US Targets Over 100 Entities in 16 Countries in Latest Move Against Russian Sanction Evasion Networks

On Friday, August 23, 2024, the US Department of the Treasury announced a new round of sanctions targeting over 100 individuals and entities across 16 countries, allegedly involved in helping Russia evade Western sanctions.

According to the Treasury Department’s press release, the new sanctions encompass more than a dozen transnational networks. These networks were reportedly engaged in procuring weapons and equipment for Russia, supporting its military-industrial base, and facilitating the evasion of sanctions.

One identified network was found to be assisting Russia in acquiring ammunition from Turkey, coordinated by Italian national Giulio Sfoglietti. Other companies operating in Turkey, France, and Hong Kong were involved in importing components for the sanctioned Russian entity “Promtech.”

In Switzerland and Liechtenstein, the Treasury discovered networks that enabled Russian oligarchs to conceal their investments in foreign enterprises through trust funds and acquire semiconductors for Russia.

Also included in the sanctions is the Italian machinery manufacturer Fagima, which collaborated with Russian procurement agent Dmitry Alikhanov, who is already on the US sanctions list.

The sanctions list also features companies from the United Arab Emirates that facilitated the trade of Russian gold, as well as several Chinese firms involved in importing sanctioned goods into Russia.

Additionally, the US uncovered a network of companies created by Russia to support its hackers, who were sanctioned by the US back in 2018.

This new sanctions package covers 16 jurisdictions and more than 100 individuals and entities. Overall, the US sanctions list now includes over 400 individuals and entities. The last major sanctions package against Russia was announced by the Treasury in June, which targeted over 90 foreign individuals and companies, primarily from China and Turkey, for aiding Russia in circumventing sanctions.