Reports from international financial institutions and defense analysts

U.S. Targets Russian Banks, Drone Manufacturers with New Sanctions

Aug 25, 2024, 01:30 PM

The United States is preparing to impose a new set of sanctions targeting Russian banks and countries that host their branches. This move is part of a broader strategy to close loopholes and disrupt Russia's ability to finance military operations. The U.S. Treasury Department has identified that Russian financial institutions are evading existing sanctions by opening subsidiaries in third countries. Additionally, the U.S. Treasury has sanctioned Russian companies and military R&D efforts, including the "Vostok" Design Bureau, which started making the Scalpel (Lancet-lite) loitering drone, and "UralDronZavod," founded by developers of the Upyr (Ghoul) FPV drone. The sanctions aim to prevent Moscow from using these resources to bolster its military capabilities. There is also a call for broader controls on U.S. technology exports that may be fueling Russia's military advancements.