U.S. Sanctions Russian Steel Giant MMK

On August 2, the United States officially added integrated steelmaker Magnitogorsk Iron & Steel (MMK) and its chairman Viktor Rashnikov to its list of sanctioned entities. The move is yet another punitive measure in response to Russia’s February invasion of Ukraine, in hopes that the steel manufacturing sanction will place more economic pain on Russia. The announcement came from The Office of Foreign Assets Control (OFAC), part of the US Department of the Treasury. It was part of a new round of sanctions targeting individuals and entities…