The U.S. has lifted sanctions against Russia’s former finance minister: what is known about the decision regarding Zadornov
4 April 05:51
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has removed former Russian Finance Minister and banker Mikhail Zadorov from its sanctions list. This is stated on the OFAC website, according to "Komersant Ukrainian"
The OFAC entry explicitly states that ZADORNOV, Mikhail Mikhaylovich, who was previously subject to sanctions under the RUSSIA-EO14024 program and was associated with PUBLIC JOINT STOCK COMPANY BANK FINANCIAL CORPORATION OTKRITIE, has been removed from the SDN list. It was precisely this connection to Otkritie Financial Corporation that previously served as the formal basis for his sanctioned status in the U.S.
What exactly happened
Zadornov has been removed from the Specially Designated Nationals and Blocked Persons List (SDN List). This means that standard U.S. blocking sanctions—which involve the freezing of assets within U.S. jurisdiction and a prohibition on U.S. persons and companies from conducting transactions with him—no longer apply to him.
Who is Mikhail Zadornov
Mikhail Zadornov is a well-known Russian banker and former Russian Minister of Finance. In recent years, he has been publicly associated primarily with VTB Bank, where he held a senior management position.
It is precisely because of this connection that he was added to the U.S. sanctions list.
Why he might have been removed from the list
OFAC has not released a detailed explanation of why Zadornov’s petition for removal was granted. However, Reuters reports that he secured the lifting of sanctions through the standard appeal process available to individuals on the list. This means that, formally, the decision was not made as part of a general policy review but as a result of an individual sanctions process.
Previous explanations on the U.S. Treasury Department’s website noted that OFAC has a special procedure for requesting removal from the sanctions list. According to Reuters reports, this is precisely the procedure Zadornov utilized.
What does removal from the SDN list mean?
Removal from the SDN list typically means that the individual’s assets within U.S. jurisdiction are no longer frozen, and U.S. counterparties may once again engage in financial and business transactions with them, provided no other restrictions apply. This is one of the most significant practical consequences of the OFAC decision. Formally, this is exactly how the SDN delisting mechanism works.
At the same time, this does not necessarily mean that the individual has automatically been removed from all possible sanctions regimes of other countries or alliances.
Is this a sign of easing pressure on Russia?
As of now— no, at least according to Washington’s official interpretation. Reuters explicitly reports that a U.S. official denied any broader political signal and emphasized: Zadornov’s delisting should not be interpreted as a change in the U.S.’s overall policy regarding sanctions against Russia.
