Russia & Ukraine Sanctions Update - May 2014
On 28th April the United States Government expanded the scope, and application of Executive Order (E.O.) 13661. In a statement, released to the press on 28th April, the US Department of the treasury stated that:
"E.O. 13661 authorizes sanctions on, among others, officials of the Russian government and any individual or entity that is owned or controlled by, that has acted for or on behalf of, or that has provided material or other support to, a senior Russian government official"
The revised Executive Order has added an addition 7 people to the schedule of designated parties. Additionally 17 entities have been added as designated parties. These include, but are not limited to, banks, construction companies, transportation companies and holding companies.
A complete list of the designated parties can be found at:http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140428.aspx
If any of our Members trading to Russia and/or Ukraine have any concerns about the parties involved in any transactions then our Members are advised to seek legal advice before taking further action. The Club is pleased to assist Members with any enquiries.For general enquiries please contact:Nigel Carden
Source UK P&I
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