U.S. Sanctions Update: New Sanctions Program Creates Risks for Companies Doing Business with Russia or Ukraine

Following the recent imposition of new U.S. economic sanctions, U.S. companies operating in or otherwise engaging in business or other dealings with, in, involving, or relating to Russia or Ukraine should ensure that such activities do not involve or otherwise relate to parties designated under the new sanctions. Non-U.S. companies with substantial business with or involving targeted parties also are at risk because sanctions may be imposed on persons or entities for providing material support to designated parties. The European Union authorities also have announced sanctions. Companies doing business in this region will have to be diligent and stay well-informed of this evolving situation to ensure compliance with applicable laws.