US sanctions USC

The US Treasury Department has added Russia’s United Shipbuilding Corp (USC) to its list of sanctioned entities.

St Petersburg-headquartered USC was placed on Washington’s black list as US President Barack Obama expanded sanctions aimed at putting pressure on his Russian counterpart over Moscow’s involvement in the conflict in Ukraine.

The government-owned company, set up by Russian President Vladimir Putin in 2007, is the largest shipbuilder and repair provider in Russia, although much of its activity is focused on navy ships. The sanctions freeze all USC assets in the United States and prohibit US citizens, residents and companies from doing business with the outfit.

USC is also joint owner, with STX Finland, of Arctech Helsinki Shipyard.

“In light of Russia’s continuing support for separatists in Ukraine, we took additional steps today to further increase financial pressure on the Russian government,” said Undersecretary for Terrorism and Financial Intelligence David Cohen. “These actions, along with actions announced today by the European Union, significantly increase the costs to Russia for its efforts to undermine Ukraine’s sovereignty. We are prepared to continue to expand these sanctions if Russia refuses to change course.”

The Bank of Moscow, Russian Agricultural Bank and VTB Bank are also sanctioned.

USC could not be immediately reached for comment on this story.