Obama Takes Action to Kill Trade with Crimea
President Barack Obama took executive action on Dec. 18 to stem trade flows between the U.S. and Crimea, the formerly Ukrainian peninsula that Russian absorbed militarily in March. The executive order bans U.S. imports from and exports to Crimea of goods, services or technology, said the White House in a letter to Congress (here). The measure also prohibits new U.S. investment in the territory and restricts transactions.
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The Treasury Department is also now authorized to impose sanctions on individuals and entities that fit the following criteria:
- operates in the Crimea region of Ukraine;
- leads an entity operating in the Crimea region of Ukraine;
- owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, any person whose property and interests in property are blocked pursuant to the order
- materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, any person whose property and interests in property are blocked pursuant to the order
The measure follows the passage and signing into law of another round of legislative authorizations for sanctions against Russia (see 1412180065). European Union officials took similar actions on Dec. 18, banning all investment in Crimea (here). The EU sanctions also include bans on exports to Crimea in the transport, telecom and energy sectors.