New Russian IT Firms Added to Treasury Sanctions List: How the US is Tackling Russia’s Tech Sector Amidst Invasion of Ukraine
The US Department of the Treasury recently announced that several Russian IT companies have been added to its sanctions list. Among them are public joint stock company Astra Group, a number of companies within the IBS group, and approximately 30 other tech firms. These companies were targeted for their work in the technological sector of the Russian economy, according to reports by Interfax.
One reason for the inclusion of Astra Group on the sanctions list is its involvement in developing an operating system that is used by the Russian defense industry and armed forces. Similarly, the IBS group of companies has also been added to the SDN List due to its participation in various projects such as digitalization efforts at Rostec state corporation and creation of software solutions for government agencies.
The IBS group had previously faced indirect sanctions when its founder and beneficiary Anatoly Karachinsky was included on the SDN List in April 2022 as a member of Otkritie Bank’s board of directors. As a result, he sold his stake in IBS to the group’s operational top management. This latest move follows a similar one from 2022 where around 30 tech firms associated with microelectronics development and production were also targeted.
The US Department of Treasury has been cracking down on Russian businesses following Russia’s invasion of Ukraine. The department has imposed economic sanctions on Russia, including restrictions on exports, imports and financial transactions with Russia-linked entities.
The US government has stated that these actions are necessary to prevent Russia from profiting from its aggression against Ukraine. The Treasury Department has emphasized that it will continue to take steps to isolate Russia economically until it ceases its invasion and withdraws all troops from Ukrainian territory.
In conclusion, this latest mass inclusion of Russian IT companies in the sanctions list reflects the US government’s determination to punish Russia for its actions against Ukraine. It is clear that these sanctions will have a significant impact on Russian businesses, particularly those in
