Navigating OFAC Ukraine-Related Sanctions: Meeting the Latest U.S. and EU Sanctions Requirements

Recording of a 90-minute CLE webinar with Q&A

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Conducted on Tuesday, June 9, 2015

Recorded event now available

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Course Materials

This CLE course will provide guidance for counsel to U.S. companies doing business in or with companies in Ukraine and Russia. The panel will discuss how to meet the latest and evolving sanctions requirements and ensure effective compliance with the increasingly tough Office of Foreign Assets Control (OFAC) and EU restrictions.

Description

In December 2014, the U.S. ramped up its Ukraine-related sanctions when President Obama signed an executive order prohibiting certain transactions with response to Ukraine, including export to and import from Crimea of goods, services and technology. Further, in March 2015, OFAC added to the Specially Designated Nationals and Blocked Persons List (SDN List) parties it found to be involved in the Ukraine conflict, including the Russian National Commercial Bank.

In July 2014, both the U.S. and the European Union intensified their sanctions. OFAC also established and provided guidance on a new Sectoral Sanctions Identification (SSI) List and issued related directives. Collectively, the U.S. sanctions serve to primarily target the financial services, energy, metals and mining, engineering, and defense sectors.

Failure to comply with OFAC, EU and other restrictions can be costly. Counsel must respond immediately to evolving sanctions and adjust compliance programs to ensure sanctions requirements are met. Counsel to U.S. entities must reassess screening and monitoring to ensure compliance.

Listen as our authoritative panel examines new and current sanctions against U.S. companies doing business in and with companies in Ukraine and Russia, how the sanctions are evolving, and the impact of recent changes. The panel will discuss both sanctions imposed by the U.S. and the EU and offer strategies for compliance.

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Outline

  1. U.S. sanctions related to Ukraine/Russia
    1. New sectoral and SDN sanctions
    2. How sanctions are evolving
    3. Impact of recent executive orders/licenses
  2. EU sanctions related to Ukraine/Russia
  3. Strategies for complying with sanctions
    1. Improving screening processes
    2. Receiving payments
    3. Blocking accounts
    4. Meeting requirements for exports and re-exports

Benefits

The panel will review these and other key issues:

  • What new sanctions have been introduced by the United States and the European Union with respect to Ukraine and Russia?
  • What business activities, if any, are permissible with respect to Ukraine and Russia?
  • What steps can companies take to promote OFAC sanctions compliance with respect to Ukraine and Russia?

Faculty

Barbara D. Linney
Barbara D. Linney
Member
Miller & Chevalier Chartered

Ms. Linney advises U.S. and foreign clients across a broad spectrum of industries on international trade and business...  |  Read More

Ward, Lawrence
Lawrence Ward
Partner
Dorsey & Whitney

Mr. Ward focuses on U.S. national security law, international trade compliance law and licensing. He helps clients...  |  Read More

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