Further to our blog post yesterday, the EU has today designated a further 15 individuals in connection with the crisis in Ukraine, further to Council Implementing Regulation (EU) No 433/2014 (the “Regulation”). These individuals are now subject to asset freezes and travel ban. The list focuses on Russian and Ukrainian military and political figures, including key persons involved in the integration of Crimea into Russia, those responsible for the activity of Russian intelligence in Eastern Ukraine and leaders of…
1. New SDNs On Monday, 28 April, 2014, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced its fourth group of “Specially Designated Nationals” (“SDNs”) related to the crisis in Ukraine and added 17 entities and 7 individuals in Russia to the US SDN List pursuant to Executive Order 13661. “U.S. Persons” are now prohibited from dealing (directly or indirectly) with these SDNs and any entities 50% or more owned by…
In a brief statement released on Monday, the UK Serious Fraud Office (SFO) announced that it had opened a criminal investigation in relation to potential money laundering in the UK by those related to recent events in the Ukraine. As part of this, the SFO secured a freezing order under the Proceeds of Crime Act for approximately $23 million of assets located in the UK, which are believed to be directly or indirectly owned by…
With effect from 27 April 2014, the Law of Ukraine “On Ensuring Rights and Freedoms of Citizens and the Legal Regime in the Temporarily Occupied Territory of Ukraine” dated 15 April 2014 (the “Law”) entered into force. This Law sets out provisions governing the current legal regime in Crimea and the city of Sevastopol (together “Crimea”). We provide a summary of the key provisions of the Law with regard to business activities in Crimea in…