Category: Sanctions News

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…

Halifax, Canada — A dangerous encounter between a Chinese jet fighter and a Canadian helicopter over the South China Sea has called attention to Canada’s heightened interest in the Western Pacific, including participation in patrols through the disputed Taiwan Strait. In the October 29 incident, first reported by CNN, a helicopter was flying off the deck of the frigate HMCS Ottawa over international waters east of the Paracel Islands when the Chinese warplane began circling the helicopter, firing flares and at…

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….

The administration of Republican Florida governor Ron DeSantis has taken the significant measure of associating a pro-Palestinian student group, Students for Justice in Palestine (SJP), with terrorism. They have directed state universities to prohibit the group, alleging its support for Hamas militants who recently attacked Israel. Amid escalating Israeli actions in Gaza, several college students have shown support for Palestinians.This has led to criticism from some Jewish scholars and potential employers. However, Florida’s stance is more severe, accusing the SJP…

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…

BENGALURU – The global smartphone market contracted by 8 per cent to its lowest third-quarter level in a decade on subdued demand for major brands including Apple and Samsung in most developed markets, according to data from Counterpoint Research. The data, shared exclusively with Reuters, showed that the share of the top five brands, which also include Chinese firms Xiaomi, Oppo and Vivo, had fallen to a three-year low. The report fans fears that the market’s ongoing slump could sap…

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…

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…

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…

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…

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…