The Trump administration removed Mikhail Zadornov, a prominent Russian banker and former finance minister, from the US sanctions list on 3 April, Reuters reported. The delisting is the latest in a series of Russia-related removals under the current administration and follows a broader pattern of easing economic pressure on Moscow.
Who is Zadornov
Zadornov served as Russia's finance minister from 1997 to 1999 and previously chaired the parliament's budget committee across several Russian governments. He later headed VTB24, the retail arm of Russia's second-largest bank, before becoming CEO of Otkritie Bank in 2018. He ran Otkritie through its recovery following a rescue by the Central Bank of Russia. VTB acquired Otkritie at the end of 2022.
How the removal happened
Zadornov successfully petitioned OFAC for removal through the standard process available to any designated person, a source familiar with the matter told Reuters. The US Treasury offered no specific explanation for why his petition succeeded. A US official said the delisting did not reflect a broader change in Washington's position on Russian sanctions.
"Like the imposition of sanctions, removal of sanctions on persons, or delisting, is a tool to realize US foreign policy goals," the official said, adding that the goal of sanctions was "to bring about a positive change in behavior" rather than to punish.
Zadornov remains on the UK and Ukrainian sanctions lists.
Part of a wider pattern
The Zadornov delisting follows several recent Russia-related removals.
- On 31 March, OFAC removed three Russian-flagged commercial vessels from its sanctions list — container ships Fesco Moneron and Fesco Magadan and the cargo ship Sv Nikolay.
- In December 2025, the US quietly removed companies previously accused of supplying Russia's military — including firms based in Cyprus, Dubai, and Türkiye — again offering no public explanation.
The delistings come alongside direct sanctions relief.
- In March 2026, the Trump administration issued a 30-day waiver allowing India to purchase Russian crude already at sea, a move US senators criticized as relieving financial pressure on Russian exporters while doing nothing to end the war.
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