Russia’s Tech Sector Hit with New Sanctions Amid Global Economic Concerns
In a move aimed at limiting Russia’s future extractive capabilities and energy revenue, the US Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed fresh sanctions on several key players in Russia’s tech sector.
Background
The sanctions target entities involved in drilling, mining, and research activities related to Russia’s oil and gas industry. The move is seen as a response to Russia’s ongoing invasion of Ukraine and its impact on global energy security.
Electronics Component Suppliers Impacted
Among the companies affected by the sanctions are several electronics component suppliers:
- OOO Tok, an electronic components supplier
- Aktsionernoe Obshchestvo Proton- Elektroniki (Proton-Elektroniki), a semiconductor manufacturer
- Aktsionernoe Obshchestvo Torgovyi Dom Proton-Elektroniki, a firm that promotes the Proton-Elektroniki brand in foreign markets
- RSV-Ekspert OOO, an electronic components manufacturer and supplier
- Sibelkom-Logistik OOO, a microelectronic components wholesaler
- Simmetron Elektronnye Komponenty, an electronic components supplier
- Target Electronics, an electronics manufacturer
- LLC Tellur Elektroniks, a supplier of foreign-made electronic components
- LLC Testkomplekt, an electronic components supplier
Research Institutes and Educational Institutions
Additionally, several research institutes and educational institutions have been sanctioned for their involvement in the oil and gas industry:
- Saint-Petersburg Mining University (SPMI), which has historically supported Russian military efforts by developing new metals technologies
- Sergo Ordzhonikidze Russian State University for Geological Prospecting (MGRI)
- Almetyevsk State Oil Institute (ASOI)
- Grozny State Oil Technical University Named After Academician M.D. Millionshchikov (GSOTU)
- Gazprom VNIIGAZ, OOO (VNIIGAZ), a research center for Public Joint Stock Company Gazprom
- The Federal State Unitary Enterprise V.A. Kargin Scientific-Research Institute of Chemistry and Technology of Polymers With a Pilot Production Plant (NII Polymerov)
Leadership Impacted
Individuals who have been designated under the sanctions include:
- Vladimir Litvinenko, leader official at SPMI
- Igor Sechin, senior executive officer at MGRI
Response from Treasury Secretary
“Today’s action demonstrates our commitment to taking on Russia’s illegal aggression and supporting the Ukrainian people,” said Treasury Secretary Janet Yellen. “We will continue to use all available means to impose consequences on those who aid and abet Russia’s actions.”
The latest sanctions are seen as part of a broader effort to hold Russia accountable for its actions in Ukraine and to disrupt its ability to generate revenue from oil and gas exports.