Client Alert: The United States Further Increases Ukraine-Related Sanctions and Implements the Russian Oil Industry Sanctions Program

As the political unrest in Ukraine escalates, the United States has recently expanded sanctions targeting Russian and Ukrainian parties alleged to be involved in the unrest in Ukraine, as follows:  

•     The US Treasury Department’s Office of Foreign Assets Control (“OFAC”) has announced new sectoral sanctions targeting Russia’s financial services and energy sectors. 
 
•     OFAC has added parties to its Specially Designated Nationals (“SDN”) and Blocked Persons List. 
 
•     The US Department of Commerce has added several more entities to the Entity List, added licensing requirements and restricted its licensing review policies pursuant to the Export Administration Regulations (“EAR”).

These measures expand upon US sanctions and export control restrictions imposed on Russian and Ukrainian parties described in our client alerts of 7 March 2014 (available here), 18 March 2014 (available here), 24 March 2014 (available here), 2 May 2014 (available here), and 19 May 2014 (available here).

Click here to read the full client alert.