Significant New Developments Regarding the U.S. and EU Ukraine-Related Sanctions and Export Controls
01 August 2014Sanctions and Export Controls Alert
Both the United States and the European Union have issued further sanctions measures related to the situation in Ukraine. In a more coordinated fashion, the U.S. and EU measures further target the Russian banking and energy sectors, as well as persons and entities contributing to the ongoing conflict. In particular, the EU has taken steps to expand its sanctions against Russia in a significant way, and those new EU measures are similar to the sectoral new debt and new equity restrictions introduced by the U.S. earlier in July. Neither the U.S. nor the EU has issued overarching territorial sanctions against the entirety of Russia or the Russian government, but companies should continue to review their activities in Russia and Ukraine or involving designated parties to ascertain what restrictions may apply. This update follows our 18 July 2014 update and provides additional information regarding sectoral Ukraine-related sanctions and other measures that have been imposed by the U.S. and EU.