Under Presidential national emergency powers, OFAC carries out its activities against . This included sectoral sanctions, which prohibit certain transactions involving new debt or equity issued by targeted Russian entities, and also restrictions on the provision of services or goods or technology to the Russian energy sector. August 24, 2017: EO 13808 imposes sectoral sanctions on the Government of Venezuela and PDVSA. On March 9, 2022, the EU adopted additional sanctions measures, as summarized below. 7) Conclusion. [iv] "Directive 1 does not prohibit U.S. persons from dealing with an SSIL entity as counterparty to transactions involving equity issued by a non-sanctioned party." "New" Financing, Debt, or Equity; Sanctions Effective Date. On May 8, 2022, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") announced a new round of sanctions in response to the Russian invasion of Ukraine targeting accounting, trust and corporate formation, and management consulting services (collectively, the "Specified Services"). Treatment of "debt" and "equity": The terms "debt" (including the rollover of existing debt) and "equity" have the same meanings as under the US sectoral sanctions against Russia. A sectoral designation does not result in a complete prohibition on all interactions as with SDNs and SSI assets are not frozen. Sectoral sanctions prohibit certain types of transactions with certain people or entities in the targeted country within a targeted sector of the economy. Sanction lists are often collated by governments or international bodies such as the European Union. UK sanctions Regulations made under the Sanctions Act apply in the whole of the UK, including in . Impose additional sectoral sanctions (e.g., on Russia's energy or financial sectors). It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Primary vs. The intentions to introduce a so-called "Sentsov List" package of sanctions in response to systemic human rights violations by Russia in the occupied territories of Ukraine and against Ukrainian citizens have not yet been implemented. E.g. . Questions Related to Sectoral Sanctions under Executive Order 13662 370. These sanctions prohibit certain categories of dealings . 13662 since 2014. Financing, debt, or equity is "new" if extended, issued, or otherwise transacted in on or after the . in debt or equity instruments that predate July 16, 2014. When managing designated entities or individuals, the focus is typically on the Office of Foreign Assets Control ("OFAC") Specially Designated Nationals ("SDN") list. 5.3) Determining relevant attributes for screening. In addition to the embargoed jurisdiction sanctions programs discussed in the preceding section, other U.S. sanctions programs prohibit the Company from doing business with certain designated individuals and entities that are associated with certain countries, terrorism, narcotics trafficking, the proliferation of weapons of mass destruction, and criminal organizations, as well as entities . These sectoral sanctions prohibit U.S. individuals and entities from engaging in specific kinds of transactions related to lending, investment, and/or trade with entities on the SSI List, but they permit other transactions.Another major category of Russia-related sanctions consists of a presumption of denial to designated end users for export . Sectoral sanctions against Belarus. . Sanctions. As this is an extraordinary situation, we are providing a brief explanation in this newsletter. all. and on providing related financing or financial assistance.The new measures also prohibit the export of a wide variety of items beyond the Dual-Use . In particular, UK Persons working or operating in the EU may need to ensure that they are not engaging in activities which are now prohibited: Existing EU Sectoral Sanctions prohibit: (i) dealing with certain transferable securities or money market instruments issued by specified Sectoral Sanctions means sanctions imposed by any sanctions authority which do not freeze the assets of or prohibit the provision of any funds or economic resources to a designated person, but merely restrict the ability of certain individuals or entities to access financing or export or import goods, technology, or services.The representation . Yes, under the category of "primary sanctions", OFAC maintains certain "sectoral sanctions" under the Russia/Ukraine sanctions programme. Managing SANCTIONS RISK has never been so complex. The UK, EU, US and other countries have issued, and continue to issue, financial, sectoral and trade sanctions which target Russia-related business. We expect the UK equivalent of this restriction will expand the scope of "financial assistance". Expands sectoral sanctions to include the mining, metals, and railways sectors: In addition sectoral sanctions have been introduced targeting inter alia the energy sector with restrictions affecting the supply of certain services relating to oil exploration and production. Expanded definition of "financial assistance" - EU sectoral sanctions also prohibit, amongst other things, financial assistance related to certain goods with military purposes or certain uses in oil exploration. . • It does not prohibit . 