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Financial Services Law Insights and Observations

Treasury roundtable examines effectiveness of Russian sanctions and export controls

Financial Crimes Of Interest to Non-US Persons OFAC OFAC Designations OFAC Sanctions Russia Ukraine Ukraine Invasion

Financial Crimes

On February 10, Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable to hear from sanctions and U.S. foreign policy experts on the effectiveness of the unprecedented sanctions and export controls imposed on Russia by a coalition of more than 30 countries. Over the past year, the countries have imposed economic restrictions on Russia with the intention of disrupting Russia’s military supply chains and denying the Russian government funding for its war against Ukraine. Adeyemo discussed progress made on these fronts, and said the strain on Russia’s military can be seen through the government’s attempts to backfill equipment and supplies through third parties in permissive jurisdictions or sanctioned countries. Adeyemo said that in the upcoming weeks and months, Treasury intends to increase “its focus on countering sanctions evasion, including by targeting facilitators and third-country providers that may wittingly or unwittingly help Russia replenish the supplies and material it desperately needs to support its military.”