News Story

Russia/Ukraine: Additional U.S. and EU Sanctions as of 7/31/2014

Thursday, July 31, 2014

United States

On July 29, the U.S. Department of the Treasury added three additional Russian financial institutions to the list of entities subject to sectoral sanctions under Executive Order 13662. U.S. persons are prohibited from involvement with new debt (with maturity more than 90 days) or new equity financing for these entities.

In addition to the new sanctions from the Treasury Department, the U.S. Department of Commerce’s Bureau of Industry and Security announced on July 29 that it will institute a policy denying export, reexport, or foreign transfer of certain items for use in Russia's energy sector that may be used for exploration or production from deepwater, Arctic offshore, or shale projects that have the potential to produce oil. As of July 30, the Commerce Department has not published regulatory changes that implement this policy, and it is not clear, at this time, which “items” or technology are impacted by this export license denial policy.

European Union

On July 29, the EU announced further sanctions.

Details of the new EU sanctions will be published in the EU Official Journal on July 31 and will apply from August 1.