U.S. And EU Impose Sanctions In Connection With The Crisis In Ukraine

On February 21, 2022, President Biden issued a new  executive order targeting the breakaway regions known as the Donetsk People's Republic (“DNR”) and Luhansk People's Republic (“LPR”, and together with the DNR, the “Covered Regions”) in eastern Ukraine.  On February 22, 2022, President Biden announced further sanctions, specifically designating two major Russian banks  and three close associates of Russian President Vladimir Putin, and imposed increased restrictions on dealings in Russia's sovereign debt.  On February 23, 2022, the EU  adopted, a set of new Regulations and Decisions implementing asset freezes and travel bans notably against senior Russian officials and close associates of President Putin, financial restrictions limiting Russia's access to the EU's capital and financial markets, and trade restrictions targeting economic relations with the Covered Regions. The actions follow President Putin's  formal recognition of the independence of those