On April 28, 2020, the US Department of Commerce’s Bureau of Industry and Security (BIS) published in the Federal Register a Final Rule amending the Export Administration Regulations (EAR), 15 CFR parts 730-774. This new rule critically expands the licensing requirements for exports, reexports and transfers (in-country) of items subject to the EAR in three … Continue Reading
OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading
On August 14, 2019, the UK government introduced a new control on the export of submersible vessels and related equipment, software and technology to Russia. The new control has been introduced due to Russia’s development of capabilities enabling it to track, access and disrupt undersea communication cables. The UK government considers these developments as a risk to national security. Assessment of … Continue Reading
On January 27, 2019, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that it has removed from its Specially Designated Nationals and Blocked Persons (SDN) list certain information for EN+ Group PLC, JSC Eurosibenergo and United Company RUSAL PLC.… Continue Reading
On 6 April, the Office of Foreign Assets Control (OFAC) designated seven Russian oligarchs, 12 companies they own or control, 17 senior Russian government officials and a state-owned Russian weapons trading company and its subsidiary, a Russian bank, pursuant to Executive Order 13661, 13662 and the Countering America’s Adversaries Through Sanctions Act (CAATSA). According to the US Department of Treasury, … Continue Reading
On 29 January 2018, OFAC announced that it released five reports to Congressional Committees pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The reports include (1) Section 241: Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation; (2) Section 104(e): Report on Contributions to Iran’s Ballistic Missile Program; … Continue Reading
BIS published a final rule, effective 20 December 2017, which amended the Export Administration Regulations (EAR) by adding two Russian companies to the Entity List under the destination of Russia on the basis of § 744.11 of the EAR. The added entities are the Joint Stock Company Experimental Design Bureau Novator and the Joint Stock … Continue Reading
On 31 January 2018, the High Representative of the Union for Foreign Affairs and Security Policy announced that Montenegro, Albania, Norway and Ukraine had aligned themselves with EU Council Decision (CFSP) 2017/2426. They have, therefore, extended a part of the sanctions imposed on Russia in relation to its violation of Ukrainian sovereignty and territorial integrity … Continue Reading
On 21 December 2017, the Council of the European Union prolonged sanctions targeting sectors of the Russian economy until 31 July 2018 (See Council Decision (CFSP) 2017/2426). The restrictive measures include limited access to EU primary and secondary capital markets for certain Russian banks and companies, an export and import ban on trade in arms, … Continue Reading
In June 2017, the Office of Foreign Assets Control (OFAC) and the US Commerce Department’s Bureau of Industry and Security (BIS) imposed coordinated sanctions against two entities from the Crimea Region of Ukraine and eight entities from Russia. OFAC added each entity to the OFAC List of Specially Designated Nationals (SDN List) and Block Persons under the executive orders implemented … Continue Reading
On 28 June 2017, the European Council extended the economic sanctions targeting specific sectors of the Russian economy until 31 January 2018. These sanctions were originally introduced on 31 July 2014 in response to Russia’s actions destablising the situation in Ukraine and to target the financial, energy and defence sectors, as well as dual-use goods. The EU has expressed that … Continue Reading
On 27 April, the US Department of Justice announced the sentencing of Lim Yong Nam to 40 months in prison for conspiracy to illegally export radio frequency modules from the US to Iran. Separately, it also announced two separate sets of charges: (1) the indictment of Mark Komoroski for the alleged attempted export of two … Continue Reading
The House of Commons Foreign Affairs Committee published a report on the UK’s relations with Russia, which examines sanctions on Russia. The report highlights that “recent developments in both the EU and the US have put the future of the sanctions regime in doubt”. It goes on to add that “as the UK is among the … Continue Reading
Status Update: Clearance Acquirer: Sibanye Gold Ltd. (South Africa) Acquired: Stillwater Mining Co. (US) Value: Approx. US$2.2 Billion Industry: Mining UPDATE: According to a press release issued by Stillwater Mining Company, a Colorado based mining company, in relation to its proposed acquisition by Sibanye Gold Limited, a South Africa mining company, “it has … Continue Reading
In February 2015, the UK Divisional Court referred questions to the ECJ for a preliminary ruling in the course of Rosneft’s judicial review proceedings challenging UK legislation that gives effect to EU sanctions against Russia. The questions referred concerned the interpretation and validity of Council Decision 2014/512/CFSP and Council Regulation (EU) 833/2014. In response to … Continue Reading
On 17 January 2017, the EU published a notice addressed to 50 individuals and seven entities designated under its sanctions related to the territorial integrity, sovereignty and independence of Ukraine, stating that it intends to maintain the restrictive measures against these individuals and entities with new statements of reasons. The sanctions target individuals and entities … Continue Reading
Following a recent European Council meeting on 6 February, EU foreign ministers have stated that sanctions against Russia must remain in force until it helps end fighting in eastern Ukraine. Foreign policy chief Federica Mogherini stated that the EU will never recognise Russia’s 2014 annexation of the Crimean Peninsula and insisted that all sides must … Continue Reading
On 19 December, the European Council extended the application of economic sanctions targeting specific sectors of the Russian economy for a further six months until 31 July 2017. These restrictions were introduced on 31 July 2014 by way of Council Regulation (EU) No 833/2014 “concerning restrictive measures in view of Russia’s actions destabilising the situation in … Continue Reading
President Barack Obama will travel to Chicago on Tuesday, 10 January, to deliver his farewell address to the nation. U.S. businessman Donald Trump will be sworn in as the 45th President of the United States on Friday, 20 January. Trump Transition News – Confirmation Hearings. Senate Foreign Relations Committee (SFRC) Chairman Bob Corker (R-Tennessee) has … Continue Reading
Welcome to 2017. The 115th Congress convened on Tuesday, 3 January. U.S. businessman Donald Trump will be sworn in as the 45th President of the United States on Friday, January 20. Trump Transition News. President-Elect Trump continues to announce senior officials who will serve as part of his Administration. The Trump Transition Team noted at … Continue Reading
In its annual report, the FCO recognises that the UK played an instrumental role in ensuring that the EU remained united in upholding sanctions on Russia, in promoting sanctions on ISIS and in negotiating the Joint Comprehensive Plan of Action (JCPOA) nuclear deal with Iran. According to the report “while there has been good progress … Continue Reading
Likely Major Policy Developments President-Elect Trump will enter the White House facing a dramatic decline in global trade growth. A recent World Trade Organization (WTO) report notes that 2016 marks the slowest pace of trade and output growth since the 2008 financial crisis. WTO Director-General Roberto Azevêdo called slowing trade growth “a wake-up call,” … Continue Reading
On 12 August, a WTO dispute settlement panel confirmed that Russian import duties on paper, refrigerators and palm oil violate WTO rules. According to the panel, the import duties exceed those Russia agreed to when it joined the WTO in August 2012. This marks the first case ever decided in the WTO against Russia. The EU has initiated dispute settlement … Continue Reading
On 1 August, during a phone conversation with President of Ukraine Petro Poroshenko, UK Prime Minister Theresa May confirmed that the position of the UK as regards sanctions against Russia was “unchanged following the UK’s Brexit vote in June”. The Prime Minister further added that sanctions will remain until Russia fully complies with its obligations under the Minsk agreements.… Continue Reading
