The U.S. Treasury Department has announced the expansion of sanctions on companies and institutions that are backing Russia's war efforts in Ukraine. Approximately 100 entities have been re-designated for sanctions, with sanctions also being imposed on 15 new entities.
According to a senior Treasury Department official, any company engaging in significant business with parts of Russia's military industrial complex will now face the risk of penalties. The official highlighted that the removal of these sanctions would require congressional notification, potentially making it more challenging for future administrations to adjust sanctions without public scrutiny.
The latest sanctions target 15 companies from Russia and China that have collaborated to circumvent existing sanctions. Among the Russian entities sanctioned are Herbarium Office Management, Atlant Torg, Sigma Partners, Tranzaktsii I Raschety, Arctur, and Paylink Limited, along with Russian national Andrei Prikhodko, the general director of Herbarium.
Additionally, several China-based companies, including Anhui Hongsheng International Trade, Qingyuan Fo Feng Leda Supply Chain Service, and others, have been sanctioned for their involvement in this scheme. The Keremet Bank in Kyrgyzstan is also facing sanctions for allegedly coordinating with Russian officials and a U.S. bank to evade sanctions.
The U.S. and its allies have been imposing aggressive sanctions on Russia since its invasion of Ukraine in February 2022. The Biden administration views recent changes in the global oil market as an opportunity to further crack down on Russia's oil revenues without disrupting global supplies. Last week, the Treasury Department announced an expansion of sanctions against the Russian energy sector in response to the ongoing conflict in Ukraine.
