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Ukraine-/Russia-Related Sanctions Update and Overview: U.S

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Ukraine-/Russia-Related Sanctions Update and Overview: U.S Ukraine-/Russia-Related Sanctions Update and Overview: U.S. and EU Reaffirm Sanctions August 8, 2016 By Jennifer M. Smith, Stewart and Stewart In July 2016, President Obama and Secretary of State John Kerry reaffirmed that the U.S.’s Ukraine-/Russia-related economic sanctions will remain in effect unless Russia fulfils its obligations under an agreement reached in February 2015 in Minsk. Also in July 2016, the European Union (“EU”) extended its economic sanctions on Russia by six months until the end of January 2017. An overview of the various sanctions imposed by the United States and other countries is provided below. The various sanctions have resulted in a complex web of restrictions, as some countries are employing similar overall approaches, but they are not identical — the particular sanctions imposed differ by country. Anyone engaging in potentially affected transactions must carefully analyze all applicable restrictions and sanctions lists. Stewart and Stewart maintains — and has recently updated — a comparison table of the persons and entities currently sanctioned by the United States, the EU, Canada, Australia, and Japan here. I. Background In 2014, the United States, the EU, and other countries began imposing sanctions against various individuals and entities in response to Russian military intervention in eastern Ukraine, a referendum in Crimea that favored breaking away from Ukraine and joining Russia, and Russia’s subsequent annexation of Crimea. In September 2014, representatives of Ukraine, the Russian Federation, the Organization for Security and Co-operation in Europe (“OSCE”), and leaders of the self-proclaimed Donetsk and Luhansk People’s Republics signed a ceasefire agreement called the Minsk Protocol. After hostilities resumed again, the leaders of Ukraine, Russia, France, and Germany and pro-Russian separatists reached a new agreement, called “Minsk II,” in February 2015. The Minsk II agreement provided for, among other things, an immediate ceasefire, withdrawal of heavy weapons within 14 days, exchanges of prisoners, access for humanitarian aid, amnesty for separatists, restoring border control to the Ukrainian government, constitutional reform in Ukraine, and free elections on autonomous status for Donetsk and Luhansk by the end of 2015. Most of those processes have yet to be implemented: fighting continues in some places, heavy weapons have not been withdrawn, the exchange of prisoners has broken down, humanitarian aid is limited, Ukraine has not granted amnesty to separatists, Ukrainian border guards have not been restored along the Russian border, the Ukrainian constitutional reform has been indefinitely postponed, and the elections have not yet occurred. U.S., European, and Canadian officials have made clear that they will not lift sanctions until Russia fully complies with its Minsk agreement obligations. On July 7, 2016, Secretary Kerry reaffirmed the U.S. commitment to maintaining the economic sanctions at a joint news conference with the Ukrainian president ahead of a NATO summit. The next day, President Obama stated in a Financial Times op-ed that “even as our nations remain open to a more constructive relationship with Russia, we should agree that sanctions on Russia must remain in place until Moscow fully implements its obligations under the Minsk agreements.”1 II. The U.S.’s Ukraine-/Russia-Related Sanctions The United States’ Ukraine-/Russia-related sanctions are currently administered by the Treasury Department’s Office of Foreign Assets Control (“OFAC”), the Commerce Department’s Bureau of Industry and Security (“BIS”), and the State Department’s Directorate of Defense Trade Controls (“DDTC”). A. OFAC Sanctions OFAC’s sanctions program currently consists of three different categories of sanctions: (1) Traditional blocking sanctions against specific Ukraine- and Russia-related individuals and entities, which are listed on the List of Specially Designated Nationals and Blocked Persons (“SDN List”); (2) Sectoral sanctions prohibiting certain types of transactions with specific entities operating in particular sectors of the Russian economy, which are listed on the Sectoral Sanctions Identification List (“SSI List”); and (3) Prohibitions on new investment and on the exportation or importation of goods, technology, or services to or from Crimea. 