US embargoes more of Russia
Posted on 18 August, 2015 by Mark Chatterley, reporter
The US Office of Foreign Assets Control clarifies that subsidiaries of Russian government-owned VEB and Rosneft are not allowed to trade in the US by including them on the Specially Designated Nationals List.
The US has added the Russian Direct Investment Fund, along with a number of other Russian government-owned organisations and private individuals, to the Specially Designated Nationals List.
The Specially Designated Nations List is a sectoral sanctions list that bans organisations or private individuals listed on it from long-term financing and share placement in the US.
The Russian Direct Investment Fund, which was created by the Russian government in June 2011, was joined by other Russian government-owned organisations such as bank Globexbank, leasing company VEB Leasing and investment firm VEB Capital in being added to the list.
In general, the sanctions have been applied to VEB and Rosneft entities. Rosneft is an oil company that is majority owned by the Russian government.
Technically the sanctions already applied to all of these organisations as both VEB and Rosneft were already on the sanction list. However, their subsidiaries were not.
Companies and individuals placed on the list are able to petition the US Office of Foreign Assets Control for removal.
See more from this Government Report: Russia
Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.
Latest magazinePast Issues
Get full online access, the monthly magazine, weekly news alerts, special reports and more.See all subscription options
May 04, 2017
May 03, 2017
May 02, 2017
May 02, 2017
May 08, 2017