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This is why sanctions aren’t more effective. There are loopholes. The Biden Administration announced sanctions on February 24, 2022, but they won’t be in effect until the 26 of March for Sberbank! And, recall that Biden Sec. of State Blinken waived sanctions on Russia’s Nord Stream 2, less than a year ago. Delaying sanctions is similar to Tony Blinken’s waiving sanctions. Blinken’s stepfather, Sam Pisar, was a strong advocate of US-Soviet and US-Russian ties, took western business people to the Soviet Union to make deals, and was Robert Maxwell’s lawyer. Maxwell seems to have been engaged in corrupt dealings in the Eastern Bloc-Soviet Union in both the communist and post-communist period. Robert Maxwell is better known today as the father of Ghislaine Maxwell. Blinken’s stepfather reportedly worked with Jeff Epstein, as well.

Sberbank is the Largest Financial Institution in Russia and Majority Russian Government Owned. It is the Main Creditor of the Russian Economy, But US Sanctions Don’t Take Effect Until 26 March 2022. And, we find no sanctions on their CEO, Herman Gref, at all! Why are there no sanctions on Herman Gref? He’s a Russian Volga German.

Sberbank has been a long-standing “Strategic Partner” of the World Economic Forum (WEF) with CEO Herman Gref serving on WEF Board of Trustees. A few days ago, they disappeared from the World Economic Forum web site, which really says nothing. It may have been because of Swiss sanctions, a PR stunt, embarrassment, or because they were truly offended by their Russian pets’ attack upon Ukraine.

On February 24, 2022, the Biden Administration (US Treasury) wrote:
Today Treasury is imposing correspondent and payable-through account sanctions on Sberbank. Sberbank is uniquely important to the Russian economy, holding about a third of all bank assets in Russia. Sberbank is the largest financial institution in Russia and is majority-owned by the GoR. It holds the largest market share of savings deposits in the country, is the main creditor of the Russian economy, and is deemed by the GoR to be a systemically important financial institution. Within 30 days, OFAC is requiring all U.S. financial institutions to close any Sberbank correspondent or payable-through accounts and to reject any future transactions involving Sberbank or its foreign financial institution subsidiaries. Payments that Sberbank attempts to process in U.S. dollars for its clients — with examples ranging from to technology to transportation — will be disrupted and rejected once the payment hits a U.S. financial institution.

To implement sanctions on Sberbank, OFAC issued Directive 2 under E.O. 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (the “Russia-related CAPTA Directive”). This directive prohibits U.S. financial institutions from: (i) the opening or maintaining of a correspondent account or payable-through account for or on behalf of any entity determined to be subject to the prohibitions of the Russia-related CAPTA Directive, or their property or interests in property; and (ii) the processing of transactions involving any such entities determined to be subject to the Russia-related CAPTA Directive, or their property or interests in property. Accordingly, U.S. financial institutions must reject such transactions unless exempt or authorized by OFAC.

Pursuant to Directive 2 under E.O. 14024, Sberbank and 25 Sberbank foreign financial institution subsidiaries that are 50 percent or more owned, directly or indirectly, by Sberbank were identified in Annex 1 to the Russia-related CAPTA Directive. These subsidiaries include banks, trusts, insurance companies, and other financial companies located in Russia and six other countries.

Sberbank and other affiliated entities determined to be subject to the Russia-related CAPTA Directive have been added to OFAC’s List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List), a reference tool that provides actual notice of OFAC actions with respect to foreign financial institutions for which the opening or maintaining of a correspondent account or a payable-through account in the United States is prohibited or subject to one or more strict conditions. All foreign financial institutions owned 50 percent or more, directly or indirectly, by Sberbank are covered by the prohibitions of the Russia-related CAPTA Directive, even if not identified on OFAC’s CAPTA List.

The prohibitions of the Russia-related CAPTA Directive take effect beginning at 12:01 a.m. eastern daylight time on March 26, 2022. Accordingly, by 12:01 a.m. eastern daylight time on March 26, 2022, U.S. financial institutions must have closed any correspondent or payable-through account maintained for Sberbank all other entities listed in Annex 1 to the Russia-related CAPTA Directive, and all foreign financial institutions owned 50 percent or more by the foregoing. In addition, after 12:01 a.m. eastern daylight time on March 26, 2022, U.S. financial institutions may not process transactions involving those institutions and must reject such transactions, unless exempt or authorized by OFAC.
Excerpt from “U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs” February 24, 2022
https://home.treasury.gov/news/press-releases/jy0608

The majority shareholder of Sberbank is the Russian National Wealth Fund managed by the Government of Russia (till 2020 the Central Bank of the Russian Federation), owning 50%+1 voting share of Sberbank’s voting shares. The rest of the shares are dispersed among portfolio, private and other investors.[5][58] Russia’s central bank cannot sell its stake without a change in Russia’s laws.[59][60]
Management
The president and chief executive officer is Herman Gref, confirmed by the board of directors on 16 October 2007.[61]
https://en.wikipedia.org/wiki/Sberbank
Sberbank pulls out of Europe: https://www.theguardian.com/business/2022/mar/02/russia-sberbank-pulls-out-of-europe-after-facing-failure-amid-sanctions

OFAC Sanctions Search Sberbank, Russia:
https://sanctionssearch.ofac.treas.gov/Details.aspx?id=17018

Related:
Treasury Prohibits Transactions with Central Bank of Russia and Imposes Sanctions on Key Sources of Russia’s Wealth and” February 28, 2022 https://home.treasury.gov/news/press-releases/jy0612

2014 Sberbank sanctions: https://www.treasury.gov/press-center/press-releases/Pages/jl2629.aspx

While on 27 Feb. 2022, Klaus Schwab and Børge Brende wrote that they “deeply condemn the aggression by Russia against Ukraine, the attacks and atrocities and speak of a “totally unacceptable war”, the statement was followed by a disclaimer that said “The views expressed in this article are those of the author alone and not the World Economic Forum.https://web.archive.org/web/20220228093653/https://www.weforum.org/agenda/2022/02/ukraine-our-full-solidarity However, Russian entities were later scrubbed from their web site, including Sberbank.

Real Russiagate: Blinken-Biden Waived US Sanctions on Russia’s Nord Stream Pipeline & Ex-Stasi Friend of Putin; Blinken’s Russophile Step-Father Helped People Do Business in the Soviet Union; Dreamed of the US & Russia as Allies

Will Putin-Lavrov Thank Biden-Blinken For Waiving Nord Stream Pipeline Sanctions in (Secretive) “Closed-Door Meeting”? Will Blinken-Biden Waive Sanctions on Arctic & Black Sea Drilling Too?

Biden-Blinken Waiver of Sanctions on Russia Nord Stream 2 Pipeline Violates US Law: Senators Risch-McCaul Demand Answers; US Credibility Suffers Serious Damage Says Polish Expert