We refer to our prior circulars regarding sanctions imposed on Russia pursuant to the escalation of the conflict in Ukraine.
We confirm the following updates:
The US has announced sanctions against Russia’s two largest banks (Sberbank and VTB Bank) and almost 90 financial institution subsidiaries. OFAC has expanded Russia related debt and equity restrictions and now prohibit transactions and dealings by US persons or within the US in new debt of longer than 14 days maturity and new equity.
For further information we refer to the press release of the US Department of the Treasury.
On 24 February the UK sanctioned additional companies and financial institutions restricting access UK finance markets. New restrictions on trade and export controls against Russia’s hi-tech and strategic industries were announced and Russia’s national airline Aeroflot has been banned from UK airspace.
On 24th February the EU agreed to further sanctions against Russia that target – (a) the financial sector (b) the energy and transport sectors (c) dual-use goods (d) export control and export financing (e) visa policy (f) additional sanctions against Russian individuals. The sanctions include:
- Financial sanctions, targeting 70% of the Russian banking market and key state owned companies,
- Sanctions targeting the energy sector including an export ban directed at the oil sector
- A ban on the sale of aircrafts and equipment to Russian airlines
- Restrictions on Russia’s access to crucial technology, such as semiconductors or cutting-edge software
For further information we refer to the website of the European Commission.