U.S. Lifts Sanctions Against Former Sberbank CFO

On December 30, the United States announced the removal of sanctions against Alexandra Brico, the former chief financial officer of Sberbank, Russia’s largest bank. This information was shared via a post on the U.S. Treasury Department’s official website.

Brico had been among several senior executives and board members who stepped down from Western-chartered Sberbank shortly after Russia invaded Ukraine in 2022.

According to U.S. officials, Brico has officially parted ways with Sberbank, indicating that the reasons for her designation under the Office of Foreign Assets Control (OFAC) sanctions no longer hold. It’s interesting; I suppose this means things have changed for her since the sanctions were imposed.

“This decision was made as part of Treasury’s standard administrative process following a request for reconsideration. OFAC’s ability to impose sanctions goes hand in hand with the ability to lift them in accordance with legal frameworks,” an official stated.

Brico faced sanctions in May 2022 as part of broader measures aimed at individuals and entities deemed essential to Russia’s military efforts regarding Ukraine. At that time, eight current and former senior Sberbank executives were similarly targeted.

Following the full-scale invasion of Ukraine in February 2022, Sberbank, being the largest bank in Russia, came under U.S. sanctions in April of that year.

In December 2024, Brico filed a lawsuit against the Treasury Department in federal court in Washington, arguing that she severed ties with Sberbank just days after the sanctions were enacted, contending that her continued listing was unlawful. As of now, the case is still pending.

This year, both Brico and the U.S. government have acknowledged in court documents that negotiations are underway to resolve the issue.