Effective Tuesday, July 29, 2014, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced an expansion of sanctions related to the crisis in Ukraine by designating a Russian shipbuilding company as a “Specially Designated National” (“SDN”) and by adding three Russian banks to the list of entities subject to OFAC’s sectoral sanctions targeting parties operating in certain sectors of the Russian economy. On the same day, the US Commerce Department’s Bureau of Industry…