On 14 June 2023, the UK Office of Financial Sanctions Implementation (“OSFI”) published updated guidance for the Maritime Services Ban and Oil Price Cap (the “Updated Guidance”). The Updated Guidance can be found here and our previous blog posts on UK Maritime Services Ban and Oil Price Cap can be found here and here. The Updated Guidance provides additional clarity and detail on the following: Wind-down periods: OFSI has introduced a 45-day wind-down period for…
On 20 June 2023, the UK enacted additional amendments to The Russia (Sanctions) (EU Exit) Regulations 2019 (“Russia Regulations”) through The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2023 (the “Amendment”). The Amendment makes two principal changes to the Russia Regulations by: expanding the “purpose” for which the Russia Regulations are imposed to include the promotion of compensation payment for damage, loss or injury suffered by Ukraine; and expanding the definition of “non-government controlled…
On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with: immediate family members; other natural persons benefitting from them; and business persons involved in economic sectors providing a substantial source of revenue to the Russian Government. These amendments were made on the…
On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) implemented further economic sanctions and export controls targeting Russia and Belarus. The OFAC press release and BIS press release both underscore the US Government’s close coordination with international partners and allies to align new restrictions on Russia and Belarus. In addition, the Leaders of the G7 released…