This will immediately impair the ability of VEB and PSB to perform basic functions in the international financial system. individuals and entities are prohibited from doing business with these institutions unless authorized by OFAC. jurisdiction will be immediately frozen and U.S. These sanctions ensure VEB and PSB can no longer do business in the United States and are cut off from the U.S. VEB is crucial to Russia’s ability to raise funds, and PSB is critical to Russia's defense sector. Today Treasury is targeting Russia’s ability to finance aggression against its neighbors by sanctioning the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), along with 42 of their subsidiaries. Department of the Treasury’s Office of Foreign Assets Control (OFAC) builds on yesterday’s Executive Order imposing severe restrictions on economic activity with the DNR and LNR regions of Ukraine. WASHINGTON – Today, the United States is taking action to respond to President Vladimir Putin’s decision to recognize the so-called Donetsk and Luhansk People’s Republics (DNR and LNR) as “independent” states and to deploy troops to these regions by sanctioning two major Russian state-owned financial institutions, imposing additional restrictions on Russian sovereign debt, and sanctioning five Kremlin-connected elites.
New Sector Determination Enables Treasury to Target Russia’s Entire Financial System The United States Remains Fully Prepared to Impose Further, Expansive Economic Costs
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