In recent days, the U.S. and its allies have intensified sanctions against Russia, particularly in response to its continued aggression in Ukraine and efforts to evade existing restrictions. On September 6, 2024, new measures were announced targeting Russia’s financial infrastructure and its ability to sustain its war efforts. The sanctions include restrictions on entities and individuals in Russia and third countries that are facilitating sanctions evasion, as well as efforts to undermine Russia’s access to international financial systems and technological resources.

The U.S. Treasury and State Department have sanctioned hundreds of individuals and entities, impacting sectors such as defense, energy, and finance. Foreign financial institutions engaging with Russia’s war economy now face a heightened risk of secondary sanctions. The new actions also aim to limit Russia’s access to critical technologies and materials used in military production, such as microelectronics and unmanned aerial vehicles (UAVs)