The Office of Foreign Assets Control on April 20 sanctioned more than 40 people and entities -- including Russian commercial bank Transkapitalbank -- for operating a sanctions evasion network. The agency also issued two new general licenses authorizing certain transactions with the bank and sanctioned a range of companies for operating in Russia’s virtual currency mining industry.
OFAC sanction activity
The Office of Foreign Assets Control issued Russia-related General License 27, which allows certain transactions by nongovernmental organizations involving Russia. The license authorizes activities in support of humanitarian projects, democracy building initiatives, education, non-commercial development projects and environmental and natural resource protection in both Russia and Ukraine.
The Office of Foreign Assets Control updated the sanctions entry for Lazarus Group, a North Korean cybercrime group designated in 2019 (see 1909130039). The agency didn’t release additional information.
The Office of Foreign Assets Control on April 11 sanctioned seven people and four entities for their involvement with the Kinahan Organized Crime Group, which operates in Ireland and "is established" in the U.K., Spain and the United Arab Emirates, OFAC said. "The Kinahan Organized Crime Group smuggles deadly narcotics, including cocaine, to Europe, and is a threat to the entire licit economy through its role in international money laundering," Undersecretary for Terrorism and Financial Intelligence Brian Nelson said. The action was the "result of close collaboration" between U.S. officials, Ireland’s national police force, the U.K.'s National Crime Agency and the EU Agency for Law Enforcement Cooperation.
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The Office of Foreign Assets Control on April 11 designated seven people and one entity across four countries for their involvement in corruption and organized crime that threatens the stability of the Western Balkans. The targets are former business executives and government officials in Albania, North Macedonia, Bosnia and Herzegovina, and Montenegro. "The people designated today constitute a serious threat to regional stability, institutional trust, and the aspirations of those seeking democratic and judicious governance in the Western Balkans,” Undersecretary for Terrorism and Financial Intelligence Brian Nelson said.
The Office of Foreign Assets Control issued additional sanctions on major Russian state-owned enterprises and five additional general licenses related to Russia. OFAC expanded sanctions against Alrosa, the world's largest diamond mining company, along with United Shipbuilding Corporation, which is responsible for the construction of almost all of Russia’s warships, OFAC said April 7. Alrosa was previously designated in February (see 2202240069).
The Office of Foreign Assets Control on April 5 sanctioned Hydra Market, a Russia-based darknet market used to buy and sell illegal goods, and identified more than 100 virtual currency addresses associated with Hydra’s operations. The agency also sanctioned Garantex, a virtual currency exchange with operations in Moscow. OFAC said that more than $100 million worth of transactions associated with Garantex “are associated with illicit actors and darknet markets.”
The U.S. on April 6 issued a series of new financial restrictions on Russian banks, including full blocking sanctions on Sberbank and Alfa Bank, two of the country's largest financial institutions. The wide-ranging designations also include full-blocking sanctions against a group of Russian state-owned entities "critical" to funding the war in Ukraine, the White House said. Sanctions were also levied against additional Russian government officials, oligarchs and their family members, including the adult children of Russian President Vladimir Putin and members of the Russian security council. President Biden also issued an executive order blocking new investment in Russia by Americans or American companies.
The Office of Foreign Assets Control sanctioned five entities that provide support to North Korea's weapons of mass destruction and ballistic missile programs following a series of ballistic missile launches over the past several months. OFAC said the actions target a North Korean WMD research and development organization along with four of its revenue-generating subsidiaries.