When were sanctions imposed on Russia? Biden decided against removing Russia from the Swift banking system. But other sanctions roll out by the day.
Who is researching these sanctions?
The Office of Terrorism and Financial Intelligence (TFI) – OFAC, FinCEN, TFFC and OIA. These policy advisors, intelligence officers, financial crime investigators and sanctions experts are the very best in the world.
These dedicated career subject matter experts have been working around the clock. Sleepless nights away from their family. To provide the White House and the world the menu of economic sanctions necessary to respond to this moment.
Over the last week, we have seen the Treasury roll out three “tranches”. Each intended to have maximum impact and to build on prior tranches. This is what we have seen so far:
On Tuesday, prior to the invasion, the White House announced a first wave of sanctions against two major Russian banks. In addition, the country’s sovereign debt. As a result, it can no longer raise money from the West or trade debt on U.S. or European markets.
Yesterday, the Treasury unleashed sanctions on Russia’s largest bank Sberbank. Prohibiting U.S. banks from providing correspondent banking services. And required the blocking of assets controlled by Russia’s ten largest financial institutions.
Separately, OFAC imposed new debt and equity restrictions on 14 entities. Companies and organizations involved in Russia’s energy, mining, telecommunications, transportation, and financial sectors. Furthermore, issued sanctions targeting members of the Russian elite and their families.
And, this evening another tranche is coming. This time involving sanctions (and likely a State Department issued travel plan) against Russian President Vladamir Putin. Today, the European Union, United Kingdom and Canada also announced that they would introduce sanctions. Targeting Putin and Russian Foreign Minister Sergey Lavrov including the freezing of assets.
Moreover, in a world of digital wars. With economic sanctions the weapon of choice, teams from Treasury – enforcement, licensing, policy advisors – are the tip of the spear. These heroes and the compliance professionals that protect the global financial system are critical to the fight for democracy.
As we, together, build a safer financial system for billions of people. There are going to be threats from malign actors. We are fortunate to have true professionals leading the way.
