US Lifts Sanctions on Former Russian Finance Minister

U.S. Removes Former Russian Finance Minister from Sanctions List

The United States has taken a step to remove Mikhail Zadornov, once Russia’s finance minister and now a banker, from its sanctions list. The decision was announced by the Treasury Department on April 3rd.

Zadornov had been listed in 2022 after Russia’s invasion of Ukraine, but he managed to petition the Office of Foreign Assets Control for removal. The process is standard; many people apply each year, and the Treasury reviews them carefully.

An official explained that removing sanctions is part of U.S. foreign‑policy tools, not a sign that Washington has softened its stance on Russia as a whole. Sanctions aim to influence behavior, not merely punish individuals.

Zadornov’s career spans several key roles: he chaired the parliamentary budget committee, served as finance minister from 1997 to 1999, and later led VTB24, the retail branch of Russia’s second‑largest bank. He also headed Otkritie Bank from 2018 until its rescue by the Central Bank and subsequent acquisition by VTB in late 2022.

The delisting does not change the broader U.S. position on Russia; it simply reflects that one individual’s case has met the criteria for removal.