1. www.hoganlovells.com Russian response to US sanctions: what has been done and what to expect? 14 August 2014

2. www.hoganlovells.com Current situation with Russian response Actual measures adopted Strong statements of Russian authorities Legislative initiatives 2

3. www.hoganlovells.com Legal framework for imposing sanctions Reciprocal limitations (retorsions) Economic sanctions De facto or "disguised" sanctions 3

4. www.hoganlovells.com What will Russian authorities do next? Ban or restriction of foreign economic operations Freezing of assets Disguised sanctions including restrictions on the number of foreign employees and regulatory pressure 4

5. www.hoganlovells.com Questions ? 5

6. www.hoganlovells.com 6 *Associated offices United States Baltimore Colorado Springs Denver Houston Los Angeles Miami New York Northern Virginia Philadelphia San Francisco Silicon Valley Washington DC Europe Alicante Amsterdam Brussels Budapest* Dusseldorf Frankfurt Hamburg London Luxembourg Madrid Milan Moscow Munich Paris Prague Rome Warsaw Zagreb* Middle East Dubai Jeddah* Riyadh* Asia Beijing Hanoi Ho Chi Minh City Hong Kong Jakarta* Shanghai Singapore Tokyo Ulaanbaatar South America Caracas Rio de Janeiro São Paulo Johannesburg Africa Hogan Lovells worldwide

7. www.hoganlovells.com Contact 7 Maria Yaremenko Dispute resolution practice Senior Associate, Moscow T +7 495 933 3000 maria.yaremenko@hoganlovells.com