctions on 150 individuals and entities pursuant to Executive Order 14024 for operating in the metals and mining, electronics, defense, munitions, technology, aerospace, and financial services sectors of the economy of the Russian Federation and in support of the war in Ukraine.
Among those designated are individuals and entities based in the People’s Republic of China, Hong Kong, Pakistan, Türkiye, the United Arab Emirates, Switzerland, Singapore, Kyrgyzstan, the Maldives, Tajikistan, and the Russian Federation. The purpose of the designations, according to OFAC, is to disrupt Russia’s military procurement networks and further curtail Russia’s exploitation of the international financial system to advance its military goals in Ukraine. Hence, the designations name companies that manufacture parts for conventional weapons, electronic components and equipment to manufacture them, machine parts, data transmission equipment and aircraft parts, as well as financial services companies.
As a result of these sanctions, all property and interests in property of the designated persons within the United States or within the possession or control of a US person are blocked, and US persons are generally prohibited from engaging in transactions involving a designated person. In addition, entities owned 50 percent or more by one or more blocked persons are also blocked.
Concurrently with OFAC’s designations, the US Department of State has imposed sanctions on more than 100 individuals and entities for their complicity in Russia’s war efforts against Ukraine, their responsibility for strengthening Russia’s ability to produce and export energy, and their engagement in sanctions evasion.