Treasury Announces Third Round of Sanctions Removals, Updates in Modernization Initiative

Ongoing Review Ensures Sanctions Remain Targeted, Effective, and Current WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took another major action in its sanctions modernization effort, announced by Secretary of the Treasury Scott Bessent in May. Today’s action removed from OFAC’s sanctions lists 125 individuals and entities, consistent with current economic, national security, and foreign policy priorities. OFAC also updated 22 list entries to facilitate and enhance compliance screening. Those removed include deceased individuals, defunct companies, and list entries lacking sufficient information for robust compliance screening. As with any removal from its sanctions lists, and consistent with prior sanctions modernization actions, OFAC conducted interagency review to ensure that today’s removals would not harm U.S. foreign policy or national security interests. PRIORITIZING SANCTIONS IMPACT AND SUCCESSAs Secretary Bessent has outlined, the goal of Treasury’s sanctions modernization effort is to ensure U.S. sanctions remain targeted, effective, and aligned with U.S.