- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-12T20:23:00
A new round of sanctions announced by the Treasury Department continues the agency’s efforts to crack down on entities and individuals supporting Russia from outside the country.
Countries including China, Turkey, the United Arab Emirates, Pakistan, Switzerland, Singapore, the Kyrgyz Republic, the Maldives, and Tajikistan were represented among the more than 150 new designations implemented by the Office of Foreign Assets Control (OFAC) on Tuesday. The entities and individuals sanctioned were found to be supporting Russia’s military procurement networks, along with the country’s efforts to acquire machine tools, equipment, and key inputs.
“Our sanctions today continue to tighten the vise on willing third-country suppliers and networks providing Russia the inputs it desperately needs to ramp up and sustain its military industrial base,” said Treasury Secretary Janet Yellen in a press release.
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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.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
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?
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
