The U.S. Department of the Treasury has outlined sanctions against a transnational network procuring technology they maintain supports the Russian military-industrial complex.
The Treasury Department’s Office of Foreign Assets Control (OFAC) initiated the sanctions in conjunction with the U.S. Department of State. The OFAC also designated a global network of financial facilitators, enablers, and others associated with Kremlin-linked elites whose fortunes are affiliated with the West.
The actions designated 14 individuals and 28 entities and identified eight aircraft as blocked property.
“The United States will continue to expose and disrupt the Kremlin’s military supply chains and deny Russia the equipment and technology it needs to wage its illegal war against Ukraine,” Secretary of the Treasury Janet L. Yellen said, indicating the actions demonstrate the Treasury Department’s commitment to targeting people globally aiding Russia’s war effort. “Together with our broad coalition of partners, we will continue to use our sanctions and export controls to weaken Russia’s military on the battlefield and cut into the revenue Putin is using to fund his brutal invasion.”
According to the Treasury Department, under the sanctions, transactions by U.S. persons or within (or transiting) the United States involving any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt.
The overarching goal of sanctions is not to punish but to yield a positive change in behavior.