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US Treasury introduces more sanctions against Russia targeting energy sector

by The Kyiv Independent news desk April 12, 2023 8:49 PM 2 min read
Janet Yellen, U.S. Treasury secretary, speaks at a Multilateral Development Bank roundtable during the spring meetings of the International Monetary Fund (IMF) and World Bank Group in Washington, DC, on April 12, 2023. (Photo by Samuel Corum/Bloomberg via Getty Images)
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The U.S. Treasury announced additional sanctions on April 12 to limit "Russia’s access to the international financial system through facilitators and their businesses."

According to the announcement, the sanctions target entities associated with Russia's defense sector and Russia’s State Atomic Energy Corporation, or Rosatom.

Among the list of individuals targeted in U.S. sanctions is Alisher Usmanov, one of Russia's wealthiest oligarchs who has investments in metals and mining, telecommunications, and information technology sectors.

Several companies, including King-Pai Technology HK Co., Limited, which is located in China, were listed for their involvement in Russian procurement and aiding in sanctions evasion.

According to the U.S. Treasury, King-Pai Technology HK Co., Limited supplies multiple entities in Russia's military-industrial complex. Several companies based in Turkey and the United Arab Emirates were also targeted.

According to the U.S. Treasury, some of the key industries used for circumventing sanctions typically include law, financial services (including wealth management), and trust and company service providers (TCSPs).

The announcement also mentions International Investment Bank (IIB), a Russia-owned bank located in Hungary that "enables Russia to increase its intelligence presence in Europe, opens the door for the Kremlin’s malign influence activities in Central Europe and the Western Balkans, and could serve as a mechanism for corruption and illicit finance, including sanctions violations."

Bulgaria, Czechia, Romania, and Slovakia ceased all cooperation with IIB following the start of the full-scale Russian invasion of Ukraine, the U.S. Treasury wrote.

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