On 11 March 2015, the US Treasury Department announced that it has designated fourteen individuals and two entities as Specially Designated Nationals (‘SDN’) in view of the situation in Ukraine. The designations are made pursuant to Executive Order 13660 and target individuals and entities alleged to be separatists responsible for or complicit in actions or policies that threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine.
Under the sanctions, listed individuals and entities will be barred from entering the United States, will have all of their assets within United States jurisdiction frozen, and US persons will generally be prohibited from engaging in transactions with them.
The individuals listed include eight Ukrainian separatists and the leaders of one pro-separatist Russian entity. The entities listed are:
- Eurasian Youth Union
- Russian National Commercial Bank
Speaking on 11 March 2015, US Acting Under Secretary for Terrorism and Financial Intelligence Adam J Szubin stated that “From the start of this crisis, we have demonstrated that we will impose costs on those who violate the sovereignty and territorial integrity of Ukraine”, adding that “If Russia continues to support destabilising activity in Ukraine and violate the Minsk agreements and implementation plan, the already substantial costs it faces will continue to rise”.
The US Treasury department notes that it continues “to work to remain in lockstep with our international partners in an effort to incentivise a diplomatic resolution to the crisis in Ukraine”, and that “the sanctions follow similar action taken by the European Union and Canada” on 16 February 2015 (see previous blogs here and here).
A list of sanctions in force against Ukraine can be found in the “sanctions in force” section of this blog.