On 23 October 2025, the European Union (EU) adopted its 19th package of sanctions against Russia, imposing asset freeze restrictions against 64 individuals and entities, and introducing extensive sectoral sanctions to put...more
On October 22, 2025, President Trump imposed new sanctions targeting Russia’s oil and gas sector in response to a “lack of serious commitment to a peace process to end the war in Ukraine.” This is the first major escalation...more
In response to Russia’s unprovoked invasions of Ukraine in March 2014 and February 2022, the Department of Treasury implemented various sanctions on Russian entities....more
On October 22, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant new sanctions for Russia’s energy sector, designating Rosneft Oil Company (Rosneft) and Lukoil OAO...more
The EU’s 19th “package” of sanctions prohibits the import of Russian liquefied natural gas, while the UK places “asset freeze” sanctions on Rosneft and Lukoil....more
On New Year’s Eve, a federal court relieved ExxonMobil of a $2 million fine levied against the company by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). OFAC imposed the penalty against Exxon for...more
Today, under its Venezuela sanctions authorities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Rosneft Trading S.A. (RTSA), the trading arm of Russian energy company Rosneft Oil...more
In an interesting end of year decision, issued on December 31, 2019, a District Court in Dallas issued a rejected OFAC’s enforcement action against Exxon Corporation imposing a $2 million penalty for violation of the Russia...more
• $2 million penalty against Exxon overturned • Court concluded that OFAC failed to provide clear notice of violative conduct • Companies are at risk when acting in context of ambiguous agency guidance At the end of...more
In a bizarre enforcement action, The Treasury Department’s Office of Foreign Asset Control (“OFAC”) assessed a $2 million civil monetary penalty against ExxonMobil (“Exxon”) for violations of the Ukraine sanctions....more
On February 17, 2015, the Government of Canada announced a new round of sanctions against Russian and Ukrainian individuals and entities, including leading Russian oil firm NK Rosneft OAO....more
The United States, Canada and the European Union have designated a number of additional officials and companies as the unrest continues in eastern Ukraine. The United States also imposed sanctions on the head of Russian...more
The European Commission (“Commission”) has approved without conditions Rosneft’s US$ 54.8 billion acquisition of TNK-BP. The Commission’s 8 March approval came two months after the Russian Federal Antimonopoly Service (“FAS”)...more
The Russian Federal Antimonopoly Service (“FAS”) has cleared Rosneft’s US$ 55 billion acquisition of TNK-BP, subject to divestments and conduct remedies. The deal will reduce the number of major oil companies in Russia from...more