On February 21 and 22, 2022, President Biden announced new and wide-ranging sanctions against Russia relating to its incursion into Ukraine. The February 21 announcement impacts those doing business in the Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR) regions of Ukraine, essentially imposing a full trade embargo. The February 22 announcement, among other things, targets those operating in the financial services sector of the Russian economy, which includes broad sanctions against two state-owned financial institutions, as well certain restrictions on trading sovereign debt on the secondary markets. Seward & Kissel continues to review these new sanctions and will update this alert with additional guidance.

Bruce Paulsen and Andrew Jacobson will be speaking on a webinar with sanctions experts at Simmons & Simmons on Thursday, February 24, 2022 at 10:30am EST to discuss the Ukraine crisis and the impact of these sanctions. Click here to register for the webinar.

We will continue to closely monitor developments in this space. If you have any questions regarding U.S. economic sanctions, please contact Bruce Paulsen (212-574-1533) or Andrew Jacobson (212-574-1477) of the Sanctions Practice Group.