- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-08-03T16:02:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) on Tuesday designated one of the world’s largest steel-producing companies as part of its latest round of sanctions against Russia in response to the country’s invasion of Ukraine.
Magnitogorsk Iron and Steel Works (MMK) and its majority owner and board chairman, Viktor Filippovich Rashnikov, were designated pursuant to Executive Order 14024 for “operating or having operated in the financial services sector of the Russian Federation economy.” MMK ranked among the top 50 steel-producing companies globally in 2021 and is regarded as one of Russia’s largest taxpayers, according to OFAC.
Also designated were MMK subsidiaries MMK-FINANS and MMK Metalurji, the latter of which is located in Turkey.
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The Securities and Exchange Commission recently posed a series of probing questions to Citigroup seeking to understand the impact of Russia’s invasion of Ukraine on the bank’s exposure in Russia.
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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