In March and May 2014, the Australian Government announced it would impose targeted financial sanctions and travel bans against particular individuals and entities in Russia and Ukraine. A link to our previous blog post on this is here.
On 19 June 2014 the list of designated persons and entities was updated to include a Ukraine List. Some 50 individuals and 11 entities have been named in the Ukraine List, which can be viewed here. As the list reflects, a range of individuals and entities in the political, financial, resource and industrial sectors are caught by the Ukraine sanctions. Australian businesses with overseas interests should be cognisant of these developments, particularly if they have or may have dealings involving people or businesses from Russia or Ukraine.
All the individuals and entities are currently on either the EU’s Designated Persons list or the US Specially Designated Nationals list relating to Ukraine.
Australian businesses operating within other jurisdictions need to be aware of the sanctions laws applying in those jurisdictions, and whether those laws apply to their business activities.
