New sectoral sanctions and new SDNs: US expands Ukraine-related sanctions
On 16 July 2014, the US Treasury Department’s Office of Foreign Assets Control (OFAC) unveiled new Ukraine-related sanctions. As a result of these sanctions, five individuals and 11 entities were added to OFAC’s list of specially designated nationals and blocked persons (the ‘SDN list’). US persons are prohibited from engaging in or facilitating virtually any commerce with any person on the SDN list, absent OFAC licensure.
In a significant expansion of the Ukraine-related sanctions, OFAC also established a new sectoral sanctions identification (SSI) list, and designated two major Russian banks and two large energy companies for immediate inclusion. US persons may not provide debt financing longer than 90 days to any person on the SSI list; and in the case of the two banks, US persons are also prohibited from providing them with new equity. Unlike the SDN list, however, US persons generally remain able to conduct business with persons on the SSI list, and the entities’ assets under US jurisdiction remain unblocked.
The new SSI list is significant for several reasons, including: the four entities added to the SSI list are among Russia’s largest financial and energy enterprises — banks Gazprombank and VEB (formerly Vneshecononombank) and petroleum companies Rosneft and Novatek; and this is the first time that the US has imposed ‘Ukraine-related’ sanctions on Russian firms that do not have a clear expressed link to the ongoing events in Ukraine and Crimea…
Click on the link below to read the rest of the Dentons briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Dentons
News from The Lawyer
Briefings from Dentons
Governments’ efforts to curb what they perceive to be aggressive international tax planning is leading many multinational companies to question their tax advice.
The South African government has intends to move away from bilateral investment treaties (BITs), and to protect foreign investors by means of national legislation instead.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive