Photo: Mark Rabe, Unsplash
Since 2022, almost 500 companies have already fallen under secondary US sanctions, according to Russia’s calculations. Among them, 9 are from Estonia. This threatens them with the loss of partners and difficulties in financial transactions.
494 companies from 57 countries have been subject to secondary US sanctions, starting from February 2022 and ending in the first half of 2024, according to calculations by Ivan Timofeev, director of the Russian International Affairs Council
leads Russian newspaper Vedomosti. The reason for the sanctions is the supply of electronics and industrial goods, as well as assistance to those already under sanctions in circumventing them.
The largest number of such companies actively cooperating with Russia are in China (107), the UAE (75) and Turkey (66). But in fourth place is the EU, counted together with Cyprus (52).
9so many companies from Estonia have already fallen under secondary US sanctions for working with Russia.
Among them is the logistics company Gold Solution, which supplied equipment to Russia that could be used at a defense enterprise. Gold Solution became the subject of an investigation by The Insider. “Baltic firms often provide logistics and transport services, supplying Russian defense contractors with products from European manufacturers. For example, Gold Solution OÜ and Leolart.com transport Italian goods from Tallinn to Pumori-Northwest,” the article said.
Also under secondary sanctions was Bitfingroup OÜ, registered in Lasnamäe, Tallinn, but, according to the founder, not conducting any operations. According to the Commercial Register, it officially ceased operations on March 25, 2024. It was included in the lists along with its owner Timur Bukanov, who is known to provide financial services in Russia.
Secondary sanctions may mean a ban on cooperation with companies for all American individuals and legal entities. If companies do not work with the US directly, falling under secondary sanctions means that they face increased risks of banks refusing to provide services, the impossibility of dollar transactions, and refusal to cooperate with counterparties from other countries. “European banks also pay attention to American sanctions lists, determining the degree of risk in relation to a specific client – based on this, they can close the account of such a company,” Ksenia Kravchenko, a partner at the Lextal law firm, explained earlier.
