Economic reports and sector analyses from international financial institutions

US Targets Over 250 Entities in Russia's Defense Industry, Including Evasion Schemes and Keremet Bank

Jan 15, 2025, 05:12 PM

The United States has imposed sanctions on over 250 individuals and entities linked to Russia's defense industry and its military industrial base, as part of efforts to constrain Russia's war efforts in Ukraine and disrupt attempts to circumvent existing sanctions. These sanctions target a wide range of companies, including those in Russia's defense sector, and extend to entities in China, Kyrgyzstan, the United Kingdom, the United Arab Emirates, and Turkey. The measures also include re-designating about 100 entities for sanctions and imposing sanctions on 15 new entities. The U.S. Treasury Department has specifically targeted evasion schemes involving regional clearing platforms in Russia and China, which facilitate cross-border payments for sensitive goods. Additionally, Keremet Bank in Kyrgyzstan has been sanctioned for its role in coordinating with Russian officials and a sanctioned Russian bank to evade sanctions.