The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) took action July 20, 2023, implementing sanctions on Russian entities to hinder their access to critical products and technology. The designated Russian entities are now blocked from accessing property and interests within the United States.

“Today’s actions represent another step in our efforts to constrain Russia’s military capabilities, its access to battlefield supplies, and its economic bottom line. As long as Russia continues to wage its unprovoked and brutal war against Ukraine, we will impose sanctions to deprive Russia of the technology it needs and disrupt the Russian arms industry’s ability to resupply,” Deputy Secretary of the Treasury Wally Adeyemo confirmed in a news release.

According to the news release, OFAC is implementing measures to further enforce previous commitments made by G7 leaders. The actions taken by OFAC and the Department of State are aimed at hindering Russia's access to products that support its military and war efforts, reducing its revenue from the metals and mining sectors and undermining its future energy capabilities, among other things.

The U.S. government is working with partner nations and the private sector to identify and disrupt networks that enable Russia's procurement of critical goods and technology despite international trade restrictions. The release says sanctions are being imposed on various Russian entities, including those based in the Kyrgyz Republic, that have been involved in transferring sensitive technology and dual-use goods to Russia's defense sector.

As a result of these actions, all property, and interests in property, of the designated persons within the United States or under the control of U.S. persons are blocked and must be reported to OFAC, the release said. Transactions involving these blocked persons are prohibited, unless exempt or authorized by specific licenses issued by OFAC.

"Sanctions are just one part of the U.S. government’s efforts to stop Russia’s procurement of critical goods and technology," the release reported. "The United States is working with partner governments and the private sector to identify and disrupt evasion networks and the actions taken today complement these shared efforts."