On 5 March 2022, the Singapore Government provided details of the “appropriate sanctions and restrictions” it had announced it will impose on Russia (see our previous blog). SINGAPORE’S FINANCIAL MEASURES IN RELATION TO RUSSIA The Singapore Government will impose financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. Digital payment token service providers will be specifically prohibited from facilitating transactions that could aid the circumvention…
On March 2, 2022, in response to Belarus’s enabling of Russia’s further invasion of Ukraine, the US Commerce Department’s Bureau of Industry and Security (“BIS”) issued a final rule (“Final Rule”) effective on the same day, that implements sweeping export controls measures targeting Belarus. This Final Rule subjects Belarus to substantially the same export controls that were imposed on Russia and became effective on February 24, 2022. (Our blog post summarizing those export controls targeting…
On March 1 and 2, 2022, the UK published four Regulations which introduce new financial, trade and shipping sanctions against Russia. New financial sanctions The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 introduce the following restrictions: Prohibition on dealing with securities or money-market instruments issued by, or providing loans/credit to a person connected with Russia (including Russian incorporated entities and residents) or the Russian Government. The aforementioned prohibitions also apply to all entities…
As flagged in our initial blog, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) published on February 24, 2022 a public inspection copy of a final rule (“Final Rule”), effective immediately (subject to a very limited savings clause), that implements a sweeping series of export control measures under the Export Administration Regulations (“EAR”) against Russia. The press release regarding these new controls can be found here. The controls are a result of multi-laterally coordinated efforts…