Since Russia’s recent recognition of the self-proclaimed independence of two separatist regions of Ukraine and subsequent invasion of the country, the United States and a number of its key allies have sequentially imposed significant sanctions against Russia. As discussed in this Alert, separate from dramatically heightened export controls that the U.S. government is enacting against Russia (which will be addressed in a forthcoming Alert after the implementing regulations are published March 3), these new sanctions prohibit U.S. and non-U.S. companies from engaging in a wide range of activities with numerous government-related and private entities and individuals in Russia, Belarus and parts of Ukraine.