WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) have issued a joint alert to financial institutions advising them to be vigilant against efforts by individuals or entities to evade BIS export controls implemented in connection with the Russian Federation’s further invasion of Ukraine.
“By identifying and reporting suspicious activity indicative of such behavior, financial institutions contribute to U.S. and international efforts to degrade Russia’s military capabilities, apply economic pressure, and end the war in Ukraine,” said FinCEN Acting Director Himamauli Das.
Since Feb, 24, 2022, BIS reported it has implemented a series of stringent export controls that restrict Russia’s access to the technologies and other items that it needs to sustain its illegal war in Ukraine.
‘Substantial Enabling’
“These controls target Russia’s defense, aerospace, and maritime sectors, and have been expanded to Russia’s oil refining, industrial, and commercial sectors, as well as to luxury goods used by Russian elites,” the organization said. “BIS’s controls have also been applied to Belarus for its substantial enabling of Russia’s invasion,”
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