And now the back-story about Sberbank . On February 24, 2022, OFAC updated its Russian-related designations and included Sberbank to its non-SDN menu-based sanctions list due to OFAC's assertion that Sberbank is "furthering specified harmful foreign activities of the Russian Federation." Specially Designated Nationals List Update The following individuals have been added to OFAC's SDN List: CHERNYKH, Tatiana V (a.k.a. Sberbank, Russia's largest bank, previously was subject to more targeted sanctions pursuant to Directive 2 under Executive Order 14024, and Alfa-Bank, Russia's fourth largest bank, previously was subject to sanctions pursuant to Directive 3 under the same executive order. This GL authorizes transactions ordinarily incident and necessary to the wind down of transactions involving JSC . On April 6, pursuant to EO 14024, OFAC announced extensive new sanctions against Sberbank and 42 of its subsidiaries, and Alfa-Bank along with six of its subsidiaries, all of which were added to . CHERNYKH, Tatiana); DOB 25 Sep 1972; nationality Russia; Passport 712491743 (Russia) expires 17 Nov 2020; Foreign Relations Manager at Izhevsky Mekhanichesky Zavod JSC (individual) [UKRAINE-EO13661] (Linked To: IZHEVSKY MEKHANICHESKY ZAVOD JSC). The new sanctions, issued pursuant to Executive Order (EO) 14024, target dozens of Russian defense companies, 328 members of the Russian State Duma, and the CEO of Sberbank, Russia's largest financial institution. Sberbank and 42 of its subsidiaries, as well as Alfa-Bank and 6 of its subsidiaries, are now SDNs subject to full blocking sanctions. OFAC has imposed correspondent and payable-through account ("CAPTA") sanctions on Sberbank through new Russia-related Directive 2 to Executive Order 14024. 5. Treasury said that the new sanctions will cut off 48 defense companies from western technological and financial resources and "will have a deep and long-lasting effect on Russia's defense-industrial base and its supply chain.". The Ukrainian subsidiaries of the Russian banks Sberbank and VEB - under sanction, unable to take on new business and legally barred from transferring assets out of Ukraine -- appear to be winding . Sberbank CAPTA Sanctions. Correspondent account and payable through account sanctions on Sberbank. On March 24, 2022, OFAC announced the addition . Sberbank and other affiliated entities determined to be subject to the Russia-related CAPTA Directive have been added to OFAC's List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List), a reference tool that provides actual notice of OFAC actions with respect to foreign . The new export control restrictions imposed by the Commerce Department's Bureau of Industry and Security (BIS) are discussed here. U.S. has substantially expanded its sanctions list, include subsidiaries of Sberbank of Russia, VTB and Rostec The sanctions include a ban on all new investment in Russia as well as designations of Russia's largest financial institutions (i.e., Sberbank and Alfa Bank), critical state-owned enterprises . Feb 25 (Interfax) - Sberbank is closely reviewing new conditions of its operations in the wake of the sanctions announced by the United States with regard to its correspondent accounts; the restrictions do not affect the safety and accessibility of its clients' assets, Sberbank said in a statement. On April 6, . The US and the UK placed harsh sanctions on Sberbank. On February 24, 2022, OFAC imposed correspondent and payable-through account (CAPTA) sanctions on Sberbank. The statement releasing these new sanctions was published on the website of OFAC (the division of the US Treasury responsible for law . As of April 6, OFAC has expanded President Biden's February sanctions by designating Sberbank pursuant to E.O. Sberbank is careful to follow imposed sanctions and does not seek to evade them, as OFAC regulations clearly state the cost of "sanctions evasion". The US and the UK placed harsh sanctions on Sberbank. OFAC has imposed correspondent and payable-through account ("CAPTA") sanctions on Sberbank through new Russia-related Directive 2 to Executive Order 14024. This was done under OFAC Directive 2 issued pursuant to EO 14024. Taking to Twitter, the White House announced that in addition to the sanctions on Russian banks, President . 