On 10 and 11 September 2024, the US, UK and France and Germany took coordinated action in response to Iran’s support for Russia’s war effort and, in particular, the supply of ballistic missiles by Iran to Russia for use in Ukraine. The measures announced include restrictions on Iran’s national airline, Iran Air, travel bans and asset freezes on Iranian individuals and organisations involved in ballistic missile and drone supply chains, and new Russian shipping sector…
On 5 September 2024, the UK amended the scope of its Russia sanctions relating to the provision of certain legal advisory services to non-UK persons, as contained in Regulations 54D and 60DB of The Russia (Sanctions) (EU Exit) Regulations 2019 (āUK Russia Regulationsā), via The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2024 (the āAmending Regulationā). The Amending Regulation entered into force on 6 September 2024, in short (i) clarifying the knowledge a person must have…
On August 9, 2024, the US, EU, UK and Canada released a joint statement announcing new sanctions against Belarus, referring to the fourth anniversary of fraudulent presidential elections in Belarus that resulted in Alexander Lukashenko remaining in power. These authorities cited Belarus’s support for Russiaās war of aggression against Ukraine and ongoing human rights abuses in Belarus as the motivations for the latest round of sanctions. Members of our global sanctions team in the US,…
On 11 June 2024, the UK Court of Appeal handed down its judgment in the case of Celestial Aviation Services Limited v UniCredit Bank GmbH (London Branch) [2024] EWCA Civ 628. In summary, the Court of Appeal determined that, in the context of payment obligations under standby letters of credit (“LCs”), sanctions measures relating to financing the supply of restricted items can apply retrospectively as well as prospectively, significantly widening the scope of application of…