[ad_1]
Two Irish citizens have been named on a new US Treasury Department sanctions list against 130 firms and individuals it alleges have conducted business operations with Russia.
Liam Eoin Fraher and Dermot O’Reilly, who both hold senior positions at ARX Financial Engineering Limited (ARX), a financial firm headquartered in Dubai, were named as Specially Designated Nationals in the list issued by the department’s Office of Foreign Assets Control (OFAC).
US sanctions are aimed at disrupting Russia’s ability to purchase electronics and hardware that could be used to manufacture military equipment for its war in Ukraine, as well as targeting financial companies that enable the Kremlin to transfer money to pay for its war effort.
Any US assets owned by people listed as Specially Designated Nationals are blocked and US citizens are prohibited from business dealings with them.
ARX Financial Engineering Limited has also been added as one of the sanctioned business entities on the list.
The firm offers brokerage and investment services to institutional and private clients.
According to OFAC’s communique, issued on 2 November, this latest batch of sanctions “focus on individuals and entities abetting Russia’s unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries”.
OFAC alleges that ARX has “operated in the financial services sector of the Russian Federation economy,” a claim it makes about Mr Fraher too.
Mr Fraher is a founding partner and member of the ARX board.
Mr O’Reilly, the company’s head of ethical finance, has been added to the list for having a senior position at ARX.
In the communique, OFAC alleges that ARX “offered investment services to Russian investors, including the ability to transfer Russian financial assets into and house brokerage and bank accounts in the United Arab Emirates (UAE) to promote their access to the global financial system”.
OFAC also alleges that ARX has been involved in identifying ways that Russian roubles could be sent from a sanctioned Russian bank named VTB, and converted to US dollars.
The statement asserts that ARX has “identified ways to reduce the risk of identification of a client’s assets in the event of sanctions exposure”.
Turkish and Chinese companies, as well as other UAE-based companies, are named on OFAC’s list of sanctioned firms.
A number of the firms operate in the area of technology, electronics and the production of components used for military hardware.
RTÉ News contacted ARX Financial Engineering Limited to seek comment from Mr Fraher and Mr O’Reilly, as well as from ARX, in relation to their inclusion on the list of Russia-focussed sanctions.
Speaking with the Business Post, the CEO of ARX, Danny Skutelis, said he did not understand why the company had been included in the new sanctions list, noting that it was “a complete shock”.
[ad_2]
Source link