On Wednesday, 16 July 2014, the Office of Foreign Assets Control in the US Treasury Department announced new sectoral sanctions targeting Russia’s financial services and energy sectors and a sixth group of “Specially Designated Nationals” related to the crisis in Ukraine with the designation of 11 entities and 5 individuals in Crimea and Russia. On the same day, the Bureau of Industry and Security in the US Commerce Department also announced plans to add the…

On Friday, 20 June 2014, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced its fifth group of “Specially Designated Nationals” (“SDNs”) related to the crisis in Ukraine and added seven individuals in Ukraine to the US SDN List pursuant to Executive Order 13660. “U.S. Persons” are now prohibited from dealing (directly or indirectly) with these SDNs and any entities owned 50% or more by any of these SDNs. “U.S. Persons”…

On Tuesday, 20 May 2014, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced its second group of “Specially Designated Nationals” (“SDNs”) related to the death of Russian lawyer Sergei Magnitsky and added 12 Russian individuals to the US SDN List pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 (“Magnitsky Act”). The first group of SDNs blocked pursuant to the Magnitsky Act was announced by OFAC on…

On Thursday, 8 May 2014, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department issued the Ukraine-related Sanctions Regulations, 31 C.F.R. Part 589 (“URSR”), to implement Executive Orders 13660, 13661, and 13662 (“the Orders”). The abbreviated nature of the URSR reflects OFAC’s stated purpose of providing immediate guidance to parties subject to the Orders. OFAC has noted that it intends to provide more comprehensive regulations with additional guidance at a later date.…