Category: Sanctions News

The United Kingdom (“UK”) introduced new sanctions against Russia on December 14, 2023 with the European Union (“EU”) also adopting its 12th package of sanctions against Russia on December 18, 2023. The latest UK restrictions include: Import and related restrictions on further categories of iron and steel goods, as well a wide range of additional metals such as aluminium. New import and related restrictions on Russian diamonds or diamond jewellery. Clarification and expansion of payment processing restrictions for parties targeted…

US Targets Foreign Banks with Sanctions to Curb Russia’s War Effort In a decisive stroke designed to undermine Russia’s military capabilities, US President Joe Biden has signed a far-reaching executive order targeting the financial sinews aiding Russia’s war efforts in Ukraine. The order, enacted on December 22, 2023, sanctions foreign banks that allegedly support Russia’s defense sector, underscoring the US commitment to stymie Russia’s access to international financial networks and critical war supplies. The Financial Front of Warfare The latest…

In a bid to counter the impact of U.S. sanctions, Iran and Cuba announced their commitment to enhancing relations during a joint statement in Tehran. Iranian President Ebrahim Raisi and Cuban counterpart Miguel Diaz-Canel emphasized the need for cooperation to counter the economic challenges posed by the sanctions imposed on both nations by the United States. Raisi highlighted the potential for neutralizing sanctions through the exchange of capacities between the two countries. “There is a serious determination between the two…

WASHINGTON: The US on Wednesday said it imposed a new round of sanctions on a group of 20 people and firms allegedly involved in a financial facilitation network for the benefit of the Iranian military. The Treasury Department sanctions impact firms and people spanning Hong Kong to the United Arab Emirates. Included in the sanctions package are employees, brokers and purchasers from Iranian firm Sepehr Energy, which is also subject to sanctions. The US alleges that Sepehr acts as a…

BRUSSELS: Alexander Pumpyansky, the son of Russian tycoon Dmitry Pumpyansky, won an appeal against sanctions the European Union introduced over Russia’s invasion of Ukraine, the bloc’s court said on Wednesday. In the ruling, the court said the EU council had admitted that from March 9, 2022 – two weeks after the invasion of Ukraine and six months before the first set of sanctions – Pumpyansky was no longer president and member of the board of Sinara nor board member of TMK,…

The U.S. Department of the Treasury has sanctioned the Sinbad cryptocurrency mixing service for its use as a money-laundering tool by the North Korean Lazarus hacking group. A cryptocurrency mixer is a server that allows people to deposit crypto, which is mixed among many different wallet addresses to help prevent it from being accurately traced. The mixing service takes a commission from the crypto deposited, and after it is “mixed,” it will send it to another wallet address owned by…

With Russian tanks and troops descending on Ukraine in early 2022, Cyprus became a hotbed of financial activity. The island country has long been known as an offshore transit point for the fortunes of Russian billionaires, and as sanctions loomed over many of them last year, Cyprus financial services firms fielded a series of urgent demands to transfer funds and shareholdings, newly revealed records show. In one case, documents show that two Russian billionaires, Alexander Abramov and Alexander Frolov, needed…

November 16, 2023 WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated eight individuals and six entities pursuant to Western Balkans-related Executive Order (E.O.) 14033 and Russia-related E.O. 14024. In a coordinated action, the U.S. Department of State also designated two individuals and 12 entities pursuant to E.O. 14024. “Russia has continued to use its influence in the Western Balkans to stymie the region’s integration into international institutions and organizations, as well as…

PARIS: France has issued an international arrest warrant for Syrian President Bashar al-Assad, accused of complicity in crimes against humanity over chemical attacks in 2013, a judicial source and plaintiffs in the case said Wednesday. The judicial source told AFP Assad was also suspected of complicity in war crimes for the attacks, blamed by the opposition on the regime, that killed more than 1,400 people near Damascus in August 2013. International warrants were also issued for the arrests of Assad’s…

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Russian national Ekaterina Zhdanova for laundering millions in cryptocurrency for various individuals, including ransomware actors. Zhdanova used her expertise in cryptocurrency and blockchain networks to move money through various platforms such as Garantex (sanctioned in April 2022 for aiding the Hydra Market) to evade “Anti-Money Laundering/Combating the Financing of Terrorism” (AML/CFT) controls. A report from blockchain analysis firm Chainalisys provided additional information about Zhdanova’s public businesses, which may or may not be part of her…

[…] ‘The Daily Telegraph’ and ‘Mail Online,’ disclosed that following the Hamas attack on Israel, the United States urged Rishi Sunak, the Prime Minister of the United Kingdom, to blacklist the Islamic Revolutionary Guards Corps (IRGC). On October 21, 2023, ‘The Daily Telegraph’ reported, quoting Matthew Miller, the official spokesperson of the US State Department: “We absolutely think that other countries should designate the IRGC as a terrorist organization. It’s a position that we’ve made clear a number of times….

WASHINGTON — The Biden administration on Wednesday broadly eased sanctions on Venezuela’s oil sector in response to a deal reached between the government and opposition parties for the 2024 election – the most extensive rollback of Trump-era restrictions on Caracas. A new general license issued by the U.S. Treasury Department authorized OPEC member Venezuela, which had been under crushing sanctions since 2019, to produce and export oil to its chosen markets for the next six months without limitation. U.S. Secretary…

Matthew Miller, Department Spokesperson
Today, the United States is designating a network linked to the U.S.-designated Iranian Revolutionary Guard Corps (IRGC).  This network–comprised of five entities and two individuals based in Iran, the People’s Republic of China (PRC), Hong Kong, Türkiye, and the United Arab Emirates–has been procuring sensitive parts for Iran’s one-way attack unmanned aerial vehicle (UAV) program.
Iran is supplying Russia with arms, including Shahed-136 UAVs, to support Russia’s illegal war against Ukraine.  One of the servomotors procured by the network designated today was recovered in the remnants of a Russia-operated Shahed-136 that was recently shot down in Ukraine.
The United States is determined to take actions against those supporting Russia’s war machine, particularly the provision of weapons that target Ukraine’s people and civil infrastructure.
For more information on today’s action, please see the Department of the Treasury’s press release .

The US Department of Justice has stepped up its probe into Credit Suisse Group and UBS Group over suspected compliance failures that allowed Russian clients to evade sanctions, according to people familiar with the situation. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse, said the people, who requested anonymity to speak about an ongoing inquiry. The DOJ has briefed US-based lawyers for…

  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…

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…