Orrick Monitoring Ukraine and Russia Sanctions

March.06.2014

The United States and the EU have issued sanctions to address recent events in Ukraine. 

Orrick’s International Trade and Compliance Group is following these developments closely and will soon release client advisories on this topic.

A U.S. executive order contemplates that the U.S. Administration will designate persons to be “blocked” and to be banned from entry into the United States.  Blocking will freeze designated persons’ assets in the United States and generally forbid U.S. persons to engage in transactions in which any blocked person has a direct or indirect interest.

The Administration has yet to designate any person under the executive order.  We would expect designations to emerge in short order.

An EU Council regulation blocks former Ukrainian President Viktor Yanukovich, former Prime Minister Mykola Azarov, and 16 other senior Ukrainian officials suspected of misusing state funds and violating human rights.  EU assets of these persons are frozen and dealings with these persons by EU persons are generally forbidden.

For questions or comments about these actions, please contact Harry Clark at 202.339.8499 or [email protected].