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Treasury Sanctions Target Sberbank CEO, Gold Transactions: Sanctions Update

The Treasury Department’s Office of Foreign Assets Control announced new sanctions which specifically target the CEO of Sberbank, as well as Russian defense companies and 328 members of the Russian State Duma.

In a statement Thursday, OFAC specifically designated Herman Oskarovich Gref, chief executive officer Sberbank, noting:

“Gref has been an advisor to Putin since the 1990s, during which time he occupied various and increasingly senior roles, including at the St. Petersburg Mayor’s office. Additionally, Gref served as Russia’s Minister of Economic Development and Trade from 2000 to 2007, a position to which he was appointed by Putin before becoming CEO of Sberbank. Gref is being designated today for being or having been a leader, official, senior executive officer, or member of the board of directors of the Government of the Russian Federation.”

The U.S. Treasury also issued a notice that gold transactions with Russia are prohibited.

“U.S. persons are prohibited from engaging in any transaction -- including gold-related transactions -- involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation,” the Treasury announced in a statement.

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