On March 2, 2022, the Canadian government issued an order removing Most Favoured Nation status from Russia and Belarus. The measure comes as a further response to Russia’s invasion of Ukraine and support provided by Belarus. The effect of the withdrawal of Most-Favoured-Nation status from Russia and Belarus is that the duty rate on goods from these jurisdictions will increase to 35% (the General Tariff rate). This measure comes in addition to several trade measures…
In three separate statements of February 25, 27 and 28 2022, the Prime Minister of Japan, Fumio Kishida, announced that Japan will impose additional sanctions on Russia. The new measures will include: asset freezes and suspension on issuing visas for key Russian individuals, including President Putin;asset freezes of selected Russian banks and other entities;working with allies in order to cut-off selected Russian banks from SWIFT;restrictions on transactions with the Central Bank of the Russian Federation;…
On February 24, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued additional expansive sanctions on Russia in response to Russia’s further invasion of Ukraine (these sanctions are in addition to the significant export controls on Russia implemented by the US Commerce Department’s Bureau of Industry & Security on February 24, 2022, which are discussed in a separate blog post, here). A press release (“Russia-Related Press Release”) from the US…
In response to events in Ukraine, the UK Prime Minister has confirmed that further sanctions will be introduced against Belarus. Further details of the measures have yet to be released. We will produce a blog once such details have been published.