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Sanctions Targeting Crimea

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Council Regulation (EU) No 1351/2014 (the “New Regulation”) enters into force today, 20 December 2014, and introduces substantial sanctions against Crimea and Sevastopol as the EU looks to reinforce that it does not recognise their annexation to Russia and to strengthen existing measures against them targeting trade and investment in Crimea and Sevastopol. The EU’s existing sanctions against Crimea and Sevastopol are set out in Council Regulation (EU) No 692/2014 (as amended). Previously, the EU’s…

Effective at 3:30 pm ET today, President Obama issued an Executive Order  that (i) imposes comprehensive sanctions on the Crimea region of Ukraine (“Crimea”), which has been occupied by Russia since March 2014, and (ii) provides the authority for blocking certain persons in connection with the situation in Crimea .  OFAC’s announcement is available here.  The Executive Order prohibits the following activities: New investment in Crimea by U.S. Persons (i.e., (i) entities organized under US…

The EU has just announced that additional sanctions against Crimea and Sevastopol have been approved to “reinforce the EU’s policy of not recognising their illegal annexation by Russia”. They will be published in the Official Journal tomorrow and take effect from 20 December. The press release states that from 20 December: 1. Investment in Crimea and Sevastopol will be prohibited. Europeans and EU-based companies will be prevented from buying real estate or entities in Crimea,…

Those using ATA Carnets, including freight agents, originating from Ukraine should be aware that the ATA Carnets issued by the Chambers of Commerce for Crimea and Sevastopol are no longer accepted in the EU. HM Revenue & Customs, the UK Customs authority, published Customs Information Paper (14) 74 today announcing this development. For ease of reference, ATA Carnets originating in Crimea and Sevastopol will start with the reference numbers UA / 13 and UA /…