Author: CorruptionLedger

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…

On the 26 September 2022, the UK Government announced 92 new sanctions targeting individuals and entities in response to the Russian organised referendums in Ukraine. In connection with the referendums, 33 individuals have been sanctioned including Ivan Kusov, the Minister of Education and Science in the Luhansk People’s Republic, and Sergei Yeliseyev, the Head of Government in Kherson and Vice Admiral of the Russian Navy. The UK also sanctioned IMA Consulting, a PR agency being used in connection with the…

The UK, US, Japan and Canada announced a co-ordinated import ban on Russian gold at the G7 Summit, which commenced on the 26 June 2022. Gold is reportedly one of Russia’s biggest exports, worth £12.6 billion to the Russian economy in 2021. On the 21 July 2022, the UK passed The Russia (Sanctions) (EU Exit) (Amendment) (No.14) Regulations 2022, which implements the prohibition on the import of gold from Russia. It also prohibits the acquisition, supply and delivery, provision of…

As of 5 December 2022, the EU, UK and US have imposed stringent prohibitions on Russian-origin oil related to trade, transportation and services. These new sanctions include: i) wide-ranging import bans on crude oil into the UK and EU; ii) bans on associated ancillary services; and, iii) a price cap of $60 per barrel, making available UK, EU and US services available to third country importers and exporters, so long as the price paid for Russian oil is below that…

Russia’s invasion of Ukraine is still ongoing – and so are retaliatory measures by the Russian government that could potentially continue to impair foreign investments in Russia or contracts concluded with Russian entities. Following up on our earlier post in March 2022 outlining the initial set of measures (see Market Insight of 14 March 2022 here), it is time for an update. As of January 2023, the course of the conflict remains unclear, so this update is intended to be a…

As part of its response to the current situation in Ukraine, the UK Government has recently enacted sanctions legislation which introduces additional grounds for designations of individuals and entities under the existing UK-Russia sanctions regime. However, no new designations have been made under these grounds. In this post, we consider the implications and potential impact of these changes. What Amendments Have Been Made? Prior to the recent amendments, the UK-Russia sanctions regime (contained in The Russia (Sanctions) (EU Exit) Regulations…

The US, UK and EU have threatened to impose a range of measures to deter Russian activities in or against Ukraine. The scope and severity of such measures will likely give rise to serious compliance challenges for companies with Russian counterparties or who do business in Russia. In this post, we consider the types of measures which could be imposed by the US and their potential impact. Current Status of US Legislation The two houses of US Congress are nearing…

Russia’s decision on 21 February 2022 to recognise the Donetsk and Luhansk regions of eastern Ukraine (the Covered Regions) as independent states, has prompted the US, UK, and, potentially, the EU to respond with the imposition of a first tranche of financial and trade sanctions. In this post, we consider the measures that have been imposed. US The US has imposed sanctions concerning the Covered Regions through an Executive Order issued on 21 February (the “EO”). The EO expands the…

The Court of Justice of the European Union (the Court) has, for the first time, provided its interpretation of Article 5 of the EU Blocking Regulation, which prohibits EU persons from acting in compliance with certain sanctions imposed by the US on Iran and Cuba. In this update, we provide an overview of the Court’s decision and consider the implications of the issues addressed. Factual Background The Court addressed four interpretive questions regarding the EU Blocking Regulation[1] which were referred…

In previous posts, we outlined measures imposed by states in response to Russia’s recognition of Donetsk and Luhansk. Following Russia’s invasion of Ukraine on 24 February 2022, various states have enacted a new tranche of measures in response and announced further measures to be imposed over the coming days. We outline below the further actions taken by the US, EU, UK, Canada, and Australia since our last update. The most significant developments represent: The designation of VTB by the US…

In recent days there has been increasing rhetoric around the imposition of sanctions in response to the activities of Russia on the border with Ukraine. By way of example, on 31 January 2022, the UK Government announced new legislation to permit the Government to sanction individuals ‘due to their significance to the Kremlin.’ This is a broadening of existing powers ‘enabling the UK to more readily designate a greater number of individuals and businesses associated with the Kremlin.’ It is…

The UK has implemented new sanctions restricting entry into British ports and enabling the detention of certain Russian linked vessels. The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2022, which amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the Regulations) prevent certain vessels from entering British ports as well as authorising the Secretary of State for Transport to give directions to harbour authorities to restrict the movement of vessels (directing them to proceed to certain areas of a port or…

The world is seeing rapid changes to sanctions laws in response to Russia’s invasion of Ukraine. Australia is moving in lockstep with other countries imposing targeted financial sanctions and travel bans on Russian business and key individuals involved. This update summarises the Australian sanctions announced in response to the Russian invasion of Ukraine. It is critical that businesses in Australia who have exposure to Russian trade or investment ensure that their sanctions compliance framework is up to date and they…

On 10 March 2022, the UK Foreign Secretary, Liz Truss, announced sanctions against seven Russian Oligarchs, including Chelsea Football Club owner, Roman Abramovich. Under the terms of the sanctions, the oligarchs will have their assets in the UK frozen, be banned from travelling to the UK and no UK citizen or company may do business with them. Discussing the sanctions, Prime Minister, Boris Johnson, said: “There can be no safe havens for those who have supported Putin’s vicious assault on…

https://www.clydeco.com/en/insights/2022/2/singapore-ministry-of-foreign-affairs-announces-sa