Russia/Ukraine: Additions to the United States Sectoral Sanctions Identifications and Specially Designated Nationals Lists

On July 16, the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury announced certain additions to the Sectoral Sanctions Identifications List pursuant to Executive Order 13662, which relates to the Ukraine/Crimea situation.

In brief summary, this action prohibits U.S. persons or anyone “within the United States” from transacting in, providing financing for, or otherwise dealing in the following:

• New debt of longer than 90 days of maturity or new equity for Gazprombank or VEB (Vnesheconombank), two prominent Russian financial institutions
• New debt of longer than 90 days of maturity for Novatek or Rosneft, two major Russian energy companies

The ban also extends to financings for these entities’ “property or interests in property.”

In addition, U.S. authorities have added a number of additional persons and entities in Russia to the Specially Designated Nationals List, which bans all dealings with such persons. Read more on the SDN list >>