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Treasury Adds Four Russian Elites, Business Association to Sanctioned Entities

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The Department of the Treasury has imposed sanctions on four members of the Russian elite and a Moscow-based business organization in relation to the ongoing war in Ukraine. The move will lead to the freezing of the sanctioned parties’ assets within the U.S., along with prohibiting all transactions involving their assets by U.S. individuals unless authorized by the Treasury’s Office of Foreign Assets Control.

Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan and Alexey Viktorovich Kuzmichev were designated under Executive Order 14204 for operating or having operated in Russia’s financial technology sector. All four individuals are on the supervisory board of Alfa Group, a financial and investment conglomerate based in the Russian capital.

Aven, Fridman, Khan and Kuzmichev already appear on other sanctions lists, including in the European Union, Australia and the United Kingdom.

The Treasury also sanctioned the Russian Union of Industrialists and Entrepreneurs, or RSPP, a business group identified as connected to Vladimir Putin’s response to international sanctions imposed on his regime. RSPP promotes technology independence and development and coordinates import substitutions.

In a statement, Wally Adeyemo, deputy secretary of the Treasury, vowed to hold accountable those that enabled the “unjustified and unprovoked invasion of Ukraine.”

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