The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 12 Aug 2024 (OFAC):
The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued General License ("GL") 102, which authorizes, subject to certain conditions, all transactions ordinarily incident and necessary to the transportation, delivery, or storage of currency, cash processing services, maintenance of automated teller machines, or provision and staffing of customer service centers for mass transit railway stations within Hong Kong involving VPower Finance Security (Hong Kong) Limited, through 12:01 a.m. Eastern Standard Time on November 12, 2024. GL 102 does not authorize any transactions related to the transportation, delivery, or storage of gold.
- 09 Aug 2024 (UK):
The Office of Financial Sanctions Implementation ("OFSI") issued General Licence INT/2024/5028385 (the "GL") in respect of permitting payments and activities related to the Insolvency Proceedings associated with East-West United Bank ("EWUB").
- 09 Aug 2024 (UK):
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2022/2009156 (the "GL") in respect of the making of Permitted Payments to Insurance Companies. The amended GL now permits the payment of Employers' Liability Insurance relating to UK properties, provided that the conditions specified in paragraphs 4 to 11 are met.
- 09 Aug 2024 (UK):
The Foreign, Commonwealth and Development Office imposed new sanctions designations targeting four individuals and three entities under the Republic of Belarus sanctions regime. The new measures have been introduced in coordination with international partners to mark the four year anniversary of the flawed 2020 presidential elections in Belarus. Among those targeted include individuals who are, or have been, responsible for promoting the commission of serious human rights violations, such as enabling or facilitating the disappearance of Yury Zakharanka, Viktar Hanchar, Anatol Krasouski, or Dzimitry Zavadskia. The designated entities include Belarusian machine tool manufacturers who have been exporting goods to Russia for use in Russia's military industrial sector, as well as carrying on business in Belarus' defense sector.
- 05 Aug 2024 (EU):
The Council of the European Union (the "Council") designated 28 individuals under the Belarus sanctions regime, in response to their participation in ongoing internal repression and human rights violations in Belarus.
- 02 Aug 2024 (OFAC):
The Akin Summary document has now been posted for this action.
OFAC issued amended General License ("GL") 99A, which authorizes the wind down of certain transactions involving one or more blocked financial entities that are specifically listed in the GL, extending the authorization until 12:01 a.m. Eastern Daylight Time on October 12, 2024.
- 02 Aug 2024 (OFAC):
The Akin Summary document has now been posted for this action.
OFAC issued amended General License ("GL") 100A, which authorizes certain transactions related to debt or equity or the conversion of currencies that involve one or more blocked financial entities that are specifically listed in the GL, extending the authorization until 12:01 a.m. Eastern Daylight Time on October 12, 2024.
- 02 Aug 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") extended the expiry date for General Licence INT/2024/4919848, which allows the sale, divestment, and transfer of financial instruments held by the National Settlement Depository, including the payment of safe keeping fees.
- 31 Jul 2024 (UK):
The United Kingdom implemented The Russia (Sanctions) (EU Exit) (Amendment) (No.3) Regulations 2024 (the "2024 Regulations"), amending The Russia (Sanctions) (EU Exit) Regulations 2019 ("2019 Regulations"). The 2024 Regulations have expanded the UK's designation criteria to include additional activities for which a person may be designated, and new grounds on which a ship may be specified under Regulation 57F of 2019 Regulations.
- 29 Jul 2024 (BIS):
The Akin Summary document has now been posted for this action.
The Bureau of Industry and Security ("BIS") issued a proposed rule that would amend the Export Administration Regulations ("EAR") to add new restrictions and expand existing controls related to U.S. person "support" activities. The proposed rule would restrict certain U.S. person "support" to identified "foreign security end-users" and add new, unilateral controls on facial recognition items on the Commerce Control List ("CCL"). Comments on the rule are due by September 27, 2024.
- 29 Jul 2024 (BIS):
The Akin Summary document has now been posted for this action.
The Bureau of Industry and Security ("BIS") issued a proposed rule that would amend the Export Administration Regulations ("EAR") to modify existing restrictions on military and intelligence end uses and end users and related U.S. person controls. The proposed rule also adds restrictions on military-support end users. Comments on the rule are due by September 27, 2024.
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