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White & Case Ukraine News Update

United States Tightens Sanctions Against Russian Financial, Defense, and Energy Sectors

White & Case Ukraine News Update

On September 12, 2014, the United States issued another round of targeted sanctions against the Russian financial, defense, and energy sectors, adding several entities to the Sectoral Sanctions Identifications List and the List of Specially Designated Nationals and Blocked Persons. The key provisions include:

Financial Services Sector Sanctions – Directive 1 has been modified to further restrict prohibited "new debt" with a maturity exceeding 30 days.

Defense Sector Sanctions – New Directive 3 prohibits "new debt" with a maturity exceeding 30 days issued by listed defense companies.

Energy Sector Sanctions – Directive 2 remains intact and contains what OFAC refers to as "technical and non-substantive" amendments. New Directive 4 prohibits the provision, exportation, or reexportation, directly or indirectly, of goods, services (except for financial services), or technology in support of exploration or production for certain Russian oil projects (deepwater, Arctic offshore, or shale projects).

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