U.S. Announces New Sanctions on Russian Companies, Provides Guidance on Transactions Involving SSI Entities

29 July 2014
Download PDF

Key takeaways:

  • The US announced three Russian banks have been added to the Sectoral Sanctions Identification List, and United Shipbuilding Corporation, a state-owned defense company, is now subject to blocking sanctions.
  • OFAC published new Frequently Asked Questions discussing transactions by US persons with Russian companies on the Sectoral Sanctions Identification List.
  • Among other issues, the new guidance addresses depositary receipt programs, loan facilities and letters of credit, as well as issues involved in identifying newly-issued equity.