Expanded Russia Sanctions to Mean Tougher Due Diligence on Debt Financing, Technology Sales

By Colby Adams, Irene Madongo and Kira Zalan

The expansion of Western sanctions targeting Russia will require banks to closely vet additional types of credit and transactions tied to financial, energy and defense firms, according to attorneys. On Friday, the EU ordered asset freezes on 24 individuals and lowered a 90-day maturity threshold to 30 days on investment services the bloc's banks can provide to designated entities. The ban targets five Russian financial institutions and three of the nation's energy and defense firms: Rosneft, Transneft, Gazprom Neft, OPK Oboronprom, United Aircraft Corporation and Uralvagonzavod. U.S. measures disclosed the same day by the Office of Foreign Assets Control (OFAC)...