EU and US Impose Coordinated Sanctions Against Russia

    View Author 1 August 2014

    Following an intense week of diplomatic negotiations, on July 29 the European Union and United States jointly announced a new round of economic sanctions targeting certain sectors of the Russian economy. The development comes after the US Department of the Treasury adopted sectoral sanctions on July 16 pursuant to existing legal authorities, but marks the first time that the EU 28-member bloc agreed to a package of restrictive measures targeting key sectors of the Russian economy. The legal impact of these expanding and overlapping sanctions regimes differ in both their underlying statutory authorities and policy goals and require careful examination by multinational corporations and financial institutions with business interests in Russia.  This Client Alert provides an update to a series of international economic sanctions alerts covering the crisis in Ukraine.