On 14 May 2018, the President of Ukraine enacted a decision of the Ukrainian National Security and Defense Council (the “NSDC“) imposing new and extending existing sanctions against certain Russian companies and individuals (the “Decision“).[1]

The Decision has not been officially published and the full list of new sanctions is not yet publicly available.

Earlier the President of Ukraine announced that the new sanctions will be harmonized with the US sanctions, including the sanctions placed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 6 April 2018 against Oleg Deripaska. The new set of sanctions would target persons doing business in the Crimea and supplying weapons to Russia.

We will provide a summary of the new sanctions once the Decision is officially published.

[1] Decree of the President of Ukraine No. 126/2018 from 14 May 2018 enacting the NSDC’s Resolution dated 2 May 2018 “On Imposition and Cancellation of Personal Special Economic and Other Restrictive Measures (Sanctions)”.

Author

Hanna Shtepa is a Senior Associate of the Kyiv office of Baker McKenzie specializing in economic sanctions, export controls, international supplies of goods and services, public procurement regulations. She has significant experience on advising clients on supplies to Ukraine, participation in Ukrainian public procurement tenders, special regime of trade and business activities in the Crimea and uncontrolled territories in the East of Ukraine, Ukrainian sanctions restrictions against Russia. Hanna is experienced in drafting and negotiation of supply contracts, including procurement contracts for public needs, trade compliance policies and trade finance agreements. Hanna held a number of training and presentations for Ukrainian banks and corporate clients on compliance with Ukrainian sanctions and special trade regimes with the Crimea and uncontrolled territories in the East of Ukraine. She is one of the contributors to Baker McKenzie sanctions blog.