US Vice President Joe Biden recently addressed the Atlantic Council Energy and Economic Summit in Istanbul, Turkey where he discussed numerous topics related to European energy security. Biden began his talk with the situation in Ukraine and Russia’s use of energy as a political tool. He recognized the fact that Russia will remain a major… Keep reading →
Recently the United States and the EU imposed additional targeted sanctions against Russia in response to the ongoing conflict in Ukraine. Although previous sanctions issued by the U.S. and EU since March 2014 affect various sectors of the Russian economy, including Russia’s military industrial complex, the most recent sanctions target Russia’s financial and energy sectors.
U.S. Sanctions
Since March 2014, the United States has imposed visa bans on certain government officials and blocked property and interests in property of certain persons and entities that are stated to contribute to the situation in Ukraine. The most recent sanctions imposed restrictions on exports and re-exports of oil- and gas-related items for deepwater, Arctic offshore, or shale projects in Russia. These sanctions have been imposed primarily by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the U.S. Commerce Department’s Bureau of Industry and Security (“BIS”).
