Emergency Contact Update on Russian Sanctions - 25 February 2022 Home Latest updates News Update on Russian Sanctions - 25 February 2022 25 Feb 2022 Download Sign up for alerts Further to our update of 23 February 2022 , the Russian invasion of Ukraine has now spread beyond the Donetsk and Luhansk regions prompting widespread international condemnation and additional economic sanctions.  We set out below a summary of the additional sanctions imposed since our previous update: US Sanctions Major economic actions On 24 February 2022, pursuant to Executive Order (“E.O”) 14024, the US government targeted economic sanctions at Russia’s two largest banks, Sberbank and VTB Bank as follows: Sberbank – sanctions under Directive 2 of the E.O 14024 (the “Russia-related CAPTA Directive”) relating to correspondent or payable-through accounts were introduced.  This prohibits US financial institutions from (i) opening or maintaining of a correspondent account or payable-through account for or on behalf of any entity determined to be subject to the prohibitions of the Russia-related CAPTA Directive, or their property or interests in property and (ii) the processing of transactions involving any such entities determined to be subject to the Russia-related CAPTA Directive, or their property or interests in property.  Under the Directive Sberbank and 25 Sberbank foreign financial institution subsidiaries that are 50% or more owned, directly or indirectly, by Sberbank re identified in Annex 1 to the Russia-related CAPTA Directive. VTB Bank – is subject to full blocking sanctions, including 20 VTB Bank subsiadiaries. In addition, OFAC has imposed blocking sanctions on the following three additional major Russian financial institutions: Public Joint Stock Company Bank Financial Corporation Otkritie; Joint Stock Commerical Bank Novikombank; and Open Joint Stock Company Sovcombank. In an attempt to limit Russia’s ability to finance its invasion of Ukraine, OFAC also expanded