Over the past eight weeks, following the announcement of the G7’s Sanctions Enforcement Coordination Mechanism, we have journeyed to our offices in each of the G7 members to ask our local sanctions experts to weigh in on what companies should know about sanctions enforcement in their jurisdiction — and what companies should be doing today to prepare — in light of the increase in sanctions enforcement, which we are already seeing on the ground. By…
On 24 February 2023, the Australian Government announced that it had imposed further targeted financial sanctions and travel bans on 90 persons, and targeted financial sanctions on 40 entities. The new designations include Russian ministers with responsibilities spanning energy, natural resources, industry, education, labour, migration and health, being areas of economic and strategic significance to Russia or that threaten the territorial integrity or sovereignty of Ukraine, and include: Kalashnikov Concern, one of Russia’s largest arms…
The Department of Foreign Affairs (DFAT), led by the Australian Sanctions Office (ASO), is undertaking a review of Australia’s Autonomous Sanctions Framework (Review),[1] ahead of the expiry on 1 April 2024 of the Regulations. The Review will assess whether the Framework remains fit for purpose. The Review will be informed by responses to an Issues Paper and by consultations with key stakeholders. The closing date for submissions is 26 February 2023, with the Review to…
As separate measures, Australia has announced: a 35% additional tariff for products from Belarus and Russia; andnew luxury goods export sanctions for Russia. 35% additional tariff for goods from Russia or Belarus On 1 April 2022, the Notice of Intention to Propose Customs Tariff Alterations (No. 3) 2022 was published, outlining Australia’s intention to apply an additional 35% tariff on all imports from Russia, as well as Belarus. The tariff will be applied to “additional…