Updated: Department of Treasury Further Expands Sanctions Against Russia | Practical Law

Updated: Department of Treasury Further Expands Sanctions Against Russia | Practical Law

The Department of Treasury has expanded sanctions against Russia, further implementing three Executive Orders related to the conflict in Ukraine.

Updated: Department of Treasury Further Expands Sanctions Against Russia

Practical Law Legal Update 2-575-0066 (Approx. 5 pages)

Updated: Department of Treasury Further Expands Sanctions Against Russia

by Practical Law Commercial
Published on 07 Aug 2014 • USA (National/Federal)
The Department of Treasury has expanded sanctions against Russia, further implementing three Executive Orders related to the conflict in Ukraine.
On July 16, 2014 the Department of Treasury announced it was expanding the sanctions against Russia, further implementing the following three Executive Orders related to the conflict in Ukraine:
The additional sanctions include the Department of Treasury prohibiting US persons from:
  • Providing new financing to the following Russian institutions, by adding them to the Sectorial Sanctions List:
    • Gazprombank OAO, a financial institution;
    • VEB, a financial institution;
    • OAO Novatek, an energy firm; and
    • Rosneft, an energy firm.
  • Dealing, either directly or indirectly, with the following persons and entities, by adding them to the Specially Designated National and Blocked Persons List:
    • eight Russian arms firms;
    • Feodosiya Enterprises, a shipping facility in the Crimean peninsula;
    • the "Luhansk People's Republic" and the "Donetsk People's Republic," which have asserted governmental authority over parts of Ukraine without authorization;
    • Aleksandr Borodai, the self-declared "prime minister" of the Donetsk People's Republic; and
    • four Russian government officials.
For more information on the underlying sanctions that were expanded, see:
For information on the suspension of Russian import and export licenses by the BIS and the US Department of State's Directorate of Defense Trade Controls, see Legal Update, US Agencies Suspend Russian Export and Reexport Licenses.

Update

On August 7, 2014, the Department of Treasury's Office of Foreign Assets Control (OFAC) published a notice in the Federal Register related to Executive Order 13660 and Executive Order 13661.
Under the notice, OFAC is publishing the names of:
  • Eighteen individuals and one entity whose property and interests in property have been blocked pursuant to Executive Order 13660.
  • Twenty-seven individuals and eighteen entities whose property and interests in property have been blocked pursuant to Executive Order 13661.