OFAC imposes new sanctions to mark anniversary of Russia’s Ukraine invasion

Russia sanctions

The Treasury Department’s Office of Foreign Assets Control (OFAC) marked the one-year anniversary of Russia’s invasion of Ukraine by unveiling a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.

OFAC on Friday announced new sanctions against 22 individuals and 83 entities, taken in coordination with its allies and G7 partners.

“Sanctioned actors have been known to turn to smaller banks as well as wealth management firms in an attempt to evade sanctions as Russia seeks new ways to access the international financial system,” the agency stated in a press release.

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