On December 3, 2022, G7 members formally set the highly anticipated price cap on Russian oil at 60 USD per barrel. This price cap applies to crude oil, petroleum oils, and oils obtained from bituminous minerals which originate in or are exported from Russia. Below we summarize (1) some of the key aspects of the G7’s price cap, and (2) the measures taken to implement the price cap by the EU,US, UK, Japan and Canada.…
On December 5, 2022, Canada announced amendments to the Special Economic Measures (Haiti) Regulations (the “Regulations”) in response to the “egregious conduct of Haitian elites who provide illicit financial and operational support to armed gangs”. These amendments list an additional three individuals under the Schedule of the Regulations and took effect on December 2, 2022. There are now eleven individuals listed under the Schedule of the Regulations. All of the newly listed individuals are believed…
On December 2, 2022, Canada announced further amendments to the Special Economic Measures (Iran) Regulations (the “Regulations”) in response to the Iranian regime’s “gross and systematic human rights violations and actions that continue to threaten international peace and security”. These amendments list an additional four individuals and five entities under Schedule 1 of the Regulations and took effect on November 29, 2022. There are now over 275 parties listed under Schedule 1 of the Regulations.…
On November 22, 2022, Canada announced further amendments to the Special Economic Measures (Belarus) Regulations (the “Regulations”) in response to the Belarusian regime’s role in “facilitating and enabling Russia’s illegal invasion and attempted annexation of Ukrainian territory”. These amendments list an additional twenty-two individuals and sixteen entities under Schedule 1 of the Regulations and took effect on November 17, 2022. There are now over 150 parties listed under Schedule 1 of the Regulations. Among the…