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Focus on Regulation

Ukraine and Russia Sanctions Developments

In response to the continuing crisis in Ukraine, the United States on 28 April 2014 has imposed new broad sanctions and export control restrictions, affecting both U.S. and non-U.S. companies. The sanctions measures target seven Russian government officials and 17 companies (including several banks) linked to members of what the U.S. Treasury Department described as Russian President Vladimir Putin’s “inner circle.” In addition to adding them to the U.S. Office of Foreign Assets Control (OFAC) specially designated nationals list (SDN List), the U.S. government named 13 of the companies to the U.S. Commerce Department’s entity list (Entity List). Furthermore, the U.S. government previously had imposed a suspension on export license applications filed with the Commerce and State departments and has now decided to take action to deny export license applications and revoke export licenses for high technology items that would contribute to Russia’s military capabilities.

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