The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 14 Oct 2024 (EU):
The Council of the European Union (the "Council") designated seven individuals and seven entities in response to Iran's military support to Russia's war of aggression against Ukraine, as well as armed groups and entities in the Middle East and Red Sea region, pursuant to Council Implementing Regulation (EU) 2023/1529.
- 10 Oct 2024 (Russia - Countermeasures):
The Russian Government Commission established new divestment requirements.
- 09 Oct 2024 (Russia - Countermeasures):
The Russian President permits transactions with shares of VTB Bank.
- 03 Oct 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI"), together with the Foreign, Commonwealth and Development Office ("FCDO"), designated an additional entity under the Belarusian sanctions regime, pursuant to the Belarus (Sanctions) (EU Exit) Regulations 2019 (the "Belarus Regulations").
- 01 Oct 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2023/317/9120 (the "Water Companies GL") to expand the scope of the Water Companies GL. OFSI also made the Water Companies GL indefinite.
- 01 Oct 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") updated its UK Financial Sanctions FAQs ("FAQs") to clarify the scope of a person "connected with Russia" for the purposes of the trust services sanctions under Regulation 18(c) of the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations").
- 01 Oct 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") updated its UK Financial Sanctions FAQs ("FAQs") to clarify whether UK sanctions apply to the internal settlement of Russian securities between sub-accounts held within the same non-designated financial institution/central securities depository.
- 30 Sep 2024 (UK):
The Akin Summary document has now been posted for this action.
The Export Control Joint Unit ("ECJU") published its 'Notice to Exporters 2024/26', which confirms that intra-corporate services will no longer be listed as a UK licensing consideration in respect of the professional and business services sanctions from October 31, 2024.
- 27 Sep 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") published the 'Report of Penalty for Breach of Financial Sanctions Regulations' ("OFSI Report"). The OFSI Report explains that, on August 29, 2024, OFSI imposed a monetary penalty of £15,000 in accordance with section 146 of the Policing and Crime Act 2017 against a UK-registered company, Integral Concierge Services Limited ("ICSL"), for breaching regulations 11(1) and 13(1) of the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations").
- 26 Sep 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI"), together with the Foreign, Commonwealth and Development Office ("FCDO"), designated two entities and specified five vessels under the Russia sanctions regime pursuant to The Russia (Sanctions) (EU Exit) Regulations 2019.
- 24 Sep 2024 (EU):
The Akin Summary document has now been posted for this action.
The Group of 7, which consists of the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union (collectively, the "G7"), along with the Global Export Control Coalition ("GECC"), published a new guidance document outlining recommended actions to prevent Russian export control and sanctions evasion. The guidance outlines items of heightened risk of being diverted to Russia, updated red flag indicators and best practices for industry to address these red flags, and screening tools and other resources to assist with due diligence.
- 24 Sep 2024 (UK):
The Akin Summary document has now been posted for this action.
The Group of 7, which consists of the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union (collectively, the "G7"), along with the Global Export Control Coalition ("GECC"), published a new guidance document outlining recommended actions to prevent Russian export control and sanctions evasion. The guidance outlines items of heightened risk of being diverted to Russia, updated red flag indicators and best practices for industry to address these red flags, and screening tools and other resources to assist with due diligence.
- 23 Sep 2024 (Switzerland):
The Akin Summary document has now been posted for this action.
Switzerland delisted eight individuals and amended the sanctions listing for six individuals under its Russia sanctions regime. The amended statements of reasons provide up to date information regarding the positions held by each designated individual, including the reasons for their designation.
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