Increased risk of Secondary U.S. sanctions published
On June 12, 2024 the U.S. Department of the Treasury issued a press release, which comes down to an increased risk of Secondary U.S. Sanctions against anyone who conducts business with any person blocked pursuant to Executive Order (E.O.) 14024. This means that foreign financial institutions risk being sanctioned for conducting or facilitating significant transactions, or providing any service, involving any person blocked pursuant to E.O. 14024, including designated Russian banks such as VTB Bank Public Joint Stock Company (VTB) and Public Joint Stock Company Sberbank of Russia (Sberbank).