Top Treasury Department officials are embarking on a two-week journey through Central Europe and Central Asia to garner support for measures countering Russia's evasion of sanctions imposed due to the ongoing war in Ukraine. Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, will visit Central Europe, while Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes, will head to Central Asia.
Following last week's designations against sanctions evasion networks in over 20 countries, the two officials will use their trips to foster closer collaboration, information sharing, and discussions on trade trends and enforcement priorities throughout the supply chain.
The Treasury Department notes that Russia is actively attempting to bypass sanctions imposed by a coalition of more than 30 countries. In partnership with the Commerce Department and other US government departments and agencies, as well as international coalition partners, the Treasury Department is presenting businesses with a clear choice: maintain connections to the global economy or support Russia's war and lose access to the world's most crucial markets.
During his Central Europe visit, Nelson will meet with government officials, financial institutions, businesses with exposure to Russia, and key industry stakeholders. Meanwhile, in Central Asia, Rosenberg will collaborate with counterparts from the European Union, the United Kingdom, and the Commerce Department, engaging with government officials and private businesses to enhance compliance and counter evasion in trade and related financial transactions
Senior officials from the US, Europe, and the UK met with financial institutions on Thursday to discuss Russia's efforts to evade Western sanctions imposed due to the invasion of Ukraine, according to reporting from Reuters. The financial institutions, based in the US, Britain, and Europe, assured the officials they were working diligently to counter Russia's evasion attempts.
The meeting occurred on the sidelines of the World Bank and International Monetary Fund spring meetings. Top US intelligence officials shared information on Russia's use of its GRU military intelligence agency and Federal Security Service (FSB) to bypass sanctions and export controls. As Moscow faces critical shortages of materials needed to produce ammunition, Washington and its allies are intensifying their enforcement of sanctions and cracking down on evasion efforts.
Financial firms at the meeting demonstrated their commitment to preventing Russian evasion of sanctions and export controls, not only within their own jurisdictions but also in third countries. The meeting included Deputy Treasury Secretary Wally Adeyemo, EU Commissioner Mairead McGuinness, Britain's Treasury Director General for International Finance Lindsey Whyte, CIA Deputy Director David Cohen, and Deputy Director of National Intelligence Morgan Muir. The officials shared information about critical goods sought by the Russian military and emphasized the Kremlin's directive for its intelligence services to find ways around sanctions to replenish depleted supplies.
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