On 15 March 2017, the President of Ukraine enacted the decision of the Ukrainian National Security and Defense Council (the “NSDC”) to impose sanctions on five Ukrainian banks with the capital of Russian state-owned banks: Sberbank PJSC; VS Bank PJSC; Prominvestbank PJSC; VTB Bank PJSC; and BM Bank PJSC (the “Sanctioned Banks”).1 The Sanctioned Banks are prohibited from transferring capital outside the territory of Ukraine in favour of any affiliated entities. Based on the current…
The Council of the European Union has announced today, on 13 March 2017, that the EU is formally extending their economic sanctions over actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine until 15 September 2017. According to the Council’s press release, the assessment of the situation does not justify a change in the sanctions regime. The Council removed two deceased persons from the list of persons and entities subject to these…
On September 10, 2016 the Russian Government issued Decree No. 897 extending its food embargo list to include salt and sea water classified under HS code 2501 00 (i.e., “Salt (including table salt and denatured salt) and pure sodium chloride, whether or not in aqueous solution, or containing added anti-caking or free flowing agents; sea water”). The limitation should come into force on November 1, 2016.
The European Council has today extended economic sanctions in Russia, targeting the financial, energy and defence sectors and dual-use goods, until 31 January 2017 on the grounds that the Minsk agreements are still not fully implemented. It is anticipated that the implementing legislation will be published in tomorrow’s version of the Official Journal.