1. New SDNs On Monday, 28 April, 2014, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced its fourth group of “Specially Designated Nationals” (“SDNs”) related to the crisis in Ukraine and added 17 entities and 7 individuals in Russia to the US SDN List pursuant to Executive Order 13661. “U.S. Persons” are now prohibited from dealing (directly or indirectly) with these SDNs and any entities 50% or more owned by…
Meeting in South Korea, leaders of the G7 (i.e., US, UK, Germany, Italy, France, Japan and Canada) have: Agreed to move swiftly to impose additional sanctions on Russia in order “to increase the costs of Russia’s actions”. Accused Russia of not taking any concrete actions in support of the Geneva accord. Condemned Russia’s illegal attempt to annex Crimea and Sevastopol, which the G7 does not recognize. Decided to “follow through on the full legal and…
The US has warned that if Russia fails to implement the terms agreed in Geneva last week, that further sanctions against Russia will be implemented. It has been reported that additional measures could be implemented in the next few days. On 17 April 2014, the EU, US, Ukraine and Russia held a meeting in Geneva to discuss resolving the crisis in Ukraine. Following the meeting, initial steps were agreed to restore security and de-escalate tensions…
On 16 April 2014, the Bureau of Industry and Security (“US BIS”) in the US Commerce Department formally added Chernomorneftegaz to the Entity List pursuant to the Export Administration Regulations (“EAR”). US BIS announced its intention to make this Entity List designation on 11 April, as reported in our previous blog post (http://www.bakermckenzie.com/sanctionsnews/blog.aspx?entry=1889). Chernomorneftegaz’s inclusion on the Entity List means that a US BIS licence will be required for the export, reexport or in-country transfer…