- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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.
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.
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
