The Treasury Department has lifted economic sanctions against a former Russian finance minister who successfully petitioned for removal from the restricted list, according to federal officials.
Mikhail Zadornov, a banking executive and former government official, was taken off the sanctions roster on Friday, the Treasury Department confirmed on its official website.
Federal officials emphasized that lifting restrictions on Zadornov does not signal any broader shift in Washington’s approach to Russian sanctions policy.
Zadornov had been subject to U.S. economic penalties since 2022 when he was added to the sanctions list following Russia’s military invasion of Ukraine. He went through standard procedures with the Treasury’s Office of Foreign Assets Control to request his removal, according to a source with knowledge of the situation.
Treasury officials declined to provide specific details about Zadornov’s case but noted that the department regularly processes requests for sanctions removal through established channels.
“Like the imposition of sanctions, removal of sanctions on persons, or delisting, is a tool to realize U.S. foreign policy goals,” a federal official explained, emphasizing that sanctions aim “to bring about a positive change in behavior” that serves American national interests rather than simply to punish.
Zadornov brings decades of experience in Russian government and banking. He held the finance minister position from 1997 through 1999 and previously chaired Parliament’s budget committee across multiple Russian administrations.
Following his government service, he transitioned to banking leadership, taking charge of VTB24, the consumer banking division of VTB, Russia’s second-largest financial institution.
Most recently, Zadornov led Otkritie Bank as chief executive from 2018 until 2022, overseeing the institution’s rehabilitation following a bailout by Russia’s Central Bank. VTB acquired Otkritie Bank at the close of 2022.
