US Escalates Sanctions on Russia

On April 6, 2022, the US imposed full blocking sanctions on Sberbank, Russia’s largest state-owned bank, by designating Sberbank and 42 of its subsidiaries as Specially Designated Nationals (SDNs).  According to the US Treasury Department, Sberbank holds approximately one-third of all bank assets in Russia.

Also on April 6, 2022, the US imposed full blocking sanctions on Alfa-Bank, Russia’s largest private bank.  Alfa -Bank, six of its subsidiaries, and five 5 vessels owned by an Alfa-Bank subsidiary have also been designated as SDNs. 

Both Sberbank and Alfa-Bank have been subject to more limited US sanctions since February 24, 2022.

Further, on April 6, 2022 the US imposed blocking sanctions and designated as SDNs two daughters of Vladimir Putin, the wife of Sergey Lavrov, and a number of Russian Security Council members.

Finally, President Biden has issued a new executive order which bans US persons from making new investments in Russia and providing services to Russia in categories to be determined by the Secretary of the Treasury.