1. U.S. Blocking Sanctions (SDN List) First, the United States has designated a wide variety of individuals and entities on the SDN list. The sanctioned individuals and entities include: • Crimean separatists and Russian supporters; • Crimea-based businesses; • Crimean seaports; • Former Ukrainian government officials; • Russian government officials and members of Russian President Putin’s inner circle; • Russian banks; • Russian defense and arms companies, such as Kalashnikov Concern and the Almaz-Antey Group; • Businesses and holding companies owned or controlled by sanctioned persons; and • Individuals and entities that have supported serious and sustained evasion of sanctions. U.S. individuals, companies and other entities (including foreign branches), and persons within the United States are prohibited from engaging in transactions with persons and entities on the SDN List. The assets of the persons and entities on the SDN List are blocked. Individuals designated on the SDN List are also subject to travel bans. Further, under U.S. law, any entity that is directly or indirectly owned 50% or more in the aggregate by one or more blocked persons is also automatically blocked, even if such entity is not listed on the SDN list or otherwise designated. 1 Barack Obama, America’s alliance with Britain and Europe will endure, Fin. Times, July 8, 2016, available at http://www.ft.com/cms/s/0/ededcb24-4444-11e6-9b66-0712b3873ae1.html#axzz4EPJjU3Dw. 2. U.S. Sectoral Sanctions (SSI List) Second, the United States has invented a completely new type of sanctions, called “sectoral sanctions,” specifically for its Russia sanctions regime. U.S. sectoral sanctions, which are authorized pursuant to Executive Order 13662, apply to certain companies in the Russian financial services, energy, and defense sectors — some of the most profitable sectors of the Russian economy. Unlike the companies designated on the SDN list, companies subject to sectoral sanctions are not completely blocked, and transactions with such companies are not completely prohibited. Rather, only certain transactions with companies subject to sectoral sanctions are banned. The U.S. government considers entities owned 50% or more in the aggregate by one or more persons on the SSI List to be automatically subject to the corresponding sectoral sanctions. Financial Services Sector Under Directive 1 Pursuant to Executive Order 13662, U.S. individuals, companies and other entities (including foreign branches), and persons within the United States are currently prohibited from transacting in, providing financing for or otherwise dealing with the new debt of greater than 30 days maturity or new equity for designated entities in the financial sector, their property, or their interests in property. The designated companies include: • Sberbank of Russia – the largest bank in Russia; • VTB Bank OAO – Russia’s second-largest banking group; • Gazprombank OAO – the third-largest bank in Russia and the financial arm of the world’s largest gas producer, Gazprom, which provides financial services to more than 45,000 companies and has 40 branches in Russia; • Vnesheconombank (VEB) – a Russian state-owned financial institution that acts as a development bank and payment agent for the Russian government; • Russian Agricultural Bank/Rosselkhozbank – a Russian state-owned financial institution that acts as a Russian government agent and has the second-largest regional branch network in the Russia; and • a number of subsidiaries of such banks. Energy Sector Under Directive 2 Pursuant to Executive Order 13662, U.S. individuals, companies and other entities (including foreign branches), and persons within the United States are currently prohibited from dealing with new debt of longer than 90 days maturity for designated energy companies. These companies include: • Rosneft – Russia’s largest petroleum company and third-largest gas producer; • Gazprom Neft – the fourth-largest oil producer in Russia; • Transneft – a Russian government-owned pipeline company; • OAO Novatek – Russia’s largest independent natural gas producer; and • a number of subsidiaries of Rosneft. Under Directive 4 Pursuant to Executive Order 13662, U.S. individuals, companies and other entities (including foreign branches), and persons within the United States are also currently prohibited from providing, exporting, or re-exporting goods, services, or technology in support of exploration or production for deepwater, Arctic offshore, or shale projects that have the potential to produce oil in Russia and involve designated companies. This prohibition applies to five Russian oil companies: • Gazprom – a large government-owned energy company that engages in gas exploration, production, transportation, storage, processing and sales; • Gazprom Neft; • Lukoil – a Russia-based oil and gas company; • Surgutneftegas – another Russian oil and gas company; and • Rosneft and related companies. Defense Sector Under Directive 3 Pursuant to Executive Order 13662, U.S. individuals, companies and other entities (including foreign branches), and persons within the United States are prohibited from transacting in, providing financing for or otherwise dealing with the
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