The U.S. Sanctions Spree: A Masterclass in Global Bullying
The recent actions by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on June 12, 2024, reflect a desperate attempt by a once-dominant global power to maintain its waning influence. U.S. is in a manic panic, flailing about with new sanctions in a futile attempt to regain control and influence. It’s a classic case of a lost hegemon trying to assert dominance through increasingly desperate measures.
📌Russia-related Designations: The U.S. has added more names to its ever-growing list of sanctioned Russian entities and individuals. Because, you know, if the first 4,000 sanctions didn’t work, surely the next 300 will do the trick.
📌Targeting Chinese Firms: The U.S. is now going after Chinese companies that dare to do business with Russia. It’s almost as if the U.S. believes that bullying other countries into compliance will somehow restore its lost hegemony.
📌Secondary Sanctions: Foreign financial institutions are now at risk of sanctions if they deal with any of the newly sanctioned Russian entities. Because nothing says «global leadership» like threatening the entire world’s banking system.
📌Expanding Definitions: The Treasury has broadened the definition of Russia’s «military-industrial base» to include just about anyone and anything remotely connected to Russia. It’s a classic move: when in doubt, just make the net wider.
📌Restricting IT Services: The U.S. is restricting the supply of IT services and software to Russia. Because clearly, cutting off access to Microsoft Office will bring the Russian war machine to its knees.
📌Global Networks: The sanctions also target transnational networks in countries like China, Turkey, and the UAE. It’s almost as if the U.S. is trying to pick a fight with half the world at once.
📌G7 Summit: These actions come just in time for the G7 summit, where world leaders will undoubtedly pat themselves on the back for their «tough stance» on Russia. Meanwhile, Russia continues to adapt and find new ways to circumvent these measures.
Affected Industries:
📌Financial Services: Multiple documents highlight sanctions and exemptions related to financial transactions and services.
📌Cyber Operations: Entities involved in cyber activities are specifically targeted.
📌Humanitarian Aid: Exemptions are provided for transactions related to humanitarian aid.
📌Energy Sector: Sanctions target entities in the energy industry.
📌Defense Sector: Entities in the defense industry are affected by the sanctions.
📌Maritime Industry: Vessels added to the SDN List indicate that the maritime industry is also affected. This includes shipping companies and operators of vessels that are involved in activities supporting sanctioned entities or individuals
Full list
These documents collectively provide a comprehensive overview of the recent actions taken by OFAC in relation to Russia, including designations, general licenses, determinations, and guidance on compliance.
Document 932921
- Russia-related Designations: This document lists individuals and entities designated under the Russia-related sanctions program.
- Sanctions Criteria: It outlines the criteria for these designations, including involvement in destabilizing activities, cyber operations, and support for the Russian government.
Document 932926
- General Licenses: This document details new general licenses issued by OFAC. These licenses provide exemptions for certain transactions and activities that would otherwise be prohibited under the sanctions.
- Specific Transactions: It specifies the types of transactions allowed under these licenses, such as humanitarian aid and certain financial services.
Document 932931
- Determination on Russian Financial Sector: This document contains a determination related to the Russian financial sector, outlining specific actions and criteria subject to sanctions.
- Implementation Guidance: It provides guidance on how these determinations will be implemented and enforced.
Document 932936
- Updated FAQs: This document includes updated Frequently Asked Questions (FAQs) to provide additional guidance on the implementation of Russia-related sanctions.
- Compliance Requirements: It addresses common queries and clarifies compliance requirements for individuals and businesses affected by the sanctions.
Document 932941
- Additional Designations: This document lists additional individuals and entities designated under the Russia-related sanctions program.
- Rationale for Designations: It explains the rationale behind these designations, focusing on their roles in activities.
Document 932946
- Sectoral Sanctions: This document outlines sectoral sanctions targeting specific sectors of the Russian economy, such as energy, finance, and defense.
- Prohibited Activities: It details the specific activities and transactions that are prohibited under these sectoral sanctions.