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White House Restricts U.S. Trade with Crimea

Tuesday, December 23, 2014
Sandler, Travis & Rosenberg Trade Report

President Obama on Dec. 19 issued an executive order prohibiting the importation and exportation of goods, technology and services from/to Crimea. This action also bans new U.S. investments in Crimea and authorizes the Treasury Department to impose sanctions on individuals and entities operating in the region. The Treasury Department indicates in a press release that the Office of Foreign Assets Control has simultaneously issued a general license to authorize the sale of agricultural commodities, medicine and medical supplies to Crimea. Treasury also announced the imposition of sanctions on 24 Ukrainian and Russian-backed separatists and the militias or entities they lead or support.

A White House press release notes that the executive order is intended to both provide clarity to U.S. corporations doing business in the region and reaffirm that the U.S. will not accept Russia’s occupation and attempted annexation of Crimea. The White House adds that the U.S. will “continue to review and calibrate our actions, in close coordination with our international partners, to respond to Russia’s actions.”

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