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US sanctions to hit foreign financial institutions dealing with Russia

The White House announced a new executive order that allows the US to sanction any foreign financial institutions that provide assistance to Russia’s military-industrial base.
bySerge Havrylets
22/12/2023
2 minute read
sanctions to Russia
Image: open source
US sanctions to hit foreign financial institutions dealing with Russia

US President Joe Biden signed an executive order on economic measures against foreign financial institutions supplying Russia with sanctioned military goods, according to a statement from the White House.

Ukraine regularly finds foreign components in Russian weapons despite Western restrictions on the export of dual-use and military goods to Russia. Russia continues to import Western goods for its military-industrial complex through third countries to circumvent the sanctions.

The executive order signed by Joe Biden allows the US Treasury Secretary, after consulting with the State Secretary and, if necessary, the Trade Secretary, to impose sanctions on foreign financial institutions if they helped make a payment to a person associated with Russia’s technological or defense sector.

Ukraine launches public database tracking foreign components in Russian, Iranian weaponry

Another basis for imposing sanctions is providing any service related to Russia’s military-industrial base, including selling, supplying, or transferring any “dual-use or other critical items,” according to the executive order.

Thus, any financial institutions (from banks to pension funds or payment systems operators, as well as their subsidiaries) that help Russia import military goods will be subject to sanctions. According to the executive order, such sanctions will be imposed without prior notice to avoid the risk of hiding assets subject to restrictions.

The document also establishes restrictions on Russian diamonds by amending another order regarding sanctions against Russia, as agreed by the G7 leaders earlier in December 2023.

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