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)”.


Hanna Shtepa is a Counsel heading the International Commercial & Trade (ICT) practice in the Kyiv office of Baker McKenzie. The practice is ranked Tier 1 by Legal 500 EMEA. She specializes in international trade restrictions, economic sanctions and export controls compliance, structuring international supplies of goods and services, anti-dumping investigations, public procurement regulations, trade and general compliance, legal regime and restrictions related to temporary occupied territories and business operations during the military state. She also has extensive experience in project finance, focusing on renewable and conventional energy, financial restructuring, sovereign and municipal finance, nuclear liability. Hanna is ranked as Next Generation Partner for International Trade and Energy and recommended as a Rising Star in Banking, Finance and Capital Markets by Legal 500 EMEA 2020-2022. Ms. Shtepa holds her LL.M. in International Commercial Arbitration Law from the Stockholm University, Stockholm, Sweden.