Tag: Region Asias

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…

The Massachusetts Air National Guard member accused of leaking highly classified military documents is due back in court on Wednesday after being indicted on federal felony charges. Jack Teixeira is scheduled to be arraigned in the Worcester federal court on six counts of willful retention and transmission of national defense information. Teixeira, of North Dighton, has been behind bars since his April arrest on charges stemming from the most consequential intelligence leak in years. He was indicted by a grand jury last week. Teixeira is…

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…

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…

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…

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…

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…

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