Reed Smith Client Alerts

On Friday, April 6, the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) announced the designation of 7 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.1 These new sanctions, which were issued under the Countering America’s Adversaries Through Sanctions Act (CAATSA), target senior Russian government officials and others who purportedly benefit from Russian President Vladimir Putin’s regime and have a key role in advancing Russia’s “malign” activities.
Russian flags

New designations

These new designations follow the Department of Treasury’s issuance of the CAATSA section 241 report (January 2018) and come just 11 days after the Trump Administration expelled 60 Russian diplomats for the nerve-agent poisoning of a former Russian spy in the UK. Treasury Secretary Steven Mnuchin directly linked the sanctions to Russia’s actions in Crimea and eastern Ukraine, support for the Syrian government in its civil war, and cyber actions against the United States and other democracies.