US embargoes more of Russia

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 or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. News round up 29 January 2018

    January 29, 2018

  2. News round up 5 February 2018

    February 05, 2018

  3. News round up 12 February 2018

    February 12, 2018

  4. Temasek bullish on India’s new investment opportunities

    January 26, 2018

  5. Canadian venture investment booms ahead of new fund-of-funds deadline

    February 02, 2018