U.S. Treasury sanctions Serbian company that helped Russia with equipment in war against Ukraine

Treasury sanctions impede Russia’s access to battlefield goods and targeted revenue sources

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today imposed a series of sanctions on certain foreign companies to impede Russia’s access to supplies it needs for the battlefield.

And of course Serbia is not missing from this list, which since the beginning of Russia’s aggression in Ukraine did not line up with the Western countries to impose sanctions.

It was found that a Serbian company had helped a russian company that was important for the russian defense industry. This was announced by the Ministry of Finance in the latest publication on the new sanctions.

AK Microtech Company (AKM) is a russian-based company that specializes in transferring foreign semiconductor technology to russian microelectronics manufacturers, including companies that supply microelectronics to the Russian defense industry. A number of these users are on the Treasury Department’s list of sanctioned nationals as well as the Commerce Department’s list of companies, according to the U.S. Treasury Department.

AK Microtech Company (AKM) uses non-Russian intermediaries to secure russian recipients. One such intermediary is Serbia-based MCI Trading DOO Beograd Palilula (MCI), which has helped AK Microtech Company purchase high-tech items from manufacturers in Asia, Europe, and the Middle East. In addition, MCI has made dozens of submissions to the AK Microtech Company since the Russian invasion of Ukraine began in February 2022. MCI’s director is Ivan Cvetic, a Serbian citizen.

AK Microtech Company was sanctioned by the Ministry of Finance for its activity in the electronic sector of the Russian Federation economy. While the serbian company and Cvetic were sanctioned for material support, sponsorship or provision of financial, material or technological support to the russian company.

This list also includes other companies and individuals who have recently been sanctioned.

Treasury is making these designations to further implement commitments made by G7 leaders on February 24, 2023 and May 19, 2023. The designations announced today by OFAC and the State Department take steps to impede Russia’s access to military products and its war effort; Reduce Russia’s revenues from the metals and mining sectors; Undermine its future energy capabilities; This would impair Russia’s access to the international financial system and result in Russia not having the technology it needs for its technology, aerospace, and defense sectors.

“Today’s actions represent another step in our efforts to limit Russia’s military capabilities, its access to battlefield assets, and its economic bottom line,” said Deputy Treasury Secretary Wally Adeyemo.

“As long as Russia continues its unprovoked and brutal war against Ukraine, we will impose sanctions to deprive Russia of needed technology and make it impossible for Russia’s defense industry to supply itself.”

Serbia is the only country in Europe, along with Belarus, that has not imposed sanctions on Russia. Western countries have repeatedly urged it to do so, but Serbia refuses because of its close ties with Russia./The Geopost/