Category

Sanctions Targeting Russia

Category

On July 22, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two new Russia-related general licenses (“GLs”), published two new FAQs regarding these GLs, and amended two existing Russia-related FAQs. The new GLs authorize certain activities related to Russian bonds and securities and appear intended solely to help US investors wind down their financial exposure to Russia and settle certain credit default swaps following Russia’s recent June default on…

On 21 July 2022 the EU Council adopted further Russia sanctions, including its “maintenance and alignment” sanctions package. The new Regulations/Council Decisions that introduce these sanctions can be found here and here. In summary, the new sanctions package (the “seventh sanctions package”) includes: A new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country. This…

On July 14, 2022, the U.S. House of Representatives passed the National Defense Authorization Act for Fiscal Year 2023 (“NDAA”). One of the amendments included in the House-passed version of the NDAA is a revised version of the “Federal Contracting For Peace And Security Act.” The amendment would prohibit the federal government from entering into, extending, or renewing contracts with contractors that conduct business operations in Russia during its war against Ukraine, with certain exceptions…

On July 14, Canada amended its sanctions measures imposed on Russia to expand the scope of the existing prohibition on services to Russia, by adding two services to Part 1 of Schedule 8 and eight new industries to Part 2 of Schedule 8. The two categories of services that have been added to Part 1 of Schedule 8 are (i) “Services incidental to manufacturing, except to the manufacture of metal products, machinery and equipment” and…