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US Treasury designates Russian oligarchs, officials, and entities for 'malignant activity'

10/04/2018 News Team

The US Treasury’s Office of Foreign Assets Control (OFAC), in consultation with the US Department of State, has designated seven Russian oligarchs and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a Russian bank, for engaging in 'malignant activity'.

“The Russian government operates for the disproportionate benefit of oligarchs and government elites,” said US Treasury Secretary, Steven T. Mnuchin.

“The Russian government engages in a range of malign activity around the globe, including continuing to occupy Crimea and instigate violence in eastern Ukraine, supplying the Assad regime with material and weaponry as they bomb their own civilians, attempting to subvert Western democracies, and malicious cyber activities.  Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government’s destabilising activities.”

All assets subject to US jurisdiction of the designated individuals and entities, and of any other entities blocked by operation of law as a result of their ownership by a sanctioned party, are frozen, and US persons are generally prohibited from dealings with them. Additionally, non-US persons could face sanctions for knowingly facilitating significant transactions for or on behalf of the individuals or entities blocked.

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