Under Secretary of the US Treasury for Terrorism and Financial Intelligence, Brian E. Nelson will discuss US sanctions on Russia for its war with Ukraine and the price cap on Russian oil with the private sector in India during his ongoing visit to India this week.

“In Mumbai, Under Secretary Nelson will meet with the private sector to discuss Treasury’s continued work to enforce sanctions on Russia for its brutal war against Ukraine as well as the price cap on Russian oil. He will also solicit their perspectives on managing illicit finance risks and their experience in implementing India’s beneficial ownership laws,” per a statement issued by the US Department of the Treasury. 

During his five-day visit (December 11-15), Nelson will meet with government officials in New Delhi to discuss the Treasury’s commitment to working with India to further secure the international financial system from abuse by illicit actors, the statement noted. 

“He will discuss opportunities to work together to cut off sanctions evasion and address terrorist financing, including disrupting the ability of terrorist groups to leverage the international financial system to raise and move funds,” it added. 

Several Western nations, including the US, have announced economic sanctions against Russia and imposed a price cap on its oil to limit the flow of revenue to the country. Still, India has been managing to continue its high imports of Russian crude. 

The Under Secretary will also chair a re-established US - India AML/CFT Working Group meeting, where participants will discuss virtual assets, sanctions implementation, financial inclusion, and beneficial ownership implementation. Ahead of the January 1 launch of the US beneficial ownership registry, the Under Secretary will seek insights from Indian counterparts on their experiences over the past six years launching and operating their domestic registry, the statement added.

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