Category: Sanctions News

On September 16, 2022, the U.S. Department of the Treasury (“Treasury”) published three reports in response to a March 2022 Executive Order concerning the development of digital assets.  The reports address the future of money and payments; implications for consumers, investors, and businesses; and the illicit financing risks of digital assets.  Secretary Yellen described the reports as identifying the challenges and risks of digital assets used for financial services, while providing recommendations for mitigating such risks.  The reports responded to President…

On August 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned virtual currency mixer Tornado Cash for having laundered more than USD 7 billion worth of virtual currency since its founding in 2019.  This includes over USD 455 million worth of stolen virtual currency associated with the Lazarus Group, a “Democratic People’s Republic of Korea (DPRK) state-sponsored hacking group” that is responsible for the largest known virtual currency heist to date.[1]  Notably, Tornado Cash…

“Russia should not benefit from European knowledge and expertise.”  That is the view of European Commission (“EC”) President Ursula von der Leyen, who recently proposed an eighth package of sanctions against Russia in response to “escalation” in Ukraine. Among the “biting” new sanctions will be a wider ban on the provision of European services to Russia.  The list of banned services has not yet been announced, but there are multiple reports circulating that this may include legal services.  Watch this…

On September 15, 2022, Deputy Attorney General Lisa Monaco announced updated guidelines for the U.S. Department of Justice’s (“DOJ”) corporate criminal enforcement in a speech at New York University Law School. Monaco previously announced in October 2021 that DOJ would take a tougher stance on white collar crime. Shortly thereafter, Monaco formed an advisory group to evaluate potential changes to existing DOJ policies to facilitate DOJ’s more aggressive approach. The advisory group solicited feedback from defense counsel, executives, compliance personnel,…

Aug 8, 2022. The United States of America has been authorized to seize an Airbus A319-100 (the Airbus) owned and controlled by sanctioned Russian oligarch Andrei Skoch, pursuant to a seizure warrant from the U.S. District Court for the Southern District of New York, which found that the airplane is subject to seizure and forfeiture based on probable cause of violation of the federal anti-money laundering laws. According to the seizure warrant and affidavit sworn out today: Pursuant to the…

Aug 5, 2022. The US-Led Drive to Isolate Russia and China Is Falling Short While the US and its allies have sanctioned Russia for its invasion of Ukraine, half of the countries in the Group of Twenty have not signed up. When Group of Seven leaders gathered in the Bavarian Alps in June, they pledged to stand with Ukraine for the long haul. Their Group of 20 counterparts are proving less supportive. Comprising nations that account for some 85% of…

Jun 27, 2022. The European Union’s governing body has published a list of new sanctions against Moscow, accusing Russia of a “continuing war of aggression against Ukraine.” The sixth batch of restrictions since February contains a phased embargo on oil imports, restrictions against some Russian banks and broadcasters, and the blacklisting of people Brussels accuses of war crimes. The Council of the European Union officially announced the sanctions package on Friday. EU High Representative for Foreign Affairs and Security Policy…

  On 22 June 2022, the UK government introduced additional trade sanctions on Russia. The new measures introduce prohibitions on the export, supply and delivery, making available and transfer (as well as related technical assistance, financial services, funds and brokering services) of: internal repression goods and technology goods and technology relating to chemical and biological weapons maritime goods and technology additional oil refining goods and technology additional critical industry goods and technology Key aspects of the measures include: Jet fuel…

  Following weeks of negotiations, the European Council has agreed on the sixth package of Russia sanctions. Over the course of the European Council’s “special meeting”, held on the 30 and 31 May 2022, EU leaders agreed to ban most Russian oil imports, including crude oil and petroleum products. On the 2 and 3 June 2022, the legal acts were uploaded to the Official journal (see below).  The main elements of the package include: Oil The EU is prohibiting the…

2022-06-01. Russia is cutting off more gas supplies to Europe. On Tuesday, the state energy company Gazprom cut off some gas to the Netherlands, Denmark and Germany. This came hours after the EU banned most Russian oil imports. (Democracy Now) Denmark Denmark’s largest energy company said Russia cut off its gas supply Wednesday because it refused to pay in rubles, the latest escalation over European energy amid the war in Ukraine. Russia previously halted natural gas supplies to Finland, Poland…

  On 19 May 2022, the UK government announced new Russia sanctions, targeting Russian airlines. The measures are said to prevent Russian airlines from selling their unused landing slots at UK airports, said to be worth an estimated £50 million. The sanctioned airlines are:  •    Aeroflot; •    Ural Airlines; and  •    Rossiya Airlines. The government press release can be found here: UK targets Russian airlines with new sanctions – GOV.UK (www.gov.uk) https://www.clydeco.com/en/insights/2022/05/uk-announces-new-russia-sanctions-2

  On 13 May 2022, the UK government announced new Russia sanctions, targeting 12 individuals said to be funding Vladimir Putin’s lifestyle. The measures are said to reflect the difficulties of sanctioning a President whose official assets are comparatively “modest”, including “a small flat in St Petersburg, 2 Soviet-era cars from the 1950s, a trailer, and a small garage”. Those sanctioned include: Alina Kabaeva, a retired Olympic gymnast and Chair of the Board of the National Media Group; Anna Zatseplina,…

May 9, 2022. The future of Commerzbank’s business in Russia will depend, among other things, on Russia’s behavior and further sanctions, according to Handelsblatt report. Germany’s Commerzbank is preparing for more businesses to fail in Europe’s biggest economy amid high inflation and economic perils exacerbated by Russia’s war in Ukraine. The lender expects provisions for loan losses to rise as it works closely with its clients to minimize the impact of commodities’ super cycle on their businesses, Handelsblatt, a German…

May 9, 2022. Brussels has shelved its plans to ban the EU shipping industry from carrying Russian crude as it struggles to push through its latest sanctions package because of anxiety among some member states about the economic impact of the measures. A proposal targeting shipping that was introduced last week has been dropped by the European Commission following hard lobbying from Malta and Greece, which is home to more than half of the EU flag tonnage, said several people…

May 7, 2022. A new leak of Dubai property data has exposed just how many foreigners have poured their money into apartments and villas there. The data, which dates from 2020, was obtained by the Center for Advanced Defense Studies (C4ADS), a non-profit organization based in Washington, D.C., that researches international crime and conflict. It was then shared with Norwegian financial outlet E24, which coordinated an investigation into the real estate. The leak provides the first detailed public overview of…

  On the 4th May 2022, the UK government announced further sanctions, restricting Russia’s access to the UK services industry. Under the new sanctions, Russia is barred from accessing the UK’s management consulting, accounting and PR services, which represent 10% of Russian imports in these sectors. The UK government has also announced 63 new sanctions aimed at individuals and entities furthering the Russian narrative on the invasion of Ukraine.  Those sanctioned include: Evgeny Poddubny, a war correspondent for the All-Russia…