Russian faces EU and US sanctions following Ukraine crisis

The sanctions landscape against Russia has changed dramatically over the course of the past month. Most recently, on 17 March 2014, pursuant to EU Regulation No 269/2014, all funds belonging to or controlled by 33 Russian persons listed in Annex I to the EU Regulation were frozen. In addition, on 17 March, the US issued Executive Order 13661, pursuant to which sanctions against 27 Russian individuals and Bank Rossiya have now been authorised. The US also issued Executive Order 13662 on 20 March 2014, which provides the jurisdiction to impose sanctions on persons (and those assisting them) operating in specific economic sectors in Russia.

The continuing development of sanctions against Russian individuals (and potentially incorporated entities) is likely and will, as a result, have an impact on those engaged in business with Russian counterparties.

In a situation where you participate in a joint business activity/own or control assets jointly with a person sanctioned by US authorities, and jointly owned assets are frozen in an EU bank account, what action can you take? …

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