United States Issues Further Sanctions Targeting Russian Financial, Defense and Energy Sectors

On July 29, 2014, the United States expanded sectoral sanctions, targeting the Russian financial, defense and energy sectors in response to the ongoing unrest in Ukraine. The new sanctions include the addition of three Russian financial institutions to the Sectoral Sanctions Identifications List (SSI List) pursuant to Executive Order 13662 (EO 13662). The United States also added an entity operating in Russia’s defense sector to the List of Specially Designated Nationals and Blocked Persons (SDN List) pursuant to Executive Order 13661 (EO 13661). Both lists are administered by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The United States additionally imposed further export control restrictions on exports intended for Russian energy projects. Finally, the United States announced the suspension of US export credit and financing for development projects in Russia.

New Additions to the SSI List -

Three additional Russian banks were identified on the SSI List.

The SSI List currently includes persons (individuals or entities) determined by OFAC to be operating in the financial services and energy sectors of the Russian economy identified in EO 13662, which was signed on March 20, 2014. EO 13662 targeted sectors of the Russian economy including financial services, energy, metals and mining, engineering, and defense and related materiel.

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