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U.S. imposes more sanctions on Russia's financial sector

The Department of the Treasury has designated 18 Russian entities for economically contributing to the war in Ukraine. File Photo by Sergie Ilnitsky/EPA-EFE
1 of 4 | The Department of the Treasury has designated 18 Russian entities for economically contributing to the war in Ukraine. File Photo by Sergie Ilnitsky/EPA-EFE

Dec. 15 (UPI) -- The United States Department of the Treasury's Office of Foreign Assets Control added 18 Russian entities to its Specially Designated Nationals and Blocked Persons List.

"These designations, taken along with the Department of State, which is concurrently designating a prominent oligarch in Russia, his network, and more than 40 additional persons linked to the Government of the Russian Federal, are part of the U.S. government's efforts to further limit the Government of Russia's ability to fund its unconscionable war of choice against Ukraine," the Department of the Treasury said Thursday in a news release.

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Following Canada and Britain's lead, the Department of the Treasury designated Rosbank, and its owner Vladimir Potanin, for operating in the financial services sector of the Russian economy. Rosbank is considered an important line of credit for the Kremlin.

The Department of the Treasury also designated 17 subsidiaries of VTB Bank, Russia's second-largest bank. VTB Bank was designated in February but the identifying of its subsidiaries is an important step to isolate the institution.

"Today's action identifying additional subsidiaries of VTB Bank helps strengthen compliance with existing sanctions," the department said.

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The sanctions mean that any United Staes person with a financial interest in the designated entities must report the Office of Foreign Assets Control.

"Today's designations by the United States, together with actions taken by our international partners, will further inhibit the Putin regime's ability to fund its horrific war against Ukraine," said Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson.

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