Treasury, Commerce Target Russia’s Tech Sector, Defense Industrial Base

Tikhonova Yana | Shutterstock

On March 31, 2022, the Treasury Department’s Office of Foreign Assets Control imposed sanctions on 21 entities and 13 individuals “as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine.” OFAC also announced it is expanding the sectors targeted by Executive Order 14024, which authorizes blocking sanctions on harmful foreign activities of the Russian government, to include the aerospace, marine, and electronics sectors of Russia’s economy. The Department of Commerce has added 120 entities to the Entity List, including 95 Russian/Belarusian military end users. These moves build on recent sanctions on Russian defense companies.