The US Treasury Department has issued a warning to foreign banks and regulators, advising them to exercise caution when engaging in transactions with subsidiaries of Russian banks operating abroad.
According to a report by RBK, citing the US Treasury‘s Office of Foreign Assets Control, this includes efforts by Russian entities to secure licenses in other countries.
The warning primarily targets Russian organizations that have not yet been directly affected by sanctions but are seeking to expand into international markets. The US Treasury emphasized that it has “a number of tools” at its disposal to address attempts to circumvent sanctions.
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The document highlights Russia‘s strategy of opening new foreign branches and subsidiaries of its financial institutions as a means to bypass sanctions.
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Russia, meanwhile, has consistently denounced Western sanctions as illegal, arguing that such measures often backfire on those who impose them.
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Recently, the US Treasury expanded its sanctions against Russia, adding nearly 400 individuals, entities, and organizations to its Specially Designated Nationals (SDN) list.
