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

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