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US Treasury Slaps Sanctions on Two Irish Citizens and Financial Firm Linked to Russia

Two Irish citizens, Liam Eoin Fraher and Dermot O’Reilly, have been added to a US Treasury Department sanctions list accused of conducting business operations with Russia. The duo holds senior positions at ARX Financial Engineering Limited (ARX), a financial firm headquartered in Dubai, which has also been sanctioned.

Background

According to the Office of Foreign Assets Control (OFAC), the two individuals were named as Specially Designated Nationals (SDNs) for allegedly abetting Russia’s war effort by providing technology and equipment from third countries. ARX Financial Engineering Limited was added to the list alongside 129 other firms and individuals accused of facilitating Russian transactions.

US Sanctions

The US sanctions aim to disrupt Russia’s ability to purchase electronics and hardware used to manufacture military equipment for its conflict in Ukraine, as well as targeting financial companies that enable the Kremlin to transfer funds for its war effort. Any US assets owned by SDNs are blocked, and US citizens are prohibited from doing business with them.

Allegations against ARX

OFAC alleges that ARX has operated in the financial services sector of Russia’s economy and offered investment services to Russian investors, including transferring Russian assets into UAE-based accounts. The company is also accused of identifying ways for Russian roubles to be sent from a sanctioned bank and converted to US dollars.

Response from ARX CEO

ARX CEO Danny Skutelis told the Business Post that he was shocked by the inclusion on the sanctions list, claiming it was unclear why the firm was targeted.

Other Sanctioned Entities

Turkish, Chinese, and UAE-based companies are also listed as sanctioned entities. A number of these firms operate in the technology, electronics, and military component production sectors.

Contact for Comment

RTÉ News has contacted ARX Financial Engineering Limited for comment from Fraher, O’Reilly, and the company itself.