45.1.4.3 North Korea. What are sectoral sanctions? Secondary Sanctions: these prohibit foreign persons from engaging in transactions with third countries . For more information on the recent changes, contact a sectoral sanctions . Expands sanctions to prohibit U.S. energy companies from partnering with Russian firms in new offshore, deep-water, Arctic, and shale oil projects where a sanctioned entity has at least a 33 percent ownership or control stake. U.S. sanctions are often understood to encompass two categories of sanctions: 1) "Comprehensive Sanctions;" and 2) "List-Based Sanctions.". In response to the Russian invasion of Ukraine on 24 February 2022, the UK, alongside allies across the world, swiftly executed the biggest package of sanctions ever imposed against a G20 nation. Sectoral sanctions are the newest addition to the sanctions constellation and have thus far only been deployed against Russian entities. New sanctions prohibit Russian energy product imports, investments in Russia's energy sector, and dealings with dozens more Russia-related parties, and impose broader trade restrictions. As noted below, the EU expanded similar debt sanctions. Sanctions lists are evolving constantly. The North Korean Sanctions Regulations 13 generally prohibit the export, re-export, sale or supply, directly or indirectly, from the United States or by a US person, wherever located, of any goods, technology or services to North Korea and facilitation of those prohibited transactions by US persons. Unlike some other US sanctions programs, which are very blunt instruments and prohibit most activities with a country or party, the Russia-related sectoral sanctions are designed to target only certain activities involving certain parties. In the US, document reasons why the sectoral end use sanctions do NOT apply before proceeding with any further exports. Sectoral sanctions imposed by EU Council Decision 2014/512 and EU Council Regulation No 833/2014 of 31 July 2014. As in the case of secondary sanctions, sectoral sanctions come on top of primary measures and were similarly instituted in order to increase the pressure of sanctions beyond the level allowed by the primary . The United States also prohibited the export, sale, or supply of U.S. dollar banknotes to Russia, subject to certain exceptions. Biden and allies announce a set of sweeping new sanctions on Russian media and . However, the UK term is defined very broadly (s61(1) of SAMLA). Open/close toolbar. Sectoral sanctions are an entirely new breed of sanctions for which the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued several directives. . For Novatek and Rosneft, the sectoral sanctions prohibit U.S. persons from lending to these entities when the debt matures after 90 days. Sanctions imposed by Canada on specific countries, organizations, or individuals vary and can encompass a variety of measures, including restricting or prohibiting trade, financial transactions or other economic activity between Canada and the target state; or the seizure or freezing of property situated in Canada. These sanctions generally prohibit . Ukraine still hasn't applied sectoral sanctions against Russia, limiting itself to personal ones. 6) General Challenges during your Sanctions Screening Process. Russian sanctions: the impact of UK, EU and US sanctions for UK and EU businesses. These sanctions prohibit certain categories of dealings involving U.S. persons Biden and G7 hit Russian media and bank executives in sweeping new sanctions ahead of Putin's 'Victory Day' holiday. This list prohibits any . Specific types of transactions, such as financial and energy-related transactions, are prohibited for US persons and, like the Venezuelan sanctions, the OFAC 50 percent rule is strictly . Since the EU Council Regulation does prohibit brokering of dual-use goods for Russian military end-uses (see below), if this was not an oversight on the part of the EU, this could be a significant difference. For further information on trade sanctions: contact the Export Control Joint Unit Helpline on 020 7215 4594 or email . It identifies persons operating in sectors of the Russian economy that are subject to sanctions under Executive Order 13662. Sectoral Sanctions The most novel of the Russia/Ukraine-related sanctions are the "sectoral" sanctions.20 The sectoral sanctions were designed to imp ose a "targeted" impact on the Russian economy, as compared to more traditional OFAC