WASHINGTON, February 23. /TASS/. The US’ sanctions against Promsvyazbank (PSB) also include 17 its subsidiaries, among them financial and technological enterprises, the US Department of the Treasury said in a press release on Tuesday.
"PSB was designated for operating or having operated in the defense and related materiel and financial services sectors of the Russian Federation economy. In addition to PSB itself, 17 of its subsidiaries were designated today <…> for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, PSB. The 17 blocked subsidiaries, all of which are located in Russia, include a variety of companies including financial, technology, and real estate-related entities," according to the press release.
Moreover, sanctions cover five commercial vessels owned by PSB Lizing OOO, a designated subsidiary of PSB. Among the blacklisted vessels are two container carriers - Fesco Magadan and Fesco Moneron, two oil tankers - Linda and Pegas, and a cargo vessel Baltic Leader. All vessels are Russian-flagged ships with total tonnage of almost 148,000 tonnes.
US President Joe Biden announced sanctions on Russia over its recognition of the sovereignty of the Lugansk and Donetsk People’s Republics (LPR and DPR) at a press conference on Tuesday. In the banking sector, apart from PSB, Russia’s development institution VEB and 25 its subsidiaries in Russia, Belarus, Ukraine, as well as in Hong Kong, were sanctioned.
VEB, PFC CSKA
Russia’s development institution VEB and 25 its subsidiaries in Russia and third countries, including Professional Football Club CSKA (PFC CSKA), have been sanctioned by the US.
VEB is controlled, as well as "directly or indirectly" acts "for or on behalf of" the government of Russia, according to the press release. Together with the bank itself, 25 its subsidiaries in Russia and third countries were blacklisted by the US. In particular, restrictions concerned Bank BELVEB OJSC, a bank operating in Belarus, Prominvestbank (Ukraine), as well as VEB Asia Limited, a financial company located in Hong Kong.
Moreover, the US’ sanctions cover PFC CSKA, whose main shareholder is VEB.RF state corporation. The list also includes LLC SIBUGLEMET Group, the companies VEB Capital, VEB Leasing, VEB Service, VEB Engineering, VEB Ventures, Infraveb, VEB.DV, Infrastructure Molzhaninovo, Resort Zolotoe Koltso, Russian Export Center, as well as a number of other enterprises "owned 50% or more by VEB."
"These entities are now blocked," the US Department of the Treasury said.
US President Joe Biden announced sanctions on Russia over its recognition of the sovereignty of the Lugansk and Donetsk People’s Republics (LPR and DPR) at a press conference on Tuesday. In the banking sector, restrictions were announced against VEB and Promsvyazbank.
Bank of Russia, Finance Ministry, NWF
Russia’s Central Bank, the Finance Ministry and the National Wealth Fund (NWF) were put on a special list of NS-MBS on Tuesday, becoming subject to special financial restrictions.
The list differs from usual sanctions lists by the US Office of Foreign Assets Control (OFAC) of financial institutions. The NS-MBS list contains establishments subject to less than fully blocking sanctions, unlike usual lists.
Financial restrictions for the special list may particularly include non-blocking bans on providing certain goods and services. In this case the issue is about sanctions against Russia’s sovereign debt, the Department of the Treasury explained.
On February 21, Russian President Vladimir Putin recognized the sovereignty of the DPR and LPR (the Donetsk and Lugansk People's Republics). Subsequent agreements on friendship, cooperation, and mutual assistance were signed with their leaders. Putin instructed the Russian Foreign Ministry to establish diplomatic relations with the DPR and LPR, and the Russian Defense Ministry was instructed to ensure the maintenance of peace on their territories.