14024, meaning that Sberbank and 42 of its subsidiaries are now subject to full blocking sanctions; all assets from Sberbank and the designated Sberbank subsidiaries touching a U.S. financial institution will be frozen and U.S . Placing them on the SDN List has significant repercussions for the remainder of transactions in Russia that would otherwise be legal. New Sanctions Designations. Over the past few weeks, the Treasury Department's Office of Foreign Assets Control ("OFAC") has added numerous entities, individuals, and vessels to the List of Specially Designated Nationals and Blocked Persons ("SDN List") pursuant to Executive Order 14024 ("E.O. Sberbank has been one of the worst-hit stocks because of the US sanctions launched against Russian oligarchs and their companies last week — despite not being targeted by Washington. OFAC fully sanctions Sberbank and Alfa Bank but grants exceptions, including for energy transactions. The slump . The package also features Alfa-Bank, as well as the Russian state-owned diamond company Alrosa, as well as the Swiss registered Nord Stream 2 and its CEO Matthias Warnig. In a breaking development, the United States will impose full blocking sanctions on Russia's largest financial institution - Sberbank, and Russia's largest private bank, Alfa-Bank, the White House informed in a statement on Wednesday. On February 24, 2022, the Department of Treasury's Office of Foreign Assets Control (OFAC) again expanded sanctions against Russia in response to its invasion of Ukraine by designating numerous Russian and Belarusian financial institutions to the Specially Designated Nationals and Blocked Persons (SDN) List, and Russian financial institutions to the Non-SDN Menu-Based Sanctions (MBS) List and . OFAC's actions complement the ongoing efforts of our allies and partners to hold accountable all those responsible for furthering this unconscionable war of choice against Ukraine and its people. Sberbank is Russia's largest bank, and Alfa Bank is Russia's largest private bank. OFFICE OF FOREIGN ASSETS CONTROL Sectoral Sanctions Identifications List April 6, 2022 The Sectoral Sanctions Identifications List (the "SSI List") This publication of Treasury's Office of Foreign Assets Control ("OFAC") is a reference tool providing actual notice of actions by OFAC with respect to persons that are identified pursuant to OFAC imposed sanctions on certain Russian financial services sector participants (Credit Bank of Moscow, Gazprombank, Alfa-Bank, Agricultural Bank, and Sberbank) and state-owned entities (Sovcomflot, Russian Railways, Alrosa, Gazprom, Gazprom Neft, Rostelecom, Rushydro, and Transneft). The Office of Foreign Assets Control (OFAC) could designate additional Russian financial institutions under the Directive in the future. Under this new EO 14024 Directive 2 authority, OFAC imposed sanctions on Sberbank, the largest bank in Russia that is majority owned by the Russian Government, along with 25 Sberbank subsidiaries. JOINT STOCK COMPANY SBERBANK; a.k.a. In its press release, OFAC noted that "Sberbank is uniquely important to the Russian economy, holding about a third of all bank assets in Russia.". Effective March 26, 2022, all U.S. financial institutions will be required to close any Sberbank correspondent or payable-through accounts and to . Under this new EO 14024 Directive 2 authority, OFAC imposed sanctions on Sberbank, the largest bank in Russia that is majority owned by the Russian Government, along with 25 Sberbank subsidiaries . In addition to these actions, OFAC recently issued the following Russia-related General Licenses (GLs): GL 26 - Authorizing the Wind Down of Transactions Involving Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG. Russia/Ukraine Crisis: OFAC Announces Hundreds Of New Sanctions Designations. Both Sberbank and Alfa Bank had previously been subject to less restrictive sanctions but will now face full blocking sanction that broadly prohibit all transactions with U.S. persons. Gref has been added to the SDN (Specially Designated Nationals List). OFAC also announced sanctions against Herman Gref, the head of Sberbank and a close Putin associate. OFAC also added Sberbank, Russia's largest bank, to the Sectoral Sanctions Identification List (SSIL). 