sanctions. Blocking sanctions under EO 13405 prohibit US persons from dealing, directly or indirectly, with SDNs designated under the EO as well as any legal entity owned 50 percent or more by any . The US imposes two categories of sanction: Primary Sanctions: these directly prohibit trade or freeze the assets of a target country or person. The maturity of prohibited "new debt" under Directive 1 will be reduced to 14 days (from 30 Sanctions that target Russian individuals and companies for failing to comply with other sanction programs, such as those on North Korea, have been successful in restricting access to the global financial system. Sectoral Sanctions - prohibit specific business dealings with sanctioned subjects within a specific sector, such as financial or energy-related transactions. A narrower alternative to blocking sanctions is the imposition of sectoral or transaction-based sanctions that would prohibit specific types of transactions involving targeted parties. Sectoral sanctions are very dependent on facts when applied. As noted above, these . Secondary sanctions mandated by CAATSA have surely made it harder for sanctioned Russian entities to do business. For all UK financial sanctions listings, visit OFSI's consolidated list. Expanded debt- and equity-related US sectoral sanctions prohibit certain transactions of Russian state-owned enterprises (including energy and telecommunications companies) and entities that operate in the financial services sector of the Russian economy, restricting capital-raising through the US market. In this blog, OFSI will set out some of the changes that have been put in place, and where stakeholders can find more information. Does today's action prohibit U.S. persons from entering into derivatives contracts linked to 5.6) Handling Matches. Sanctions that target sectors of the economy of a State. 5.4) Sanctions Data/Screening setup. The sectoral sanctions prohibit the provision of debt exceeding 30, 60 or 90 days' maturity, as well as the supply of certain listed products . The Sectoral Sanctions Identifications List ( SSI List) is administered by the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC). 2 The new sanctions prohibit US persons from purchasing any securities, even those issued by a non-sanctioned party, from the Government of Venezuela . Thus, the new sectoral sanctions essentially prohibit the sanctioned entities from obtaining new medium- and long-term financing from U.S. sources. In the U.S., sectoral sanctions have been in place since 2014, targeting, for example, equity transactions involving specific entities in the defense, energy and . As such, Treasury has made it a point to . Sanctions did not cause the economic or humanitarian crisis in Venezuela as dire conditions in Venezuela preceded the implementation of sanctions. The entities listed in Section III are subject to sectoral sanctions prohibiting making available certain goods, technology or services to certain defence companies. Sectoral sanctions target sectors of the Russian economy, including energy, finance and defense. The Ukraine-related sanctions program was the first of its kind to have sectoral sanctions and it specifically targeted Russia's financial and energy sectors. "Comprehensive Sanctions" are sanctions that broadly prohibit U.S. persons from engaging in transactions with a particular destination. The Court of Justice of the European Union recently held that financial assistance under the EU regime does not include payment . Even though the sectoral sanctions regime only prohibits specified activities, OFAC has made clear that the U.S. government will not tolerate inchoate offenses relating to entities on the SSI List. Sanction lists are often collated by governments or international bodies such as the European Union. They don't prohibit all imports and exports but impose embargoes on specific types, but very critical, imports and exports. Sectoral sanctions are more limited than the blocking/freezing sanctions that apply to individuals and entities listed in Section IV (although certain The sectoral sanctions imposed on specified persons operating in sectors of the Russian economy identified by the Secretary of the Treasury were done under Executive Order 13662 . The Office of Foreign Assets Control ( OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. (c) ANP. The sanctions are very similar to existing U.S. sectoral sanctions that have been imposed on Russian companies pursuant to E.O. Directives 1, 2, and 3 do not prohibit U.S. persons from dealing with an SSI entity as counterparty to transactions involving debt issued on or after the sanctions . financial sectoral sanctions would (among others) prohibit providing financing or issuing debt for a sanctioned entity (type applied by the UK and the USA). Effective