US, UK, And EU Sanctions On Russia Update

What's changed over the past three weeks (since the original alert was published)?

U.S. Update

The U.S. government has issued new sanctions and broadened existing authorities, relating to:

• Trade sanctions: Prohibitions on the importation of crude oil, petroleum, coal, liquefied natural gas and related products, seafood, alcoholic beverages, and non-industrial diamonds are in place;
• Financial sanctions: Restrictions on investments in Russia have been expanded to include any sector of the Russian economy. Additionally, prohibitions on the exportation or re-exportation, sale, or supply of U.S. dollar-denominated bank notes were issued. The Office of Foreign Assets Control (OFAC) also clarified that the measures restricting U.S. financial institutions apply to any transaction involving gold related to the Central Bank of Russia; and