New US Sanctions announced April 6, 2018

On April 6, 2018 US OFAC (Office of Foreign Asset Control) issued new, severe sanctions against Russia.

Sanctions include the designation of 7 oligarchs, 13 legal entities and 17 government officials as SDNs (specially designated persons). This means that their assets in the US will be blocked. US persons are prohibited from entering into transactions with listed parties.

The persons singled out are all from Putin’s inner circle. Rationale given was that “Russian government operates for the disproportionate benefit of oligarchs and government elites … [and] engages in a range of malign activity around the globe … Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government’s destabilizing activities.”

Sanctions are binding on US companies and citizens but application may also stretch to non-US persons.

If you wish to receive further information, please let us know.

 

 

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