immediately, the specified services are prohibited for persons subject to list . Sectoral Sanctions. These sectors range from finance to petrochemicals to aerospace. March 8, 2015: EO 13692 implements sanctions against persons implicated in human rights abuses and anti-democratic activities. Sectoral sanctions do not freeze or block assets of a designated person nor do they prohibit making available funds or economic resources. Add specific Russian entities or individuals to OFAC's Specially Designated Nationals and Blocked Persons List ("SDN"). Similarly, OFAC has imposed similar sanctions against Russia that prohibit U.S. persons from dealing in new debt over a certain maturity and new equity of certain major Russian financial institutions, energy companies, and companies in the defense sector that have been designated within the Sectoral Sanctions Identification (SSI) Lists. Sectoral sanctions also prohibit U.S. trade related to development of Russian deep-water, Arctic offshore, or shale projects that have the potential to produce oil and, as amended by CRIEEA, such projects worldwide in which those entities have an ownership interest of at least 33% or a majority of voting interests. The Executive Order does not prohibit imports into the United States of non-Russian origin items, even if such items transit through or depart from Russia. OFAC sectoral sanctions are a new category of sanctions. On September 29, 2017, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) amended Directive 1 and Directive 2 of the Russia Sectoral Sanctions in accordance with Section 223 of the Countering America's Adversaries Through Sanctions Act passed by the US Congress and signed into law by the President on August 2, 2017. Sectoral sanctions were designed to impose a "targeted" impact on the Russian economy, as compared to more traditional OFAC sanctions. In addition sectoral sanctions have been introduced targeting inter alia the energy sector with restrictions affecting the supply of certain services relating to oil exploration and production. Articles provides overview of sanctions against Russia. A sanctions list is a compilation of individual sanctions that can be applied to individuals, countries, groups or companies. . The EU Council has adopted EU legislation as set out in Council Decision (CFSP) 2021/1031 and Council Regulation (EU) . 5.2) Cleaning up and streamlining data. US sanctions typically prohibit US persons and entities from conducting business with certain designated persons, entities, countries or regions. The sectorial sanctions target Russia's oil industry, financial sector and the military/arms industry and include the . Managing SANCTIONS RISK has never been so complex. A sanctions list is a compilation of individual sanctions that can be applied to individuals, countries, groups or companies. 13662? Primary sanctions apply to all US citizens and permanent residents, and entities located in the US. Impose additional sectoral sanctions on certain Russian industries. 5.5) Screening intervals. The new sanctions accomplish the following: 1) prohibit transactions involving new debt with a maturity of greater than 90 days of Petroleos de Venezuela, S.A. (PdVSA); 2) prohibit transactions involving new debt with a maturity of greater than 30 days of the Government of Venezuela; 3) prohibit transactions involving bonds issued by the . The new sanctions prohibit U.S. persons from engaging in any transactions involving: new debt with a maturity of more […] As a result of the changes, Directive 1 . The Sanctions Act provides the main legal basis for the UK to impose, update and lift sanctions. Some EU sanctions prohibit "financing and financial assistance". 2. . Sectoral sanctions merely restrict the ability of certain individuals or entities to access financing or export or import equipment, goods, technology or services. More specifically, EU sanctions prohibit dealings, directly or indirectly, with certain new transferable securities and money market instruments issued by these targeted entities, and making, or being part of any arrangement to make, certain new loans or credit to these . . Additional Asset-Freezing Designations. The difference between these parties is that the first two are operating in Russia's financial sector, while the other two are operating in Russia's energy sector. . 