U.S. acts to curtail Russia's use of international financial system

The Treasury Department yesterday reported that OFAC has taken another major step in implementing commitments made by G7 leaders to curtail Russia’s use of the international financial system to further its war against Ukraine. OFAC’s action includes the designation of Gazprombank, more than 50 internationally connected Russian banks, more than 40 Russian securities registrars, and 15 Russian finance officials. OFAC is also issuing an alert describing sanctions risks related to Russia’s System for Transfer of Financial Messages (SPFS), which the Kremlin created and uses to evade sanctions.

For the names and identification information of all the designated parties, links to new and revised Russia-related General Licenses, FAQs and the Alert, see yesterday's BankersOnline OFAC Update.