Trump Starts Lifting Sanctions from Russia

U.S. President Donald Trump has lifted sanctions on certain Russian assets, according to a statement published on the website of the U.S. Department of the Treasury.

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Sanctions

Among those removed from the sanctions list is the Russian Financial Alliance Bank, previously owned by Kirsan Ilyumzhinov, the former president of the International Chess Federation (FIDE).

Sanctions Lifted from Banks and Companies

Other institutions that have been removed from the blacklist include Tempbank, RFK Bank, and Iran's Mir Business Bank.

Sanctions have also been lifted from:

• Promsyryeimport,
• Global Concepts Group,
• Rosoboronexport,
• Global Vision Group,
• STG Logistic,
• Maritime Assistance, and others.

Rosoboronexport and Others Still Face Targeted Sanctions

Despite the removal, several entities – including Russian defense export giant Rosoboronexport and Maritime Assistance – remain on specific sanctions lists tied to the conflict in Ukraine. Promsyryeimport continues to be listed under Iran-related sanctions, alongside Rosoboronexport. Global Concepts Group remains under restrictions for its alleged links to Hezbollah.

Rosoboronexport's presence on U.S. sanctions lists predates the 2014 Ukraine crisis. In 2006, the company was sanctioned for its contract to modernize Su-24 frontline bombers for Iran. Those restrictions were lifted in 2010.

In 2015, the company was once again sanctioned under accusations of violating U.S. nonproliferation laws and providing technical support to Syria, Iran, and North Korea. These restrictions were imposed for two years and renewed in 2017. On April 6, 2018, the U.S. Treasury added Rosoboronexport to the SDN list for supporting the Syrian regime, barring U.S. citizens and companies from any transactions with the Russian arms exporter. In May 2018, the State Department reaffirmed these sanctions and extended them to Rosoboronexport's subsidiaries under nonproliferation laws.

Sanctions' Limited Impact on Russia's Arms Exports

In September 2018, the company's general director, Alexander Mikheev, stated that the sanctions had not had a critical effect on Russia's arms exports. According to him, Rosoboronexport's order book had grown by $1 billion since August of that year.

In October 2023, Rosoboronexport was again targeted by U.S. sanctions in connection with Iran. The Treasury sanctioned multiple Iranian and Chinese companies and individuals under restrictions related to Tehran's acquisition of ballistic missiles and associated technologies.

"The sanctions regime creates a closed nature in our negotiations and relationships, and we prefer not to speak publicly about it,” Mikheev said in 2023. "But one thing is certain: Russian arms enjoy strong demand and high prestige.”

In March 2022, Rosoboronexport's general director was also added to the European Union's sanctions list due to the conflict in Ukraine.