14024 for operating or having operated in the financial services sector of the Russian Federation economy. On February 24, OFAC issued Directive 2 Under Executive Order 14024, targeting Russia's largest bank, Sberbank. CAPTA and Rejection Sanctions on Sberbank OFAC imposed correspondent account and payable-through account (CAPTA) sanctions and rejection sanctions on Sberbank, the largest Russian financial institution by assets. A sanctions licence is not required for exports of non-military goods covered by the Regulations from Northern Ireland to an EU Member State where the final . On February 24, the US imposed CAPTA (Correspondent Account or Payable Through Account) List sanctions related to correspondent banking/USD clearing transactions. OFAC's actions complement the ongoing efforts of our allies and partners to hold accountable all those responsible for furthering this unconscionable war of choice against Ukraine and its people. On February 24, OFAC imposed correspondent and payable-through account ("CAPTA") sanctions on Sberbank, Russia's largest financial institution, and 25 of its subsidiaries. Russian banks now subject to the prohibitions Sberbank is the largest financial institution in Russia and is majority-owned by the Russian government. To implement sanctions on Sberbank, Russia's largest financial institution, OFAC issued a new Directive 2 under EO 14024 imposing correspondent and payable-through account sanctions, and sanctions related to the processing of transactions by U.S. financial institutions. On February 24, 2022, the Department of Treasury's Office of Foreign Assets Control (OFAC) again expanded sanctions against Russia in response to its invasion of Ukraine by designating numerous Russian and Belarusian financial institutions to the Specially Designated Nationals and Blocked Persons (SDN) List, and Russian financial institutions to the Non-SDN Menu-Based Sanctions (MBS) List . Payments that Sberbank attempts to process in U.S. dollars for its clients — with examples ranging from to technology to transportation — will be disrupted and rejected once the payment hits a U.S. financial institution. Finally, OFAC is designating Herman Gref, the head of Sberbank and a close Putin associate. JSC SBERBANK OF RUSSIA; a.k.a. Today, OFAC imposed full blocking sanctions on Sberbank and Alfa-Bank by adding the banks to its List of Specially Designated Nationals (SDN List), effectively barring U.S. persons from conducting business, directly or indirectly, with the banks. Effective March 26, 2022, Sberbank and its 50% or more owned subsidiaries will no longer be able to process transactions using correspondent accounts . Here is a summary of the sanctions and the implications. Finally, OFAC is designating Herman Gref, the head of Sberbank and a close Putin associate. Beginning March 26, 2022, Directive 2 prohibits U.S. financial . ; Sberbank is one of Russia's largest banks and is subject to so-called "sectoral sanctions" imposed by the European Union ("EU . This is a significant departure given that both Sberbank and Alfa-Bank were subject to more limited sanctions in the past, including those under Executive Order 14024 of April 15, 2021. PUBLICHNE AKTSIONERNE TOVARYSTVO DOCHIRNII In addition to these actions, OFAC recently issued the following Russia-related General Licenses (GLs): GL 26 - Authorizing the Wind Down of Transactions Involving Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG. Sberbank (Сбербанк) is the largest bank in Russia. This GL authorizes transactions ordinarily incident and necessary to the wind down of transactions involving JSC . By Anthony Marcus, for Eurasia Business News - February 24, 2022, update on Ferbruary 26. These latest SDN List additions include Sberbank plus 42 of its subsidiaries and Alfa Bank and six of its . Sberbank, VTB bank, Gazprombank . Sberbank, Russia's largest bank, previously was subject to more targeted sanctions pursuant to Directive 2 under Executive Order 14024, and Alfa-Bank, Russia's fourth largest bank, previously was subject to sanctions pursuant to Directive 3 under the same executive order. OFAC imposed correspondent and payable-through account sanctions on Public Joint Stock Company Sberbank of Russia (Sberbank) and its 50% owned subsidiaries. On April 6, pursuant to EO 14024, OFAC announced extensive new sanctions against Sberbank and 42 of its subsidiaries, and Alfa-Bank along with six of its subsidiaries, all of which were added to . 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