Defense Sector

U.S. Enacts New Russia Sanctions Law; President Obama Imposes Trade/Investment Embargo on Crimea

Uncertainty Remains In Ukrainian Capital Kiev After Controversial Referendum Gives Russia Control Of Crimea

On December 18, President Barack Obama signed the Ukraine Freedom Support Act of 2014 (UFSA) into law. Passed by the Congress in response to Russia’s support of the pro-Russian insurgency in eastern Ukraine, it authorizes expanded sanctions on Russia and the provision of certain types of weapons to the government in Kiev. This new wave of potential sanctions places even more pressure on Russian President Vladimir Putin amid dropping global oil prices and the fall in the value of the Russian ruble. On December 15, Russia’s central bank raised its key interest rate from 10.5 to 17 percent, the largest single increase since 1998 and the sixth increase this year.

Amendments to EU Sanctions against Russia

President Nicolas Sarkozy Meets With Russian President Dmitry Medvedev