Emergency Contact Update on Russian Sanctions - 23 February 2022 Home Latest updates News Update on Russian Sanctions - 23 February 2022 23 Feb 2022 Download Sign up for alerts Following the Russian government’s adoption of decrees recognising the independence of the so-called Donetsk People’s Republic (“DNR”) and Luhansk People’s Republic (“LNR”) regions of eastern Ukraine, new sanctions have been introduced by the US, EU and the UK. We set out in this article a summary of the sanctions, which we recommend our Members review to ensure compliance: US Sanctions The US has issued new sanctions in the form an Executive Order on Blocking Property of Certain Persons and Prohibiting Certain Transactions with Respect to Continued Russian Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine (the “Executive Order”).  The new restrictions are quite limited in scope as they impose restrictions relating to the DNR and LNR regions. In summary, the restrictions concern: Prohibitions on new investments in the DNR and LNR regions by US persons; Prohibitions on importation into the US of goods, services or technology from the DNR and LNR regions; Prohibitions on export, sale or supply from the US of goods, services or technology from the DNR and LNR; Financial restrictions, i.e. that any approval, financing, facilitation, or guarantee by a US person (wherever located) of a transaction by a foreign person where the transaction by that foreign person would be prohibited by the first three prohibitions above if performed by a US person or within the US; and Blocking restrictions (i.e. asset freezing measures) against those determined by the US inter alia to operate or to have operated in the DNR and LNR regions. On 22 February 2022, OFAC issued a press release announcing the designation of 2 Russian banks crucial to financing the Russian defense industry: Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), along with 42 of their subsidiar