Sanctions And Trade Update: Russia And Ukraine

Summary: The United States, European Union, and other nations have imposed targeted sanctions against a variety of Russian and Ukrainian persons, as well as broader trade restrictions, following recent events in Ukraine. Although the measures remain relatively limited in scope, they create several new compliance challenges for US and foreign firms. Further sanctions and trade restrictions could follow in the near future.

In response to recent events in Ukraine, the United States, the European Union, Canada, Switzerland, and other nations have adopted a series of targeted asset freezes and travel bans, which vary in scope, as well as broader trade restrictions against Russia. The sanctions have targeted several dozen former Ukrainian officials, officials in the Ukrainian region of Crimea, senior Russian officials, members of the Russian Government's inner circle, and a Russian state-owned bank, Bank Rossiya. These measures create a variety of new compliance