EU Imposes Sanctions On Russian Oligarchs; U.S. Sanctions RDIF

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Today, the European Union imposed asset freeze sanctions on a number of prominent Russian oligarchs, two CEOs of Russian energy companies, and a number of Russian government officials.
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Today, the European Union imposed asset freeze sanctions on a number of prominent Russian oligarchs, two CEOs of Russian energy companies, and a number of Russian government officials.

Among the oligarchs targeted are Alexei Mordashov the majority owner of steel maker Severstal, Mikhail Fridman and Petr Aven who together control Alfa Group, Gennady Timchenko the founder of Volga Group, who is already under U.S. and U.K. sanctions, and Alisher Usmanov. Today's action also targeted Igor Sechin and Nikolay Tokarev, the CEOs of Rosneft and Transneft. The Russian Minister of Transport Vitaly Savelyev and a number of other Russian government officials were also subject to EU sanctions today.

Today's action by the EU freezes all funds and economic resources belonging to, owned, held or controlled by the listed individuals.

Earlier in the day, the U.S. Office of Foreign Assets Control (OFAC) added the Russian Direct Investment Fund (RDIF), two of its subsidiaries, and RDIF's CEO to its List of Specially Designated Nationals (SDN List). The sanctions impose U.S. blocking requirements on the RDIF and the various companies in which it directly or indirectly owns a 50 percent or greater interest. Non-U.S. persons could be exposed to secondary sanctions for conducting "significant" transactions with these parties.

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