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

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.