Shafaq News/ The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), in coordination with the British government, announced on Wednesday new sanctions on Russian oligarch Alisher Usmanov, who is subject to sanctions in multiple jurisdictions, and Hungary's International Investment Bank.

The U.S. Department of State concurrently designated several entities operating in the defense sector of the Russian Federation economy and entities supporting Russia's war against Ukraine, as well as additional entities associated with Russia's State Atomic Energy Corporation (Rosatom).

The new designations involved 25 individuals and 29 entities in 20 jurisdictions. The State Department also designated 80 entities and individuals connected to Usmanov.

The International Investment Bank, a Russia-controlled financial institution in Budapest, Hungary, and three current or former bank executives were designated for sanctions.

The Treasury Department accused the bank of enabling Russia to increase its intelligence presence in Europe and serve as a mechanism for corruption and illicit finance, including sanctions violations.