Mirroring the escalation of tensions in and around Ukraine, the EU, US, Canada and other countries have broadened economic sanctions targeting Russia and certain Russian and Ukrainian persons very significantly. In recent days the EU and each of the other countries adopted separate but coordinated packages of further sanctions. Taken together these measures, and particularly […]

On 31 July the EU Council agreed to impose the additional sanctions measures which are summarized below, and which will come into force on 1 August 2014 pursuant to an EU Regulation issued on 31 July: With a view to restricting Russia’s access to EU capital markets, EU nationals and companies may no longer buy […]

Jersey has announced sanctions against Russia in line with the EU’s response to the escalating Ukraine crisis. Chief Minister, Ian Gorst, said Jersey “has a duty to act”. EU action was prompted by the downing of Malaysia Airlines flight MH17, killing all 298 people on board. A Jersey Finance brochure promoting links with Russia suggests […]

Jersey has brought into force restrictive measures against Russian individuals and businesses that have been identified by the European Union as responsible for actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine. A wider EU package of sanctions against Russia has also been enforced in Jersey, including services relating to certain […]

New Designations The US Office of Foreign Assets Control (“OFAC”) has issued several new sanctions designations in response to the developing situation in relation to Ukraine, and has also issued several significant clarifications regarding the scope of US Ukraine-related sanctions. OFAC has designated United Shipbuilding Corporation, a Russian state-owned enterprise, as a Specially Designated National. […]

France’s biggest bank agreed to pay penalty of $8.9bn for dealing with countries that were the subject of US sanctions BNP Paribas guilty plea The bank’s general counsel, Georges Dirani, told the judge that BNP’s sanctions violations took place between 2004 and 2012. BNP Paribas, France’s biggest bank, pleaded guilty to criminal charges and agreed […]

The new wave of sanctions from ‘Down Under’ targets 50 people and 11 companies. Russia responded by calling the move “counterproductive” and blacklisted Vladimir Yakunin, head of Russian Railways, said it’s a pity he won’t see the kangaroos in the wild. Australia’s Minister for Foreign Affairs made the matter public in a media release on […]

The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with first-hand knowledge of the matter said. ”BNP basically was the Sudanese economy. They were just huge in helping the government […]