New OFAC sanctions expand clamps on Russia tech supply chain
By 
Jeff Dale2023-09-14T19:17:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced Thursday against entities in Finland and Turkey.
The Treasury said in a press release its latest actions, totaling nearly 100 new designations, continue a sustained effort to target individuals and entities that “enable—or attempt to enable—Russia’s ability to procure high-tech and dual-use goods.”
In Finland, OFAC designated logistics firms Siberica and Luminor for shipping foreign electronics to Russia-based end users, including unmanned aerial vehicle (UAV) cameras, high-performance optical filters, and lithium batteries.
Related articles
-
News BriefNew OFAC sanctions target international Russia supporters
More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.
-
News BriefDOJ appoints leaders for corporate enforcement program
The Department of Justice announced new positions in its National Security Division to support the agency’s crackdown on sanctions evasion, export control violations, and other forms of economic crime.
-
News BriefFinCEN analysis: Trends in Russia export control evasion attempts
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
More from Sanctions
-
News BriefOFAC fines Harman Industries $1.4M for violating U.S. sanctions on Iran
A Connecticut-based audio electronics company will pay a $1.4 million fine for violating U.S. sanctions, after middle managers at a foreign distributor knowingly diverted the company’s products to Iran.
-
News BriefOFAC fines logistics company Key Holding $609k for violating U.S. sanctions on Cuba
A Delaware logistics company paid a $608,825 fine for violating U.S. sanctions on Cuba, a breach that the company self-disclosed to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
-
News BriefVenture capital firm self-reports sanctions violations of M&A target to DOJ, receives declination
After self-reporting that a recently purchased subsidiary broke U.S. sanctions and export control laws, a Texas-based venture capital fund will receive no penalty from the U.S. Department of Justice.