The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 12 Mar 2025 (EU):
The European Commission (the "Commission") updated its Russia sanctions FAQs relating to Oil Imports to clarify the permitted exceptions to the EU temporary storage prohibition pursuant to Article 3nb of Council Regulation (EU) No. 833/2014 ("Regulation 833").
- 12 Mar 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") issued 13 new UK Financial Sanctions FAQs (FAQs 132 to 144 (inclusive)) to provide further clarification regarding the general reporting obligations of "relevant firms". As of May 14, 2025, this will include, amongst other "relevant firms" (as defined in Regulation 71 of the Russia (Sanctions) (EU Exit) Regulations 2019), art market participants ("AMPs") and high value dealers ("HVDs"), insolvency practitioners, and letting agents (each a "Relevant Firm" and together "Relevant Firms"). The definitions of AMPs, HVDs, insolvency practitioners, and letting agents are set out in Regulation 15 of the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024.
The OverRuled: China Trade Controls Resource Center has been updated with the following actions:
- 13 Mar 2025 (OFAC):
OFAC imposed sanctions on Iran's Minister of Petroleum, Mohsen Paknejad, as well as several entities in Hong Kong, the PRC, India, the Seychelles, Bangladesh, Suriname, Liberia, the Marshall Islands, and Sri Lanka, pursuant to EO 13902, for their ownership or operation of vessels that have delivered Iranian oil to the PRC, or lifted Iranian oil from storage in Dalian, PRC.
Concurrently, the Department of State sanctioned three entities in Singapore and Indonesia to stop the flow of revenue the Iranian regime uses to finance its destabilizing activities.
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