Akin Gump Lawyers’ Article on Russia Energy Sanctions Published by Law360
“Russian Energy Sector Sanctions: One Year On,” an article written by Akin Gump international trade partner Wynn Segall, senior counsel Nnedinma Ifudu Nweke and associate Dallas Woodrum, has been published by Law360.
The article looks at what it characterizes as the two general categories of U.S. energy sector sanctions against Russia imposed since August 2014—export controls that limit provision of goods, technology and services and Office of Foreign Asset Control restrictions on transaction and long-term financing—and provides an overview of U.S. measures in each of them as well as reviews practical compliance concerns thereby created for U.S. and foreign companies in the energy sector.
The authors conclude that “Western companies engaging in business involving Russia’s energy sector must be vigilant in their compliance practices…[and] must also be mindful of the multijurisdictional dimensions of Russia-related projects they consider. At the same time, Russian companies must also consider the potential business risks that U.S. and EU sanctions may present when doing business with U.S., European or other potential business partners.”
They close by noting that, “To ensure success and avoid sanctions liabilities, it is important for Russian, U.S. and European companies to take into account sanctions risks when planning and structuring proposed business transactions...As developments over the past year demonstrate, international sanctions affecting the Russian energy sector may continue to evolve and are a practical reality that companies must build into business planning and in structuring commercial transactions with Russia’s energy sector.”
To read the full article, please click here.