• The US Treasury Department announced an expansion of sanctions on companies supporting Russia's military efforts in Ukraine.
• Approximately 100 entities are being re-designated for sanctions, with 15 new companies targeted.
• Companies engaging in significant business with Russia's military industrial complex face potential penalties.
• The sanctions encompass both Russian and China-based firms working to evade existing restrictions.
• Krgyzstan's Keremet Bank is also sanctioned for coordinating evasion of US financial penalties.

The U.S. Treasury Department has announced an important expansion of sanctions aimed at companies and institutions that support Russia's war efforts in Ukraine. This latest measure involves re-designating around 100 entities subject to sanctions and imposing penalties on 15 new entities, raising the stakes for businesses that engage with parts of Russia's military industrial complex. According to a senior Treasury official, companies that conduct any meaningful business in this sector will now face the risk of severe penalties.

Under these new sanctions are several Russian companies, including Herbarium Office Management, Atlant Torg, Sigma Partners, and Paylink Limited. In addition, Andrei Prikhodko, the general director of Herbarium, has also been targeted. Furthermore, the Treasury has included sanctions on a number of China-based companies believed to be collaborating with Russian enterprises to sidestep existing sanctions. These firms involve Anhui Hongsheng International Trade and others specialized in various import and export services.

The Treasury Department is cautious about how these sanctions will impact future congressional procedures as the removal of any sanctions will necessitate congressional notification, potentially complicating efforts to adjust sanctions without public backlash, especially under the upcoming Republican Trump administration.

Additionally, the Keremet Bank in Kyrgyzstan has been sanctioned for its coordination with Russian officials and a U.S. bank, aiming to facilitate the evasion of financial penalties. The Biden administration is now looking to leverage recent shifts in the global oil market, aiming to tighten restrictions on Russian oil revenues without endangering worldwide supply levels.

This comprehensive approach to sanctions underscores the ongoing commitment of the United States to respond decisively to Russia's aggression in Ukraine, emphasizing the vital need for coordinated international financial measures against key state and non-state actors in the conflict. The full report can be found at AP News and Times of India.