Finance
US Removes Russian National Mikhail Zadornov From Sanctions List
Published by Global Banking & Finance Review®
Posted on April 3, 2026
2 min readLast updated: April 3, 2026
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Quick Summary
The U.S. Treasury removed Russian banker Mikhail M. Zadornov from its sanctions list on April 3, 2026, a move unrelated to broader changes in policy, the U.S. government clarified.
US removes Russian national Mikhail Zadornov from sanctions list
Details and Implications of the Sanctions Removal
By Andrea Shalal
Background of the Sanctions
WASHINGTON, April 3 (Reuters) - The United States on Friday removed sanctions against Mikhail Zadornov, a prominent Russian banker and former finance minister, according to the U.S. Treasury Department website.
A U.S. official said the delisting did not reflect a larger change in Washington's position on Russian sanctions.
Process of Removal
Zadornov, who was placed on the sanctions list in 2022 following Russia's full-scale invasion of Ukraine, successfully petitioned Treasury's Office of Foreign Assets Control (OFAC) to be removed from the sanctions list via the normal process, a second source familiar with the matter said.
Official Statements and Policy Goals
No details were immediately disclosed about Zadornov's specific case, but Treasury routinely receives and handles requests for removal from the sanctions list, a U.S. official said.
"Like the imposition of sanctions, removal of sanctions on persons, or delisting, is a tool to realize U.S. foreign policy goals," the official said, adding that the goal of sanctions was not to punish but "to bring about a positive change in behavior" that is in the U.S. national interest.
Mikhail Zadornov's Career and Background
Zadornov, a former Parliament budget chairman and veteran of several Russian governments, served as the country's finance minister from 1997 to 1999, before moving to head VTB24, the retail arm of Russia's second largest bank VTB.
He then served as chief executive of Russia's Otkritie Bank from 2018 to 2022, managing its recovery after a rescue by the Central Bank of Russia, which was acquired by VTB at the end of 2022.
(Reporting by Andrea Shalal and Ryan Jones, editing by Michelle Nichols)
Key Takeaways
- •Mikhail Mikhaylovich Zadornov, longtime chairman of Otkritie Bank’s board and former Russian finance minister, had been on sanctions lists since 2022 for ties to Kremlin-linked financial institutions (ofac.treasury.gov).
- •The delisting on April 3, 2026, does not signal a relaxation of U.S. sanctions on Russia generally, according to U.S. officials (themoscowtimes.com).
- •Previously sanctioned by the UK and extensively across Western jurisdictions, Zadornov’s removal appears case-specific rather than indicative of broader sanctions relief (sanctions.lursoft.lv)
References
Frequently Asked Questions about US removes Russian national Mikhail Zadornov from sanctions list
1Who was removed from the US sanctions list?
Russian citizen Mikhail Zadornov was removed from the US sanctions list.
2Which government agency announced the sanctions removal?
The US Treasury Department announced the removal.
3Does this delisting signal a change in US policy on Russian sanctions?
No, US officials said the delisting does not reflect a broader change in American sanctions policy toward Russia.
4When did the US remove Mikhail Zadornov from sanctions?
The removal was reported on April 3.
