US Has 'Many' More Sanctions Options to Continue Targeting Russia, Treasury Official Says
The U.S. has sanctioned more than 2,500 Russia-related parties or entities, including over 80% of the country’s banking sector by assets, since Moscow invaded Ukraine last year, said Elizabeth Rosenberg, the Treasury Department’s assistant secretary for terrorist financing and financial crimes. But she said the administration can still do more to increase pressure on the Russian government.
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“There are many measures available to us to continue both combatting Russian attempts at circumvention and increasing the pressure generally,” Rosenberg said in remarks prepared for delivery at the Association of Certified Anti-Money Laundering Specialists Assembly Conference Oct. 2. “But no one should think that we are anywhere near the end of our energy or creativity on this problem set.”
Rosenberg stressed the importance of companies maintaining sanctions compliance regimes, saying financial institutions in particular should have systems to “monitor, screen, and analyze trade and customs data to understand the underlying controlled goods their clients trade and correspondents facilitate.” But if banks continue to silo their anti-money laundering compliance and sanctions compliance departments, they may end up “unwittingly, or inadvertently, processing payments for controlled goods and involving designated entities,” Rosenberg said.