The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 15 Aug 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") updated the UK's Financial Sanctions FAQs to, amongst other things, offer further clarification on the application of the UK's sanctions measures under The Russia (Sanctions) (EU Exit) Regulations 2019 ("Russia Regulations").
- 12 Aug 2024 (OFAC):
The Akin Summary document has now been posted for this action.
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 (OFAC):
The Akin Summary document has now been posted for this action.
The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") designated 19 individuals, 14 entities, and one aircraft pursuant to Belarus-related Executive Order ("E.O.") 14038. OFAC concurrently designated three of these individuals and two of these entities pursuant to Russia-related E.O. 14024. These designations target Belarusian persons and entities involved in supporting Russia's war in Ukraine through military resource production and transshipment of goods to Russia, sanctions evasion on behalf of Belarusian defense entities, and revenue generation for Belarusian oligarchs in Alyaksandr Lukashenka's inner circle.
Concurrent with these designations, OFAC issued General License ("GL") 101, which authorizes, subject to certain conditions, the wind down of transactions and certain civil aviation safety activities involving certain entities blocked on August 9, 2024.
- 09 Aug 2024 (UK):
The Akin Summary document has now been posted for this action.
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 Akin Summary document has now been posted for this action.
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 Akin Summary document has now been posted for this action.
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 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation amended the definition of "Permitted Payments" under General Licence INT/2023/3781228 (the "GL") to include an additional permitted ground for UK designated persons ("UK DPs"), or Persons acting on their behalf, to make payments to Local Authorities.
- 05 Aug 2024 (EU):
The Akin Summary document has now been posted for this action.
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.
The OverRuled: China Trade Controls Resource Center has been updated with the following actions:
- 15 Aug 2024 (China - Measures and Countermeasures):
The Ministry of Commerce ("MOFCOM") and the General Administration of Customs jointly issued an announcement to impose export controls on antimony and other items. The controls will take effect on September 15, 2024.
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