Tag: Region Europe

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…

Record-Breaking Cash Withdrawals in the UK Reflect Enduring Relevance of Physical Currency December 22, 2023, saw a record-breaking spree in the United Kingdom when more than £62 million was withdrawn from Post Offices, surpassing the previous year’s high of £51.5 million. This surge was attributed to last-minute Christmas shopping and preparation for cash gifts. The magnified reliance on cash during the festive season underscores the continued significance of physical currency in daily transactions and budgeting amid the prevalent cost of…

WASHINGTON: The US will provide up to $250 million in arms and equipment to Ukraine in the final package of aid this year to help Kyiv in its war with Russia, Secretary of State Antony Blinken said on Wednesday. President Joe Biden has asked Congress to provide another $61 billion in aid to Ukraine, but Republicans are refusing to approve the assistance without an agreement with Democrats to tighten security along the U.S.-Mexico border. The White House has warned that…

The U.S. on Wednesday announced what officials say could be the final package of military aid to Ukraine unless Congress approves supplemental funding legislation that is stalled on Capitol Hill. The weapons, worth up to $250 million, include an array of air munitions and other missiles, artillery, anti-armor systems, ammunition, demolition and medical equipment and parts. The aid, provided through the Presidential Drawdown Authority, will be pulled from Pentagon stockpiles. In a statement, Marine Lt. Col. Garron Garn, a Pentagon spokesman said there is…

Latvia’s former central bank governor was sentenced to six years in prison for bribery on Wednesday after a trial over the most prominent of a series of recent financial scandals to hit the Baltic country. Ilmārs Rimšēvičs, head of the Latvian central bank from 2001 until 2019, was found guilty by the Riga district court of accepting bribes and a fishing trip to Russia from shareholders of a now defunct bank. He was sentenced to six years in jail and…

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…

Obama-appointed DC district judge Beryl Howell sidestepped the First Amendment by finding Rudy Giuliani guilty of defaming two Georgia election workers before trial for allegedly “not complying with his discovery obligations” and now she’s ordering him to pay $148 million in damages immediately because he’s “unlikely” to have the jury verdict overturned on appeal. Just as we saw with the Colorado Supreme Court unilaterally disqualifying Trump from the 2024 election ballot, every basic tenet of our justice system is being…

France’s Sapin II Law was created in 2016 to address corporate corruption and implement antibribery measures. The legislation took effect in 2017, marking a significant shift in the country’s regulatory compliance landscape. The law, which tracks closely with similar laws in the US, UK, and other EU countries, requires large companies [1] to implement a robust compliance program, including anti-corruption policies, monitoring procedures, and accounting controls.  The law also significantly changes the government’s prosecution strategies for white collar crime, particularly…

Saudi Diplomatic Exchanges and Technological Developments Amidst Political Shifts in North Africa In a recent diplomatic exchange, the Crown Prince of Morocco, Prince Hassan bin Mohammed, received a verbal message from the Saudi Arabian King and Crown Prince, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman. The message reiterated the robust fraternal relations between the two nations, discussing how to further enhance and develop these ties across diverse sectors. Saudi Arabia’s Strategic Diplomatic Engagements On another diplomatic front,…

Britain has issued more than 120 financial penalties to offshore companies that have failed to comply with transparency legislation designed to uncover illicit wealth hidden in the UK property market. The Register of Overseas Entities was created after Russia’s invasion of Ukraine to help the UK government crack down on oligarchs and other kleptocrats. Individuals that own British property through offshore vehicles had until the end of January 2023 to register such entities and publicly reveal their ownership at Companies…

TALLINN: Russian police have put prominent Russian-American journalist and author Masha Gessen on a wanted list after opening a criminal case against them on charges of spreading false information about the Russian army. It is the latest step in an unrelenting crackdown against dissent in Russiathat has intensified since the Kremlin invaded Ukraine more than 21 months ago, on Feb.24, 2022. The independent Russian news outlet Mediazona was the first to report Friday that Gessen’s profile has appeared on the…

Microsoft’s Threat Intelligence team issued a warning earlier today about the Russian state-sponsored actor APT28 (aka “Fancybear” or “Strontium”) actively exploiting the CVE-2023-23397 Outlook flaw to hijack Microsoft Exchange accounts and steal sensitive information. The targeted entities include government, energy, transportation, and other key organizations in the United States, Europe, and the Middle East. The tech giant also highlighted the exploitation of other vulnerabilities with publicly available exploits in the same attacks, including CVE-2023-38831 in WinRAR and CVE-2021-40444 in Windows…

HAGUE: A group of human rights organisations took the Dutch government to court on Monday, arguing its supply of parts for F-35 fighters contributes to violations of international law in Gaza. The case concerns US-owned F-35 parts stored at a warehouse in the Netherlands and then shipped to several partners, including Israel, via existing export agreements. Oxfam Novib, one of the groups filing suit, said the export “made the Netherlands complicit in violations of the laws of war and the…

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,…

HELSINKI: Finland will close its entire border with Russia to travellers for the next two weeks in a bid to halt the unusually large flow of asylum seekers to the Nordic nation, which the government and its allies say is an orchestrated move by Moscow. Finland last week shut all but one of its border posts to travellers from Russia, keeping open only the northernmost crossing located in the Arctic.But this too would now close, the government said on Tuesday….

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…