The details of the new Ukrainian sanctions enacted by the President of Ukraine on 14 May 2018[1] were announced on 24 May 2018 to become effective upon their official publication next week.

The new sanctions will significantly extend the Ukrainian sanctions program against Russia by placing more than 400 companies and 1000 individuals including:

  • Russian oil and gas companies Rosneft, Lukoil and Transoil;
  • major Russian producers of fertilizers, such as PhosAgro PJSC, EuroChem Mineral and Chemical Company, United Chemical Company “Uralkhim”;
  • companies related to the WebMoney online payment settlement system, such as WM Transfer Ltd (Lithuania), ВМР Ltd (Russia), WebMoney.Ru Ltd (Russia), WebMoney Europe Ltd (the United Kingdom), Amstar Holdings Limited (Hong Kong), etc. (The sanctions also prohibit Internet providers to give access to the resources and services of WebMoney.);
  • Gaz Alliance Ltd, Coal Technologies Ltd and other Russian companies related to supply of coal from the territories of Donetsk and Luhansk regions currently under the control of Donetsk and Luhansk People’s Republics;
  • JSC «Moldavian Metallurgical Plant»;
  • Moscow Exchange MICEX-RTS; and
  • representative offices in Ukraine of “Financial company Elmi”, “VM-Factor”, “Paymaster”,

on the sanctions list with a broad range of sanctions measures (freeze of assets, restrictions on financial and trade operations) applying to them.

The new Ukrainian sanctions partially reflect the US sanctions placed on prominent Russian businessmen Oleg Deripaska, Igor Rotenberg, Vladimir Bogdanov, Suleiman Kerimov, Viktor Vekselberg, Andrey Kostin, Gazprom CEO Alexey Miller and Ukrainian oligarch Sergii Kurchenko.

Importantly, the sanctions program adopted by Ukraine in May 2017 continues to apply to 113 companies and 531 individuals for another three years,[2] while the sanctions on certain Ukrainian banks which have capital from Russian state-owned banks remain effective till March 2019.[3]