On March 20, 2014, President Obama issued a new Executive Order expanding sanctions against Russian officials and other entities involved in Moscow’s recent annexation of Crimea. Building on previous orders, the measure authorizes asset freezes, travel bans, and other punitive measures targeting parties that threaten Ukraine’s sovereignty and territory. These measures raise new regulatory and commercial risks. With European Union (EU) leaders convening in Brussels to coordinate their own response, and with other countries, such as Canada and Australia, also imposing sanctions, U.S., European, and multinational companies that do business in or with Russia, or with Russian persons, should take appropriate steps to minimize their sanctions risk.