On 22 February 2023, Dutch Customs published a press release on its website indicating that the additional EU sanctions measures against Russia and Belarus will enter into force on 24 February 2023. Although relevant legislative texts have not yet been published, the release suggests that the “tenth package” of EU sanctions against Russia will include: an extension of the export restrictions related to dual-use goods and goods which could contribute to the enhancement of Russian…
Effective as of 21 February 2023, Ukraine introduced sanctions against Moscow Stock Exchange MMVB-RTS PJSC and 333 individuals, mainly the top management of Russian banks and the Russian subsidiaries of foreign banks.[1] According to the Ministry of Economy of Ukraine, the sanctions package is aimed at increasing pressure on the Russian banking system. Specifically, the sanctions target bank managers working for the Russian military-industrial complex and servicing the Russian occupation forces.[2] The Decision imposes extensive…
On February 9, 2023, the United States and the United Kingdom designated seven Russian individuals that have been associated with the development or deployment of a range of ransomware strains which have targeted the UK and the US. This is the first time that the UK has made designations under its Cyber (Sanctions) (EU Exit) Regulations 2020. The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued this press release in tandem…
On February 3, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published a determination pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order 14071 and a determination pursuant to section 1(a)(ii) of Executive Order 14071 (“Determinations”) to implement the price cap policy for Russian petroleum products, building on earlier determinations related to Russian crude oil. OFAC also issued an updated guidance document relating to the price cap policy for Russian crude oil and petroleum…