Author: CorruptionLedger

Over 400,000 nuisance calls in total have been made to the Japanese Embassy in Beijing since the release of treated radioactive water from the crippled Fukushima nuclear power plant into the sea began in late August, Japanese government sources said Tuesday. On the back of growing anti-Japan sentiment in China, the daily number of harassing calls received by the embassy peaked at more than 40,000 on Aug 25, a day after the ocean discharge started, and has stayed at around…

The International Criminal Court (ICC) said on Tuesday its computer system had been hacked, a breach at one of the world’s most high-profile international institutions and one that handles highly sensitive information about war crimes. The ICC said it had detected unusual activity on its computer network at the end of last week, prompting a response that was still ongoing. A spokesperson declined to comment on how serious the hack was, whether it has been fully resolved, or who might…

On 15 March 2022, the European Council introduced a fourth package of sanctions against Russia. The move follows an informal meeting attended by EU heads of state and government on 10-11 March. The sanctions target entities and individuals. Measures include: Bans on: Transactions with certain state-owned companies which are already subject to refinancing restrictions Providing credit rating services (and access to any subscription services in relation to credit rating activities) New investments in the Russian energy sector Subjecting a greater number…

As a reaction to the international sanctions following the Russian invasion of Ukraine, the Russian government enacted several economic retaliatory measures that could significantly impair foreign investments in Russia or contracts concluded with Russian companies. Below, we outline the various measures currently discussed and/or already in force and provide you with information on investment protection and related legal instruments at your disposal if you are affected by these measures. The situation regarding the various measures in force or in preparation…

Having been accused of getting off to a slow start in relation to the imposition of sanctions arising out of developments in Russia and Ukraine, the UK Government appears to be generating something of a head of steam and has in recent days sanctioned 7 Oligarchs and 386 members of the Russian Duma. Indeed the unprecedented pace of sanctions from across the globe has created a major issue for many businesses, and the intended and unintended consequences of those sanctions…

  The ongoing imposition of sanctions against Russia arising from the attack upon Ukraine creates a number of significant issues for insurers which have written trade credit and/or political risk insurance policies. Even where sanctions have not forbidden companies’ business in Russia, many companies have voluntarily chosen to withdraw from the Russian market, in whole or in part.  Companies which have voluntarily decided to withdraw from Russia are finding that their Russian counterparties are deeming the voluntary withdrawal to be…

Originally promised “by 2021”, the war in the Ukraine has finally booted the Register of Overseas Entities onto the statute book as part of a global push towards transparency in property ownership. As we reported in December 2020, most UK entities have been required to provide information about their ultimate owners since June 2016, but plans to cast the net wider to catch overseas entities seemed to have stalled over the last two years. Now, domestic and global pressure to crack…

The European Council has today (08 April 2022) adopted a fifth package of sanctions against Russia, with a view to putting pressure on Russia’s economy and limiting its capacity for aggression against Ukraine. Key sanctions include: – Prohibitions on: – The purchase, import or transfer of coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia, effective as of August 2022. – Vessels registered under the flag of Russia accessing EU ports (subject…

  On 31 March 2022, the UK Government announced 14 new Russian sanctions, targeted primarily at state-owned media organisations and Russian propagandists. Those subject to the new sanctions will have their UK assets frozen and no UK citizen or company will be able to do business with them. Individuals subject to travel bans will also be prohibited from travelling to or from the UK. The entities and individuals sanctioned are:   TV-Novosti – the organisation that owns RT Rossiya Segodnya…

On 06 April 2022, the UK Government announced a new package of economic sanctions against Russia. Building on the approach previously taken, the sanctions target business elites, banks and strategic industries, including iron and steel. Additionally, the Government has announced measures to undermine the capabilities of the Russian energy sector and has committed to ending all dependence on Russian oil and coal by the end of 2022, with imports of Russian gas to end as soon as possible thereafter. The…

The UK yesterday (13 April 2022) sanctioned a further 206 individuals in connection with Russia’s invasion of Ukraine. Those sanctioned include the family and staff of sanctioned Russian oligarchs, and 178 individuals who have played a role in supporting illegal breakaway regions of Ukraine. The sanctions against the latter have been imposed in coordination with the EU. The relevant government press release is available here. The relevant Financial Sanctions Notice is available here: Notice_Russia_130422.pdf (publishing.service.gov.uk) https://www.clydeco.com/en/insights/2022/04/uk-announces-206-new-individual-sanctions

The UK government has today (21 April 2022) announced 26 new sanctions, targeting Russian military leaders, and individuals and entities supporting the Russian military. The sanctions follow “intelligence which reveals intentional bombing of critical and civilian infrastructure in Mariupol”. The sanctions will be introduced under either the “standard” process or the “fast-track” process, with the latter being used for individuals and entities being targeted “in alignment with global partners from the G7 and the EU”. Individuals and entities sanctioned under…

On 15 March 2022, the Economic Crime (Transparency and Enforcement) Act 2022 (“the Act”) received royal assent. Having been on the political agenda since 2016, the Act was fast-tracked in response to Russia’s invasion of Ukraine. The Act contains three key parts: Part 1: Registration of Overseas Entities. In March 2022, we reported on the inclusion of the Register of Overseas Entities as part of the wide package of measures in the Act. Part 2: Unexplained Wealth Orders (amendments to…

On the 16 June 2022, the UK announced new sanctions against Russia targeting twelve new individuals, including the Russian Children’s Rights Commissioner, the head of the Russian Orthodox Church, and several more individuals linked to the Russian military. https://www.clydeco.com/en/insights/2022/06/uk-government-announces-further-sanctions-against

Import prohibitions: On the 15 July 2022, the UK Parliament passed The Russia (Sanctions) (EU Exit) (Amendment) (No. 11) Regulations 2022 (legislation.gov.uk) which makes related consequential amendments to trade sanction measures in Part 5 (Trade) of the Russia (Sanctions) (EU Exit) Regulations 2019 (“2019 Regulations”). This amendment replaces the Russia (Sanctions) (EU Exit) (Amendment) (No.10) Regulations 2022. The amendment extends existing import sanctions and provides for a number of trade restrictions relating to: Technology with the potential use for internal…

On the 21 July 2022, the European Council adopted a seventh sanctions package against Russia. The sanctions package intends to build on and strengthen existing economic sanctions in place and has been dubbed the “maintenance and alignment” package. The sanctions package includes: New prohibitions targeting gold and jewellery, banning the purchase, import, or transfer, be it directly or indirectly, if either good originates in Russia. Extending export controls on dual use and advanced technology items which are deemed to have…