5.1) Determining where the risks lie. What is this prohibition under Executive Order (E.O.) Similarly, OFAC has imposed similar sanctions against Russia that prohibit U.S. persons from dealing in new debt over a certain maturity and new equity of certain major Russian financial institutions, energy companies, and companies in the defense sector that have been designated within the Sectoral Sanctions Identification (SSI) Lists. Similarly, OFAC has imposed similar sanctions against Russia that prohibit U.S. persons from dealing in new debt over a certain maturity and new equity of certain major Russian financial institutions, energy companies, and companies in the defense sector that have been designated within the Sectoral Sanctions Identification (SSI) Lists. The sectoral sanctions, unlike blocking sanctions, do not prohibit all transactions with the listed entities or freeze their property but only prohibit dealings in the entities' newly issued . Under its "primary . Sectoral Sanctions Identification List. and on providing related financing or financial assistance.The new measures also prohibit the export of a wide variety of items beyond the Dual-Use . Designate Russian entities under the Foreign Direct Product Rule. On 9 March 2022, the European Union imposed new sanctions against Belarus and Russia. OFAC also targeted the Russian arms sector by adding eight suppliers of military equipment to the OFAC SDN List. This directive does not prohibit involvement in any transaction relating to new equity. A transaction in which the person subject to sanctions is identified on the Sectoral Sanctions Identifications (SSI) List or the Non-SDN Menu-Based Sanctions (NS-MBS) List will only be potentially considered significant if: 1) the transaction involves deceptive practices (i.e., attempts to obscure or conceal the actual parties or true nature of . Below, we discuss the sanctions in force on 11 March 2022 at the time of dispatch. The precise restrictions on SSI entities are set forth in a series of "directives" that we describe below. Types of sanctions. The US has had secondary sanctions, list-based sanctions, and country-based sanctions, but this is the new category that OFAC introduced and began using in the Ukraine-related Sanctions and arguably in a more targeted fashion the Venezuela-related Sanctions. New sanctions are coming into force and existing sanctions are being amended without notice or often with no or . Primer on U.S. Sanctions. As expected, the United States has imposed new sanctions against Venezuela. What's Newest United States • Biden victory, and impending January inauguration, presents real questions as to further direction of the Russia sanctions . The most challenging part of these new Russia sanctions has been the so-called sectoral sanctions. These sanctions were further extended by EU Regulation 960/2014 that entered into force on 12 September. The Treasury Department's Office of Foreign Assets Control ("OFAC") also added Russia's largest bank, Sberbank, to the Sectoral Sanctions Identification ("SSI") List and has expanded the sectoral sanctions against Russian financial institutions to prohibit persons subject to U.S. jurisdiction from providing equity or new debt financing with a . That specifically targeted support of the exploration or production of new deep water Arctic offshore or . On 16 July, under the authority of Executive Order ("EO") 13662, which authorises the imposition of sanctions on companies operating within specific . In many ways, these sanctions resemble the sectoral sanctions currently in place against Russia. Prohibit exports of certain items or technology to Russia. New EU Targeted and Sectoral Russia Sanctions. . See Section III for details. On September 29, 2017, the US Treasury Department's Office of Foreign Assets Control ("OFAC") amended and reissued Directive 1 and Directive 2 implementing US sectoral sanctions targeting Russia pursuant to the Countering America's Adversaries Through Sanctions Act ("CAATSA"). Sanctions lists are evolving constantly. In addition, the majority of the Implementing Countries introduced sanctions targeting certain sectors of the Russian economy, primarily in finance, energy and defense (so-called sectoral sanctions). the UK's sectoral sanctions on Russia. Accordingly, all four of the Directives described above also prohibit: "(1) any transaction that evades or avoids, has the purpose of evading . A well-known example of sectoral sanctions are those imposed in 2014, . EU sectoral sanctions prohibit or require authorisation for the provision for the sale, supply, transfer, or export of certain goods, as well as "financial assistance" in relation to those goods. sanctions' effective date by, on behalf of, or for the benefit of the entities operating in the financial . Focus. The sanctions were imposed by an Executive Order issued on 25 August 2017. By 2016, a year before any financial or sectoral sanctions hit the country, Venezuela's economy was already enduring severe hyperinflation, which surpassed a rate of 800 percent. Sectoral sanctions first were used against Russia when it illegally annexed Crimea and Sevastopol. • For example, for debt that is issued on or after November 28, 2017, on behalf of or for the . 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