The US sanctions against Russia — in an evolving context, key points for business
By Ignacio E Sanchez, Thomas M deButts and Melanie Garcia
Starting in March of this year, the US imposed economic sanctions in response to Russian-led actions in Ukraine. Since March, responding to the deteriorating situation, US sanctions have continued to escalate. For companies with business relationships in or related to Russia, this alert provides a recap of the current US sanctions.
The president is empowered to impose sanctions via general statutes, primarily the International Emergency Economic Powers Act (IEEPA). Under IEEPA, the president declares a threat to the national security and foreign policy of the US and then orders sanctions whereby ‘US persons’ are prohibited from doing business with the specific named targets of the sanctions. Between 6 March 2014 and 20 March 2014, president Obama issued three executive orders imposing sanctions related to the Ukraine situation.
Pursuant to his powers under IEEPA, the president can identify persons or parties that are the target of sanctions and also delegates authority to the Treasury Department’s Office of Foreign Assets Control (OFAC) to administer the sanctions, promulgate regulations and add names to the list of targeted persons or entities. As a result, on 2 May 2014, OFAC published the Ukraine-Related Sanctions Regulations, 31 CFR Part 589…
Click on the link below to read the rest of the DLA Piper 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 DLA Piper
News from The Lawyer
Briefings from DLA Piper
A well-known British performing artist was granted permission to take his case to the Supreme Court, where he will appeal the Court of Appeal’s decision in OPO v MLA & STL.
The increased focus of national data protection authorities on the processing of personal data through mobile apps was again confirmed in an open letter from a group of data protection authorities.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.