News 11 Oct. 2023
Curtis Team Instrumental in Shareholder Approval of a New Multilateral Treaty to Transform Pan-African Housing Finance Institution Shelter Afrique into a Development Bank
Event 23 Aug. 2023
Partner Borzu Sabahi Speaks at the 52nd IDRI Professional Accreditation & Membership Programme
Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
Article 22 Aug. 2023
Fuad Zarbiyev Publishes Article in Journal of International Economic Law
Client Alert 14 Aug. 2023
The EU’s Market in Crypto Assets (MiCA) Regulation: The Highlights
Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
Event 11 Jul. 2023
Partner Elisa Botero Speaks on the Role of the ICC in Investment Disputes
News 15 Aug. 2023
Legal Reader Publishes Article on Dr. Majed Alotaibi’s Arrival as Senior Counsel in Curtis’ Riyadh Office
News 31 Jul. 2023
Curtis Welcomes Senior Saudi Advisor, Dr. Majed Alotaibi, to its Riyadh Office
News 24 Aug. 2023
Curtis Attorneys Quoted in CoinDesk on FTX Founder Sam Bankman-Fried’s Strategy Ahead of His Criminal Trial
News 06 Mar. 2023
Russia Sanctions at the First Anniversary: An Overview of Current Sanctions in the US, UK, and EU and How Global Companies Can Navigate Evolving and Conflicting Sanctions Regimes
Client Alert 30 Aug. 2022
The EU Adopts the “Maintenance and Alignment” Sanctions Package
Client Alert 24 Jun. 2021
Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Client Alert 04 Feb. 2022
The full alert is available for download with the bibliography here.
Negotiations are underway in the U.S. Senate over legislation that would impose major sanctions on Russia. The bipartisan negotiators are working off of a draft bill authored by Senate Foreign Relations Committee Chair Bob Menendez – S.3488, the “Defending Ukraine Sovereignty Act of 2022.” While the text of the legislation is not yet final, the ranking Republican member of the Foreign Relations Committee said on February 3, 2022, before the Senate broke for the weekend, that an agreement will be reached “very soon.” The draft bill, which requires 60 votes to pass, already has 41 Democratic co-sponsors.
The original draft of S.3488 mandates major sanctions on Russia’s financial institutions and other key entities, which will be triggered if the US President determines that the Government of Russia or its proxies “is engaged in or knowingly supporting a significant escalation in hostilities” in or against Ukraine.
Key provisions of the draft legislation include that the US President “shall impose”:
In addition, the draft legislation authorizes the US President to:
The original draft bill had the support of the White House, but senators are now negotiating a “compromise” package that incorporates Republican demands to strengthen the sanctions. A spokesperson for the National Security Council said the White House has not taken a stance on the compromise legislation.
Republicans have pushed for immediate sanctions ahead of any further steps taken by Russia. Senator Menendez has proposed amendments to the draft bill that incorporate immediate sanctions, which he has resisted describing as “preemptive,” and has characterized instead as responses to actions already taken by Russia. The Biden administration does not support imposing sanctions in the absence of further triggering events.
Other points of contention are the scope of sanctions against the Nord Stream 2 pipeline and waiver authorizations for the US President.
H.R. 6470, a companion bill to S.3488, has been introduced in the House of Representatives. H.R. 6470 is on a “similar path” to S.3488, according to comments made by Speaker Nancy Pelosi at a February 3, 2022 press briefing.
“We want to be as close to the Senate Bill as possible so there’s no delay in getting something to the President’s desk,” Pelosi said.
On February 3, 2022, Congress received a classified briefing on Russia and Ukraine from top Biden administration officials, including Secretary of State Antony Blinken, Defense Secretary Lloyd Austin, Chairman of the Joint Chiefs of Staff Gen. Mark Milley and Director of National Intelligence Avril Haines. Senators involved in the bipartisan negotiations said they believe the briefing will accelerate agreement on the compromise legislation.
Attorney advertising. The material contained in this Client Alert is only a general review of the subjects covered and does not constitute legal advice. No legal or business decision should be based on its contents.
Jason D. Wright
PARTNER, ECONOMIC SANCTIONS CHAIR, NATIONAL SECURITY LAW CHAIR
+1 212 696 6000
+1 202 452 7373
Client Alert 01 Mar. 2022
EU and the UK Impose Further Sanctions on Russia
Client Alert 23 Feb. 2022
OFAC Imposes Sanctions on Russian Persons, Entities, and Vessels
Client Alert 22 Feb. 2022
President Joseph Biden Issues Executive Order Imposing U.S. Sanctions Against Russia Backed Regions in Eastern Ukraine