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Sanctions Regimes

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The UK has banned the import of Russian oil and oil products into the UK, and has further banned UK services including finance, insurance, and shipping from enabling the seaborne transport of Russian oil and oil products globally (see here for our previous blog). However the UK (in coordination with G7 and Australia) has also created a price cap exception to the services ban which allow the UK to continue facilitating the transport of Russian…

The UK has adopted The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 which introduce new restrictions against Russia and expand existing ones. The Legislation enters into force on 5 December 2022. The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022: Prohibit the direct or indirect supply or delivery by ships of certain oil and oil products falling within commodity codes 2709 and 2710, from a place in Russia to a third country, or from one…

On 31 October 2022, the Swiss Department of Economic Affairs, Education and Research (the “EAER”) introduced three Iranian individuals and one organisation to Annex 8 and thus subjected them to an asset and economic resource freeze pursuant to Article 15 of the Swiss Ordinance on Measures connected with the Situation in Ukraine (the “Ukraine Ordinance”). This inclusion is again in line with the actions taken by the EU on 20 October 2022. The amended annex…

Effective October 28, 2022, Canada implemented additional sanctions against Iran due to its “ongoing gross and systematic human rights violations and continued actions to destabilize regional peace and security.” An additional four individuals and two entities have been listed under Schedule 1 of the Special Economic Measures (Iran) Regulations (the “Regulations”). Generally speaking, listing under Schedule 1 of the Regulations imposes a dealings prohibition, effectively an asset freeze, against the listed person. Any person in…