OFAC has published a Russia sanctions alert warning foreign jurisdictions and financial institutions of Russian attempts to evade sanctions by using overseas branches and subsidiaries used to finance the Russia military.
The alert:
- notes that under EO 14024, OFAC may sanction foreign financial institutions that conduct or facilitate any significant transaction or provide a service involving Russia’s military industrial base; and
- says foreign regulators and financial institutions should be cautious about new overseas branches or subsidiaries of Russian financial institutions.
Details of US sanctions on Russia can be found on the Russia pages of this site.