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Client Alert
7 March 2014
www.bakermckenzie.com For further information please contact London Trade Group Ross Denton Partner Tel: +44 (0) 20 7919 1978 Sunny Mann Partner +44 (0) 20 7919 1397
ross.denton@bakermckenzie.com
sunny.mann@bakermckenzie.com
Jennifer Revis Of Counsel Tel: +44 (0) 20 7919 1381 Tristan Grimmer Senior Associate +44 (0) 20 7919 1476 James Robinson Senior Associate +44 (0) 20 7919 1631
jennifer.revis@bakermckenzie.com
tristan.grimmer@bakermckenzie.com
james.robinson@bakermckenzie.com
Ben Smith Associate +44 (0) 20 7919 1088 ben.smith@bakermckenzie.com Mayuko Roald Associate +44 (0) 20 7919 1080
mayuko.roald@bakermckenzie.com
laura.philippou@bakermckenzie.com
Alexandra Demper Associate +44 (0) 20 919 1075 alexandra.demper @bakermckenzie.com Claire Rivington Associate +44 (0) 20 919 1785
claire.rivington@bakermckenzie.com
Amsterdam Trade Group Jasper Helder Partner Tel: +31 20 551 7579
jasper.helder@bakermckenzie.com
Chiara Klaui Senior Associate +31 20 551 7812 chiara.klaui@bakermckenzie.com Barcelona Trade Group Valeria Enrich Partner +34 93 20 608 44
valeria.enrich@bakermckenzie.com
Frankfurt Trade Group Ulrich Ellinghaus Partner +49 (0) 69 29 908 251
Recommended Actions
Given the current uncertainty regarding events in Ukraine, companies should closely monitor further developments in order to ensure compliance with the current measures. Companies should exercise diligence when conducting transactions involving Ukraine and Russia, including by taking the following steps: screen (and regularly re-screen) counterparties, end-users, banks and other third parties potentially benefiting from the transaction to verify that they are not a designated person (and are not owned or controlled by a designated person); assess whether any products or technology being sold or supplied might be used for internal repression. In this context, we note that the EU or national authorities could potentially take a wide interpretation of the type of equipment which might be used for internal repression. Indeed, this has happened in the past in respect of sanctions against Libya (e.g., where protective equipment and simulators for training in the use of firearms, were in-scope). exercise caution in the negotiation of contracts with parties that could be the target of any US and/or EU sanctions against Russia (including the State-owned financial and energy sectors). This would include supplementary contractual language addressing sanctions risks and export control compliance, for example.
ulrich.ellinghaus@bakermckenzie.com
Julia Pfeil Associate +49 (0) 69 29 908 513 julia.pfeil@bakermckenzie.com Stockholm Trade Group Mattias Hedwall Partner +468 566 177 33
mattias.hedwall@bakermckenzie.com
Olof Konig Associate +46 8 566 177 55 olof.konig@bakermckenzie.com Zurich Trade Group Philippe Reich Partner +41 44 384 1382
philippe.reich@bakermckenzie.com
EU, US and other countries impose sanctions in response to events in Ukraine 7 March 2014
Washington, DC Outbound Trade Group Edward E. Dyson Partner +1 202 452 7004
The foregoing is intended only to provide a general overview of the new sanctions imposed against Ukraine. Please do not hesitate to contact us if you have any questions about how these changes might affect your company or if you require advice on any specific transactions or plans.
edward.dyson@bakermckenzie.com
nicholas.coward@bakermckenzie.com
Janet K. Kim Partner +1 202 835 1653 janet.k.kim@bakermckenzie.com Sylwia A. Lis Partner +1 202 835 6147 sylwia.lis@bakermckenzie.com Jonathan C. Poling Partner + 1 202 835 6170
jonathan.poling@bakermckenzie.com
Steven F. Hill Of Counsel +1 202 835 6121 steven.hill@bakermckenzie.com Kerry B. Contini Associate +1 202 835 6100 kerry.contini@bakermckenzie.com Lise S. Test Associate +1 202 835 6131 lise.test@bakermckenzie.com Alexandre Lamy Associate +1 202 835 1862
alexandre.lamy@bakermckenzie.com
joseph.schoorl@bakermckenzie.com
EU, US and other countries impose sanctions in response to events in Ukraine 7 March 2014
Paul E. Amberg
Eunkyung Shin
Kathryn Anderson
Brian Cacic
Lisa Douglas
Anne Petterd
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EU, US and other countries impose sanctions in response to events in Ukraine 7 March 2014