Last week, Canada announced two sets of amendments to the Special Economic Measures (Russia) Regulations in coordination with its allies at the G7 Summit in Japan. Additionally, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its April 2022 guidance on Russia-related anti-money laundering (AML) and sanctions evasion risks and the U.S. Office of Foreign Asset Control (OFAC) added a number of Canadian companies to its Specially Designated Nationals list (SDN List). Amendments…
Effective as of 16 May 2023, Ukraine introduced five new sets of personal sanctions against 502 individuals and 860 legal entities.[1] The sanctions affect the following categories of persons, among others: Russian defense industry companies: LLC “69th Repair Plant of Rocket and Artillery Weapons”, LLC “Spetsvoenprom”, PJSC “Kirov Plant “Mayak”, etc. Russian and Belarusian engineering enterprises: JSC “Moscow Machine-Building Enterprise named after V.V. Chernyshev”, JSC “Kazan Compressor Machine Building Plant”, Open JSC “Gomel Plant of…
On May 4, 2023, the President Biden issued Executive Order 14098 (“EO 14098”) establishing a sanctions authority that authorizes the US Government to imposes sanctions on persons or entities in Sudan in connection with “the military’s seizure of power in October 2021 and the outbreak of inter-service fighting in April 2023.” While no sanctions have been imposed under EO 14098 to date, this new Sudan sanctions authority authorizes the US Government to issue asset blocking…
On 9 May 2023, the President of the European Commission, Ursula von der Leyen, announced further details on the proposed eleventh package of EU sanctions against Russia. According to the press statement issued by the European Commission and related press reports, the proposed package mainly focuses on combatting circumvention of EU sanctions. More specifically, it would include the following additional measures: Ban of ‘shadow’ entities from Russia and third countries that are intentionally circumventing EU…