US shares information with European banks on how Russia evades sanctions

(Patria) - The United States said it has shared information with European bankers, government officials and business leaders to counter Russian tactics to circumvent Western sanctions, Reuters reported.

Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, held briefings last week in Switzerland, Austria, Germany and Italy to promote more effective police enforcement of sanctions imposed over Russia's invasion of Ukraine, the Treasury Department said in a statement.

Nelson shared details about some of the most critical military goods Russia is trying to procure, including optical devices, electronics and manufacturing equipment, the Treasury Department said.

He called on allies to remain vigilant for "red flags" such as large cash payments, routing payments through third countries not involved in transactions, and multiple tenders or shipments of identical products from different suppliers to the same end user.

Other warning signs include frequent or last-minute changes to end users or consignees, or diversion of goods to third countries with limited or no restrictions on re-export to Russia, the Department said.

Next week, Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes, will travel to Kazakhstan and Uzbekistan to strengthen sanctions enforcement and efforts to combat money laundering and terrorist financing.