US extends sanctions to three Russian banks, a shipbuilding company and exports of energy sector items to Russia; EU announces similar measures.

Additional OFAC Designations -

On July 29, 2014, the U.S. Department of the Treasury added three Russian banks — Bank of Moscow, Russian Agricultural Bank and VTB Bank OAO — to the Sectoral Sanctions Identifications List (SSI) that the Office of Foreign Assets Control (OFAC) first announced on July 16. Implemented under Executive Order 13662, these “sectoral” sanctions prohibit US persons from transacting in, providing financing for, or dealing in new debt of longer than 90 days maturity or new equity for these financial institutions. As we reported in our July 18 client alert, these restrictions also apply to entities that are owned 50 percent or more by entities on the SSI List. OFAC’s Frequently Asked Questions provide additional guidance regarding the sectoral sanctions.