GA Trade Nov-Dec interactive - page 28

T
he event came on the heels of a
speechwhich Chancellor Merkel
made to the Federation of German
Industries (BDI) in Berlin. Her speech
tookwhat many have described as
her toughest tone against Russia to
date, making it clear that Russia is
breaching “the foundation of our
coexistence in Europe” with its
actions inUkraine. While events in
Berlinweremore politically focused,
the focus of the event inWashington
was to provide an overview for
German companies and interested
stakeholders of current U.S. sanc-
tions against Russia and their
implications for the international
business community.
While it was pointed out that there
are in fact no ‘risk free’ options
when employing sanctions, the U.S.
and EU have developed joint
sanctions based on shared strategic
assumptions that they believe will
bring Russia back to the negotiating
table. Comparedwith past efforts,
officials noticed that the EU and
U.S. sanctions are
remarkable in the
fact that there are
far more similarities
than differences
between the two
regimes. The close
coordination of
sanctions
against Russia
has come
about as
the result of a great deal of effort
and coordination on both sides of
the Atlantic.
The Office of Foreign Assets
Control (OFAC) has issued two
types of sanctions against Russia to
date. The first are more traditional
blocking sanctions which prohibit
dealings with listed individuals and
companies. These sanctions target
three groups: (1) individuals who
supported separatists in Crimea and
Ukraine; (2) Russian officials
involved in decisions that were
made in Crimea and Ukraine; and
(3) Russian oligarchs who have
W A S H I N G T O N U P D A T E
U.S. Sanctions at aGlance
About theAuthor
Elizabeth Livengood, Director Trade
Policy at the Representative of Ger-
man Industry and Trade (RGIT).
On September 23rd,
2014 the Representative
of German Industry and
Trade (RGIT), together
with theGerman Embassy
held aworkshop on U.S.
sanctions against Russia.
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GermanAmerican TradeNov/Dec 2014
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