The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 13 Dec 2024 (Russia - Countermeasures):
The Russian "oil price cap countermeasures", set to expire on December 31, 2024, will now apply until June 30, 2025.
- 11 Dec 2024 (EU):
The European Commission (the "Commission") updated its sanctions FAQs relating to 'Circumvention and Due Diligence'. The updated FAQs address the following issues;
- Whether EU banks are required to screen open account transactions for possible infringements of EU trade restrictions and, if so, how this screening should be organised;
- Whether EU operators who receive assets belonging to an EU designated person prior to their listing can be held accountable for accepting those assets;
- How sanctions circumvention violations are determined;
- How "knowingly and intentionally" should be interpreted when considering anti-circumvention clauses under Article 9 of Council Regulation (EU) No 269/2014 ("Regulation 269") and Article 12 of Council Regulation (EU) No 833/2014 ("Regulation 833"); and
- How the non-liability clause pursuant to Article 10 of Regulation 269 and Regulation 833 should be applied.
- 11 Dec 2024 (EU):
The European Commission (the "Commission") issued new sanctions FAQs in respect of 'Enhanced due diligence for operators manufacturing and/or trading with CHP items' (the "FAQs") under Article 12gb of Council Regulation (EU) No 833/2014 ("Regulation 833").
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