Russian Invasion of Ukraine

This page was created to provide announcements, alerts and guidance affecting the banking sector as a result of Russia's invasion of Ukraine. This includes but is not limited to updates on potential cyber threats, sanctions announcements from the federal government and other relevant information to ABA member institutions.

U.S. Department of the Treasury, Office of Critical Infrastructure Protection and Compliance Policy

Indicator Notice 22070.1 – Indicators of Compromise for WhisperGate Malware (Mar. 11, 2022) (members-only)
Circular 87 – Gamaredon Acquires Cerberus Banking Trojan (Mar. 9, 2022) (members-only)
Indicator Notice 22068 – IOCs for Russian Cyber Actors (Mar. 9, 2022) (members-only)
Indicator Notice 22055.1 – APT Actor Attempts Scanning and Exploitation of Ukrainian Targets (Feb. 24, 2022) (members-only)

Government Resources

FinCEN Advisory on Kleptocracy and Foreign Public Corruption (April 14, 2022)
CISA Cyber Hygiene Services
CISA: Vulnerability Snapshot February 2022: Financial Services Sector (Mar. 2022) (members-only)
FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts (Mar. 7, 2022)
CISA and FBI Advisory: Destructive Malware Targeting Organizations in Ukraine (Feb. 28, 2022)
Shields Up Advisory
Shields Up: 5 Urgent Cybersecurity Actions for Executives (Feb. 25, 2022)
Shields Up Technical Guidance
Preparing for and Mitigating Foreign Influence Operations Targeting Critical Infrastructure (Feb. 2022)

Office of Foreign Assets Control – Financial Sanctions

White House Announcements

Statement by President Biden on our Nation’s Cybersecurity (Mar. 21, 2022)
FACT SHEET: Act Now to Protect Against Potential Cyberattacks (Mar. 21, 2022)
Joint Statement on Further Restrictive Economic Measures (Feb. 26, 2022)
FACT SHEET: Joined by Allies and Partners, the United States Imposes Devastating Costs on Russia (Feb. 24, 2022)
Statement by Press Secretary Jen Psaki on President Biden’s Meeting with G7 Leaders (Feb. 24, 2022)
Statement by President Biden on Russia’s Unprovoked and Unjustified Attack on Ukraine (Feb. 23, 2022)
Fact Sheet: United States Imposes First Tranche of Swift and Severe Costs on Russia (Feb. 22, 2022)
FACT SHEET: Executive Order to Impose Costs for President Putin’s Action to Recognize So-Called Donetsk and Luhansk People’s Republics (Feb. 21, 2022)

Analysis on Sanctions and the Russian Invasion of Ukraine

Comment Letter
Letter to OFAC on the Amendment of the Reporting, Procedures and Penalties Regulations
June 7, 2024
We urge OFAC to establish a deadline by which OFAC will respond to compliance release requests, such as 30 days from the electronic request. We further encourage OFAC to publish FAQs related to the new compliance release procedure to clarify the nature of the mistakes eligible for streamlined relief.
Staff Analysis
Russian Sanctions
September 6, 2022
Over the last several days, the United States has imposed a series of sanctions against Russia as a result of the Russian invasion of Ukraine. In an unprecedented show of unity, these sanctions have been closely coordinated with the European Union, t...
Staff Analysis
Bank Economists’ Discussion: Impact of Russo-Ukrainian War on the U.S. Economic Outlook
March 9, 2022
On March 3, economists from major banks across North America met to talk about how the Russia's invasion of Ukraine will affect the U.S. economy.