Ukraine has imposed sanctions against 388 individuals and 105 companies in connection with the crisis in Eastern Ukraine and Crimea.  The sanctions are introduced for a period of one year and were enacted on 16 September 2015 when the President of Ukraine enacted the decision of the National Security and Defense Council of Ukraine of 2 September 2015. What sanctions were introduced?  The Security Council introduced personal economic sanctions against specifically named individuals and legal…

On 12 September 2014, the Law of Ukraine “On Sanctions” dated 14 August 2014 (the “Sanctions Law”) became effective.  The Sanctions Law establishes the grounds and procedure for Ukraine imposing special economic and trade sanctions against foreign states, foreign legal entities and individuals involved in activities threatening the national security, sovereignty and territorial integrity of Ukraine or the constitutional rights and freedoms of its citizens. Who and What is Sanctioned? Sanctions may be introduced against foreign…

On 6 May 2014, the National Bank of Ukraine (the “NBU”) approved Resolution No. 260 “On Recalling and Cancellation of Banking Licenses and General Licenses for Carrying out Foreign Currency Operations of Certain Banks and Closing of Banks’ Branch Offices Located on the Territory of the Autonomous Republic of Crimea and the City of Sevastopol” (the “NBU Resolution”) prohibiting operation of Ukrainian banks in Crimea and Sevastopol. In particular, the NBU Resolution establishes the following…