According to the U.S. Office of Foreign Assets Control (OFAC), as of July 3, 2025, sanctions have been lifted from a number of Russian companies and individuals.

Banks Fully Removed from Sanctions Lists (in connection with Syria sanctions relief)

The following banks were removed from the OFAC sanctions list after a decree by Donald Trump lifted U.S. sanctions against Syria, in place since 2004:

• RFK Bank

• Russian Financial Alliance (previously owned by former head of Kalmykia Kirsan Ilyumzhinov)

• Tempbank

• Mir Business Bank (an Iranian bank with ties to Russia)

Note: These banks remain subject to other sanctions programs (e.g., RFK Bank is still sanctioned for connections with North Korea).

Banks with Temporary Partial Sanctions Relief (for nuclear energy projects)

Until December 19, 2025, restrictions have been temporarily lifted for 12 major Russian banks, but only for transactions related to civilian nuclear energy projects (e.g., construction of the Paks II NPP in Hungary):

• Central Bank of Russia

• Sberbank

• Gazprombank

• VEB.RF (Vnesheconombank)

• Otkritie Bank

• Sovcombank

• VTB

• Alfa-Bank

• Rosbank

• Zenit Bank

• Bank Saint Petersburg

• National Clearing Center (NCC)

Conditions:

• Only transactions related to the nuclear energy sector are permitted.

• Sanctions related to the Ukraine conflict, Iran, and other programs remain in effect.

Key Points for Businesses

• Rosoboronexport has been removed only from the Syrian sanctions list, but remains sanctioned under other executive orders (EO13662, EO14024).

• Systemically important banks (Sberbank, VTB, Gazprombank) have not received full relief — their participation in international transactions is restricted to narrow, specific sectors.

Reasons for Sanctions Relief

• Policy shift by Donald Trump to revise long-term “destructive” sanctions against Syria.

• Pressure from American businesses losing access to markets due to restrictions.

Implications for Russia

Positive effects:

• Simplified international settlements for nuclear energy projects (e.g., Hungary).

• Reduced transaction costs for banks operating in permitted sectors.

Limitations and Risks:

• No major breakthrough: core restrictions (SWIFT access, dollar transactions) remain in place.

• Risk of sanctions being reinstated after December 19, 2025.

Outlook for the Next Six Months

The trend toward targeted easing is expected to continue, but full sanctions relief remains unlikely. As noted by Elvira Nabiullina, the Central Bank of Russia does not anticipate significant changes in the banking sector’s operations.

Nature of Sanctions Relief

Sanctions have been lifted selectively and primarily due to:

• Western commercial interests (oil, fertilizers)

• Legal challenges (businesses contesting sanctions)

• Political concessions (e.g., grain agreements)

This is not a breakthrough, but rather a slight easing of external pressure on Russia.

Risks to Monitor

• Conditional nature of relief (sanctions may be reinstated)

• Stricter oversight of "grey" or evasive transaction schemes

6-Month Forecast

1. Likely: Further relief in the agricultural sector

2. Unlikely: Broad sanctions relief for the banking system

3. Critical: Comply strictly with the terms of relief to avoid being re-listed

Expert Comment

Maxim Barashev, Managing Partner at BBNP:

“Sanctions pressure is being eased in a targeted manner within sectors strategically important to the West — but systemic restrictions remain firmly in place.”

Sources

Vzglyad – “Trump lifts sanctions on several Russian banks”
(Coverage of U.S. Syria policy and financial impact)

Gazeta.ru – “U.S. partially lifts sanctions against Russian entities”
(Details on temporary access to international financial systems)

Lenta.ru – “Trump removes sanctions from some Russian assets”
(Context and global reactions)

TBank.ru – In-depth analysis of sanctions relief outcomes
(Expert commentary on economic and political impact)

EADaily – “Who benefits from the lifting of Russia sanctions”
(Insights into ongoing changes in sanctions policy)