Category: Sanctions News

The BRICS bloc’s push to create a new trade and reserve currency that can serve as an alternative to the dollar could start chipping away at the greenback’s hegemony in less than three months’ time, former CIA and Department of Defense advisor and investment banker James Rickards has predicted. “It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the US dollar as the leading payment currency…

SINGAPORE — Canada is pledging to step up its military posture in the Indo-Pacific, with its defense minister announcing the nation will annually commit to the region an additional warship. This will boost the size of the Royal Canadian Navy’s annual deployment to the Indo-Pacific from two to three ships, according to defense minister Anita Anand, who added that the deployment would grow Canada’s regional presence, particularly in the Indian Ocean. Anand was speaking here at the annual Shangri-La Dialogue,…

Director of National Intelligence Avril Haines was the big star of a gala awards ceremony hosted by the Atlantic Council that was touted as the “Washington Oscars.” The Atlantic Council is a neo-conservative think tank, which has three former CIA directors on its board and another as a lifetime director. Paul Craig Roberts, the Assistant Secretary of the Treasury for Economic Policy under Ronald Reagan, called the Atlantic Council the “marketing arm of the military-security complex.” In 2015, it helped prepare a proposal to arm…

Schwartz was using ChatGPT for legal research for the first time when he put it to work drafting the ten-page brief he hoped would convince Manhattan Federal Judge P. Kevin Castel not to dismiss his case, he told the court in an affidavit on Thursday, explaining that he “therefore was unaware of the possibility that its content could be false.”   When asked, ChatGPT even told Schwartz – a lawyer with 30 years of experience – that the half dozen…

The value of frozen Russian private assets under sanctions increased from 18.9 billion euros in December to 24.1 billion euros in late May, the newspaper said. As many as 1,473 individuals and 205 firms from Russia have been sanctioned by the EU, German media added. After the start of Russia’s military operation in Ukraine on February 24, 2022, Western countries have imposed comprehensive sanctions against Russia, including the freezing of nearly half of the country’s foreign currency reserves – amounting to about $300 billion. The European Union alone has frozen assets of Russian entities and individuals worth dozens of billions of dollars under 10 packages of sanctions.

The court ruled that the initial money laundering suspicions were insufficient to warrant the searches at Usmanov’s premises in the first place. The judges also pointed to some “serious deficiencies” in the search warrants requested by Frankfurt’s Public Prosecutor’s Office at the time. Suspicions against Usmanov were based on allegations that were too vague, the court declared. The assumption that his assets – which are worth billions of dollars – were the result of some “crimes committed in Russia,” coupled…

In March, Der Spiegel claimed a yacht called ‘Andromeda’ had allegedly been used by a team of divers to sabotage the Nord Stream pipelines. The publication cited the discovery of traces of explosives in the cabin of the vessel and fake identification documents that were used in the hiring of the boat.  The outlet’s most recent report indicates that metadata from an email sent to enquire about the renting of the yacht “leads to Ukraine.” The president of a presumed…

European Union officials are considering whether to send Ukraine profits generated from Russian assets frozen within the bloc, the Financial Times has reported, citing people familiar with the discussions. EU member states and European Commission officials convened on Wednesday to examine how they might move funds held at Euroclear, the world’s largest settlement house, over to Ukraine, as Russian-owned assets there have accrued interest since they were first frozen. Targeted under an unprecedented Western sanctions campaign, the Russian assets stuck at…

A Lebanese judge questioned the country’s embattled central bank governor Wednesday and confiscated his Lebanese and French passports following an arrest warrant from France over corruption charges, judicial officials said. Riad Salameh left immediately after questioning by Judge Imad Kabalan in Beirut, the officials said on condition of anonymity in line with regulations. The questioning lasted about 80 minutes, they said. France, Germany and Luxembourg are investigating Salameh and his associates over myriad alleged financial crimes, including illicit enrichment and…

The U.S. government announced new sanctions against North Korea related to its army of illicit IT workers that have fraudulently gained employment to finance the regime’s weapons of mass destruction programs. North Korea maintains thousands of “highly skilled” IT workers around the world, primarily in China and Russia, which “generate revenue that contributes to its unlawful weapons of mass destruction and ballistic missile programs”, according to an announcement from the U.S. Treasury Department on Tuesday. These individuals, which in some…

A businessman is due to appear in court in Latvia on Saturday in a murder plot trial that could shed light on the murky past of its banking system. Mihails Ulmans and his associate, co-defendant Aleksandrs Babenko, are alleged to have paid the killer of insolvency lawyer Martins Bunkus. Mr Bunkus is said to have uncovered evidence of money-laundering at LPB bank, partly owned by Mr Ulmans. He was shot dead in 2018. Both defendants deny any involvement. According to…

Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action. Over the past two years, President Joe Biden’s administration has sought to reframe the relationship with Beijing and build support among like-minded nations for a strong response to what officials in Washington and some other Western democracies say is “economic coercion.” But the G7 also needs to cooperate with China on broader global issues…

The Russian branch of environmental group Greenpeace on Friday said it would shut down after authorities declared the group an “undesirable organization”, effectively banning it from operating. In a statement, Russia’s Prosecutor General said Greenpeace had tried to “interfere in the internal affairs of the state” and was “engaged in anti-Russian propaganda” by calling for sanctions against Moscow. The label “undesirable” has been applied to dozens of foreign groups since Moscow began using the classification in 2015, and effectively bans…

WASHINGTON – The United States on Friday announced sanctions on more than 300 targets as Group of Seven leaders met in Japan, aiming to punish Russia for its invasion of Ukraine and intensifying one of the harshest sanctions efforts ever implemented. The move, which targets Russia’s sanctions evasion, future energy revenues and military-industrial supply chains, marks the latest sanctions and export controls targeting Moscow, which have already hit thousands of targets and imposed steep curbs on Russia. “Today’s actions will…

LONDON – Britain on Friday published plans to ban imports of Russian diamonds, copper, aluminium and nickel and slap a new wave of sanctions against Russia, targeting companies connected to the alleged theft of Ukrainian grain. Along with the United States, Britain and other Group of Seven (G-7) major economies are set to unveil sanctions and export controls targeting Russia over its war against Ukraine at a summit in Japan this weekend. “We will legislate later this year to ban…

New developments: Air raid alerts were declared throughout Ukraine early Friday, with some areas reporting explosions. The U.S. overcounted the total of U.S. military aid provided to Ukraine by about $3 billion, a senior defense official and a military official said. Ukrainian Foreign Minister Dmytro Kuleba discussed “ways to stop Russian aggression” in talks with Chinese envoy Li Hui, Ukraine said. Air raid alerts were declared across Ukraine early on Friday, local time, with some areas reporting explosions. Ukraine’s military…