Further EU and US sanctions
The EU and US have extended their respective sanctions measures against Russia and Ukraine in response to continuing unrest in certain areas of Ukraine, citing a failure by Russia and Ukrainian separatists to abide by the terms of the Geneva Joint Statement (issued by Russia, Ukraine, the EU and US) following talks held in Geneva on 17 April 2014, aimed at de-escalating the situation in Ukraine.
On 28 April 2014 the US announced the designation of 7 Russian government officials, including members of President Putin's inner circle, and 17 entities pursuant to Executive Order 13661. E.O. 13661 authorises sanctions on, amongst others, officials of the Russian Government and any individual or entity that is owned or controlled by, that has acted for or on behalf of, or that has provided material or other support to, a senior Russian government official.
Newly designated individuals include Dmitry Kozak, Deputy Prime Minister of the Russian Federation, and Igor Sechin, President and Chairman of the Management Board of Rosneft.
The entities newly designated by the US include companies engaged in gas and oil transportation, construction companies involved in oil, gas and petrochemical projects, and banks associated with Bank Rossiya which itself was designated on March 20, 2014 pursuant to E.O. 13661 for acting for or on behalf of or materially assisting, sponsoring, or providing financial, material, or technological support for, or goods and services to or in support of, a senior official of the Government of the Russian Federation.
The US Departments of Commerce and State have concurrently announced a tightened policy to deny licence applications for the export of high-technology items that could contribute to Russia’s military capabilities.
With effect from 29 April 2014, the EU has amended Regulation 269/2014 to include the names of 15 additional individuals targeted for asset freeze and visa bans by the EU by reason of their involvement in activities which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.
The newly-designated individuals are:
- BELAVENTSEV, Oleg, Yevgenyvich
- BOLOTOV, Valeriy
- GENNADEVICH, Tsyplakov, Sergey
- GERASIMOV, Valery, Vasilevich
- KOVATIDI, Oleg, Fedorovna
- KOZAK, Dmitry, Nikolayevich
- MENYAILO, Sergei, Ivanovich
- NEVEROV, Sergei, Ivanovich
- PROKOPIV, German
- PURGIN, Andriy
- PUSHYLIN, Denys
- SAVELYEV, Oleg, Genrikhovich
- SERGUN, Igor, Dmitrievich
- SHVETSOVA, Ludmila, Ivanovna
- STRELKOV, Igor.
A total of 48 individuals are now sanctioned by the EU pursuant to EU Regulation 269/2014.
22 individuals are targeted for asset freeze under EU Regulation 208/2014 for the misappropriation of Ukrainian State funds and human rights abuses.
Broader US and EU sanctions targeting specific sectors of the Russian economy remain a possibility.
Copies of an associated HMT Financial Sanctions Notice and a White House press release commenting on these developments can be downloaded from the links set out below.