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Norway – Ukraine sanctions revised

By 4 Mins Read

On 10 October 2014, the Norwegian Government law site Lovdata published FOR 2014-10-10-1278: Regulation amending the Regulation on restrictive measures concerning actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, independence and stability a Royal Decree put forward by the Ministry of Foreign Affairs.The Decree amends Regulation № 1076 of 15 august 2014 on restrictive measures concerning actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, independence and stability. In Regulation of 15 August 2014 No.…

Canada – Amendments to the Special Economic Measures (Russia) Regs.

By 3 Mins Read

On October 8, 2014, the Canada Gazette published Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2014, Sept. 16, 2014). The Regulations add four entities and five individuals to the list of designated persons under Schedule 1 of the Russia Regulations. Any person in Canada and any Canadian outside Can¬ada are prohibited from • dealing in any property, wherever situated, held by or on behalf of a designated person whose name is listed in Schedule 1;…

US – OFAC issues Ukraine General License 3

By 1 Min Read

On October 6, 2014, the Office of Foreign Assets Control (OFAC) issued Ukraine General License No. 3. “Authorizing Transactions Involving Certain Entities Otherwise Prohibited by Directive 1 under Executive Order 13662.” The General License authorizes all transactions prohibited by Directive 1 under Executive Order 13662 for DenizBank A.Ş., or any entity in which such a financial institution owns, directly or indirectly, a 50 percent or greater interest. The general license does not authorize otherwise…

Client Alert: US Government Further Increases Ukraine-Related Sanctions & Export Controls Targeting Russian Energy, Financial, and Defense Sectors

By 2 Mins Read

As the political unrest in Ukraine continues, the US Government recently expanded sanctions and export controls targeting the Russian energy, financial, and defense sectors, as follows: • On September 12, 2014, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) (i) designated five Russian defense companies as Specially Designated Nationals (“SDNs”) and (ii) broadened the scope of US “sectoral” sanctions under Executive Order 13662 to cover the Russian defense sector and additional parties and…

Ukraine – NBU limits foreign currency transactions but eases compulsory sale rules

By 2 Mins Read

With effect from 23 September 2014, the National Bank of Ukraine (NBU) introduced a number of additional contingency measures related to certain foreign trade and investment transactions and, at the same time, relaxed previously introduced rules on the mandatory sale of foreign currency proceeds. The NBU has prohibited the following transactions in foreign currency: • payments in import transactions for goods that are not actually delivered to Ukraine;• payments under import contracts if the goods under…

Ukraine – Parliament ratifies EU Association Agreement

By 2 Mins Read

On 16 September 2014, the Verkhovna Rada (Ukraine’s Parliament) ratified the EU-Ukraine Association Agreement at the same time that the EU Parliament approved the historic agreement. The two Parliaments had coordinated their votes which were televised. The vote was 355 in favour of passage, although only 226 were needed. The Parliamentary news report states: Chairperson of the Verkhovna Rada read out the text of the resolution on the Statement of the Verkhovna Rada of Ukraine…

EU ratifies the Association Agreement with Ukraine

By 3 Mins Read

On 16 September 2014, the EU Parliament announced that The European Parliament gave its consent to the EU-Ukraine Association Agreement, which includes a Deep and Comprehensive Free Trade Agreement (DCFTA), on Tuesday in Strasbourg. At the same time, the Agreement was also ratified by the Ukrainian Parliament in Kiev. The deal will establish a deep political association and economic integration between the EU and Ukraine and provide for mutual free market access. Members of the…

EU agrees to postpone provisional application of the trade part of the Association Agreement with Ukraine

By 2 Mins Read

On 16 September 2014, the European Commission announced that the EU agreed to postpone provisional application of the trade part of the Association Agreement with Ukraine. The European Commissioner for Trade Karel De Gucht, Minister of Foreign Affairs of Ukraine Klimkin and Minister of Economic Development of the Russian Federation Ulyukayev issued a Joint Statement on 12 September on the implementation of the EU-Ukraine Association Agreement/Deep and Comprehensive Free Trade Area (DCFTA) which was ratified by…

US – BIS adds Russia sanctions persons to Entity List

By 2 Mins Read

On September 17, 2014, the Bureau of Industry and Security (BIS) published in the Federal Register a final rule [Docket No. 1408114668–4758–01] that amends the Export Administration Regulations (EAR) to impose additional sanctions implementing U.S. policy toward Russia. Specifically, in this rule, BIS amends the EAR by adding ten entries to the Entity List. The persons who are added to the Entity List have been determined by the U.S. Government to be acting contrary to…

UK amends Ukraine sanctions

By 3 Mins Read

On 15 September 2014, the Legislation.gov.uk website posted SI 2014/2445 – The Ukraine (European Union Financial Sanctions) (No.3) (Amendment) Regulations 2014 which amend the Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014 (S.I. 2014/2054) (“the 2014 Regulations”). The 2014 Regulations make provision relating to the enforcement of Council Regulation (EU) No. 833/2014 dated 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (“the first Council Regulation”).The first Council Regulation has been…