Following an intense week of diplomatic negotiations, on July 29, the European Union and United States jointly announced a new round of economic sanctions targeting certain sectors of the Russian economy. The development comes after the US Department of the Treasury adopted a new “Sectoral Sanctions Identification List” (SSI List) on July 16 pursuant to existing legal authorities, but marks the first time that the EU 28-member bloc agreed to a package of restrictive measures targeting key sectors of the Russian economy. The legal impact of these expanding and overlapping sanctions regimes differ in both their underlying statutory authorities and policy goals and require careful examination by global financial institutions and businesses.

European Union Extends Sanctions Package against Russia -

In consequence of the continuing instability of the situation in Ukraine, on July 29, the EU reached agreement on additional restrictive measures against Russia. The newly announced restrictions are the most wide-ranging to date and extend to measures that target Russia’s access to EU capital markets, the import and export of items for military use, and adding to the existing list of sanctioned individuals and entities subject to asset freezes and travel bans...

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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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