Update on Economic Sanctions Triggered in Reaction to the Crisis in Ukraine

On March 17, the European Union and United States took further actions with respect to the Ukraine situation, as follows:

European Union
The European Union (EU) Council imposed sanctions on 21 individuals in Russia and Ukraine, consisting of a visa ban and a freeze on assets owned or controlled by such persons, with certain limited exceptions.

United States
The United States designated 11 individuals in Russia and Ukraine as subject to sanctions, including visa bans and asset blocking. By executive order, President Obama also authorized the Secretary of the Treasury to impose further sanctions on certain Russian government officials, “any individual or entity that operates in the Russian arms industry,” and individuals or entities to be designated who “act on behalf of” or provide “material or other support to” senior Russian government officials.

The above-referenced documents may be found at:

EU:  http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2014:078:FULL:EN:PDF

United States:  http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/pages/20140317.aspx

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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