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  1. #1

    EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

    ST.LOUIS/NEW YORK, July 31, 2014 (Thomson Reuters Accelus) – New and more narrowly targeted U.S. financial sanctions against Russia have created headaches for Wall Street as banks and securities firms struggle to comply, industry sources said. The European Union is weighing similar measures.

  2. #2

    EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

    It targets key parts of the Russian energy and financial industries, including Rosneft, the flagship oil giant, and natural gas producer Novatek. But it differs from traditional U.S. sanctions, which entirely blacklisted targeted companies and effectively shut down their ability to do any business with U.S. firms.

  3. #3

    EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

    Instead, the SSI List bars U.S. companies from engaging in any “new debt of longer than 90 days maturity or new equity” with designated firms, an effort intended to punish Russia by increasing its financing costs.

  4. #4

    EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

    However, experts at U.S. banks and broker-dealers say the sanctions, which were issued by Treasury’s Office of Foreign Assets Control (OFAC), were too vague and in some instances left financial institutions guessing at how to comply. They now fear that the lack of specificity may leave them vulnerable to regulatory action in an aggressive enforcement environment.

  5. #5

    EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

    He said, for example, that because the sanctions block new loans to Russia through two development banks, Gazprombank and VEB, the effect on letters of credit is one issue that requires more clarity.

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