Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

US Treasury exposes network helping Russian military-industrial complex evade sanctions

us treasury department exposes russian military complex sanctions evasion network
The US Department of the Treasury (USDT) exposes a global sanctions evasion network supporting Russia’s military-industrial complex/ Source:
US Treasury exposes network helping Russian military-industrial complex evade sanctions

The US Department of the Treasury’s (USDT) Office of Foreign Assets Control (OFAC) announced in Wednesday’s press release that it had exposed a network of 10 individuals and 12 legal entities that assisted Russia in circumventing sanctions and imposed restrictions on these individuals.

According to the US Treasury, the network is led by Igor Zimenkov, a Russian and Cyprus-based arms dealer. Members of the Zimenkov network worked on projects related to the Russian military-industrial complex, supplying high-tech devices to Russia after the outbreak of full-scale aggression against Ukraine.

Some members of the Zimenkov network also worked for sanctioned state-owned Russian defense firms like Rosoboronexport and the State Corporation for Assistance to Development (Rostec). The two are vital entities of Russia’s military-industrial complex.

According to the US Treasury, Igor Zimenkov and his son Jonathan engaged in direct correspondence with Russian defense companies sanctioned by the US. They participated in several transactions involving selling Russian cybersecurity equipment and helicopters abroad.

Furthermore, Igor Zimenkov supported Belarus’ military-industrial complex by assisting the sanctioned Belarusian Defense Enterprise Belspetsvneshtechnika (also under the US sanctions) in sales in Latin America.

The Zimenkov network pumped money through shell companies to gain legal cover. It includes the Singapore company Asia Trading & Construction PTE Limited, which sold Russian helicopters to Latin America on Rostec’s behalf, as well as the Russian Texel FCG Technology 2100 Limited, GBD Limited, and some Cypriot legal entities.

All of these entities, as well as their leadership, were subject to US sanctions. Over the past year, the US Treasury Department imposed restrictions on more than 100 individuals and legal entities as part of its anti-evasion strategy.

Read also:

Russian oligarchs moved assets before Russian invasion of Ukraine to evade sanctions – US Treasury

Millions of Dutch chips end up in Russia despite EU sanctions – NOS/Nieuwsuur investigation

Zelenskyy enacts sanctions against individuals and companies transporting Russian military equipment and personnel

EU prolongs sanctions against Russia by another six months

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts