6 April's sanctions on Russia
AKE writes regular updates on the impact of sanctions on Russian companies and their affiliates for clients in insurance. click the link below to see our latest report.
- The latest sanctions on Russia have added Rusal, EN+, and Renova to the Specifically Designated Nationals (SDN) list that prohibits all US persons or businesses from dealing with them.
- The heads of a number of Russian state-owned enterprises (SOEs) were also added to the list – most notably Alexei Miller, head of Gazprom, and Andrei Kostin, head of VTB. However, the firms were not. Although they are mostly on another US sanctions list – the sectoral sanctions identification (SSI) list, these measures are far less stringent and the impact of the addition of the firms’ heads to the list is likely to be low.
- The primary question for non-US firms that have business ties to the sanctioned entities and persons is the extent to which secondary sanctions will apply. The Treasury will likely clarify in the short-term future.