News & Noteworthy

OFAC Tries the Carrot and the Stick Approach with Russian Aluminum Giant

Posted by Chalinee Tinaves on Apr 23, 2018 2:47:09 PM

In case you missed the flurry of Russian sanctions news over the past few weeks, you may have missed an addition to the sanctions that could impact your business, especially if you’re in the aluminum market. On April 6, 2018, the Treasury Department’s Office of Foreign Assets Control (OFAC) added a number of prominent Russian individuals and entities, including Russian government officials, to its Specially Designated Nationals and Blocked Persons List (SDN List). Among those was the designation of Russian oligarch, Oleg Deripaska. If the name doesn’t sound familiar to you, the aluminum magnate is tied up in allegations regarding interactions with former Trump campaign chairman, Paul Manafort, related to the 2016 presidential election.

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Topics: Sanctions, OFAC, Russia