US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them on a new Sectoral Sanctions Identifications List (SSI List) pursuant to Executive Order 13662 (EO 13662), which was signed on March 20, 2014. The United States also added new individuals and entities to the List of Specially Designated Nationals and Blocked Persons (SDN List). Both lists are administered by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). Finally, the United States imposed further export control restrictions on exports to certain Russian entities.

The New SSI List -

The SSI List includes persons (individuals or entities) determined by OFAC to be operating in the financial services and energy sectors of the Russian economy previously identified in EO 13662. EO 13662 targeted sectors of the Russian economy including financial services, energy, metals and mining, engineering, and defense and related material.

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