Skip to content
  • .about
  • .home
  • .business & economy
  • .ledger of lies
  • .tech

Corruption Ledger

The Public Ledger of Corruption

  • .corruption
    • banks
    • censorship
    • corporate
    • environment
    • government
    • health
    • journalism
    • misinformation
  • .crime
    • child victims
    • tech crime
    • dimwit crimes
    • financial crime
    • killings
    • shootings
  • .international conflict
    • Israel-Palestine
    • Nordstream
    • Russia vs. West
    • war news
    • war machines
  • .privacy & surveillance
  • .leaks
    • all leaks
    • Wikileaks
  • .regions
    • All Regions
    • Africas
    • North Americas
      • All
      • Canada
      • U.S.
    • Asias
    • Europe
    • Middle East
    • Oceania
  • .sanctions feeds
    • Canadian Sanctions Feed
    • EU Sanctions Feed
    • US Sanctions Feed
  • Toggle search form
  • What’s the basis of the Republicans’ Joe Biden impeachment inquiry? All News
  • Biden impeachment inquiry opens with focus on son’s business dealings All News
  • Polish minister launches bill to extradite Ukrainian Nazi WW2 veteran Hunka from Canada All News
  • Poland: Ukraine is drowning and therefore dangerous All News
  • This China trade war isn’t about semiconductors: Straits Times Business & Economy
  • Airbus Hacker Threatens to Sell US, Europe Military Intel on Dark Web All News
  • Intel-linked UK official pushing censorship of Russell Brand -The Grayzone _enforcement
  • Australia Signs $210 Million Underwater Tracking Contract All News

US blocking sanctions now target the aerospace, electronics and marine sections of the Russian econo

Posted on April 4, 2022September 9, 2023 By CorruptionLedger No Comments on US blocking sanctions now target the aerospace, electronics and marine sections of the Russian econo

 

On March 31, 2022, the US expanded the focus of US-Russia related sanctions to include the aerospace, electronics and marine sectors of the Russian economy.

Since the onset of the Russian-Ukraine conflict, the US has designated over 700 individuals and entities (persons) as Specially Designated Nationals (SDNs). As the assets of such SDNs – and entities they owned 50% or more – that are in the US or within the possession or control of US persons are blocked, such sanctions are often referred to as “blocking sanctions”.
The vast majority of the SDN designations made in connection with the Russian-Ukraine conflict have been made under Executive Order 14024 (EO 14024). EO 14024 authorizes the Office of Foreign Assets Control (OFAC) to impose blocking and other sanctions on a number of different grounds, including, under section 1(a)(i), on grounds that a person has been determined by OFAC:
to operate or have operated in the technology sector or the defense and related materiel sector of the Russian Federation economy, or any other sector of the Russian Federation economy as may be determined by the Secretary of the Treasury.
Thus, if the Secretary of the Treasury makes a determination that section 1(a)(i) of EO 14024 shall apply to a particular sector of the Russian economy, OFAC is authorized to impose blocking or other sanctions on persons determined to operate in such sector.
On February 22, 2022, US Treasury Secretary Janet Yellen made a determination that EO 14024 section 1(a)(i) shall apply to the financial services sector of the Russian economy. That same day, OFAC designated as SDNs the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB), Promsvyazbank Public Joint Stock Company (PSB), and 42 of their subsidiaries. Two days later, on February 24, 2022, OFAC designated as SDNs VTB Bank Public Joint Stock Company and 20 of its subsidiaries, Public Joint Stock Company Bank Financial Corporation Otkritie and 12 of its subsidiaries, Open Joint Stock Company Sovcombank and 22 of its subsidiaries, and Joint Stock Commercial Bank Novikombank. Also on February 24, 2022, the US imposed non-blocking sanctions on Public Joint Stock Company Sberbank and 25 of its subsidiaries, and on 12 other Russian banks.
On March 31, 2022, Secretary Yellen determined that EO 14024 section 1(a)(i) shall also apply to the aerospace, electronics, and marine sectors of the Russian economy. While OFAC has not yet made use of this new authority, given the flurry of sanctions imposed following Secretary’s Yellen’s previous sectoral determination it seems highly likely that new sanctions will soon be imposed on persons that operate in the Russian aerospace, electronics and marine sectors soon.

Related

https://www.clydeco.com/en/insights/2022/04/us-blocking-sanctions-now-target-the-aerospace-ele

Aerospace, Enforcement Actions, enforcement archive, International Conflict, Sanctions Tags:All Regions, clydeco-com, Region Asias, Region Europe, Russia

Post navigation

Previous Post: Australia applies Magnitsky sanctions for first time
Next Post: Hydra market taken down by German police and sanctioned by U.S.

You must log in to post a comment.

Wall of Shame

  • Censorship & Access to Information
  • Environmental Collapse
  • Journalism
  • In Court
  • Enforcement
  • Free Speech: What’s it good for?

Recent

  • What’s the basis of the Republicans’ Joe Biden impeachment inquiry?
  • Biden impeachment inquiry opens with focus on son’s business dealings
  • Polish minister launches bill to extradite Ukrainian Nazi WW2 veteran Hunka from Canada
  • Poland: Ukraine is drowning and therefore dangerous
  • This China trade war isn’t about semiconductors: Straits Times
  • Airbus Hacker Threatens to Sell US, Europe Military Intel on Dark Web
  • Intel-linked UK official pushing censorship of Russell Brand -The Grayzone
  • Australia Signs $210 Million Underwater Tracking Contract
  • TransUnion denies it was hacked, links leaked data to 3rd party
  • 400,000 calls made to Japanese Embassy in China over radioactive water
About CL
Shootings | Air Force and Aerospace
Rumble Video from CL
  • Britain bans Russian diamonds Business & Economy
  • Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme _enforcement
  • Biden’s warning to China Friday March 18, 2022 Business & Economy
  • Ex-CIA Officer Accused of Disturbing ‘Sex Training’ Has Gone MIA All News
  • France versus Macron: May Day Riots Business & Economy
  • Zeit Online: Germany planning to ban Huawei, ZTE from parts of 5G networks Business & Economy

Copyright © 2022 Corruption Ledger. This web site contains no ads.