Financial news

US sanctions microelectronics suppliers in effort to disrupt Russia’s defense supply chain – JURIST

The United States Treasury Office of Foreign Assets Control (OFAC) Monday sanctioned 28 entities and 14 individuals that provide technology to the Russian military. The sanctions, part of a worldwide effort to disrupt Russia’s war in Ukraine, prohibit any transactions with the people or property subject to the sanctions within the United States. Under the sanctions, “all property and interests in property of the [sanctioned] individuals . . . are blocked and must be reported to OFAC.”US officials met with agencies from over 33 countries in October to discuss ways to disrupt Russia’s military supply chains. During the conference, officials created a report showing that Russia’s military defense is dependent on microelectronics. As a result, OFAC sanctioned Milandr, a microelectronics company working for the Russian defense. OFAC also designated three other companies that operated as fronts for Milandr and their executives.OFAC also sanctioned close associates of Suleiman Kerimov. The US previously sanctioned Kerimov in September 2022 for being a leader in the Government of the Russian Federation. Now, OFAC targeted Kerimov’s wife and children, four France-based real estate companies owned by Kerimov’s daughter, Kermiov’s financial manager and eight entities associated with him and Kerimov’s personal luxury aviation company.