U.S. Treasury Lifts Sanctions on Three Russian Cargo Vessels

The United States Department of the Treasury announced on March 31, 2026, that its Office of Foreign Assets Control (OFAC) removed three Russian-flagged cargo vessels—the SV Nikolay, Fesco Moneron, and Fesco Magadan—from the Specially Designated Nationals (SDN) list. The vessels were originally sanctioned in 2022 because they were owned by sanctioned banks, specifically PSB Leasing and Alfa-Leasing, and were allegedly used to transport military goods or Ukrainian resources extracted from occupied territories.

Treasury officials stated the laft of sanctions followed a standard, thorough review and does not indicate a broader shift in U.S. policy toward Russia. The department maintained that the overall sanctions architecture remains intact, as the banks and leasing companies that previously owned the vessels remain under sanctions.

Bipartisan lawmakers and diplomats criticized the decision, arguing that easing economic pressure risks funding the Russian war effort. Senators Chuck Grassley and Ruben Gallego, along with Representatives Don Bacon and Gregory Meeks, warned that such moves, alongside recent waivers for Russian oil exports, may enrich sanctioned entities and undermine efforts to pressure Moscow.