- 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.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
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.
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
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.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
