Corporate Crime Webinar – G7 Russian oil price cap

Herbert Smith Freehills recently hosted a webinar to discuss the way in which the recent Russian oil price cap measures will operate across the UK, EU and US and to consider the potential challenges that may arise for companies wishing to deal in Russian oil and those who provide related services. The introduction of the … Read more

Sanctions tracker – UK and EU introduce new Russian sanctions

The last week has seen a further flurry of Russian sanctions activity, with both the UK and the EU introducing new restrictions. In this briefing we summarise the new UK restrictions, in particular the additional restrictions on the provision of services to Russia, and the EU's ninth Russia sanctions package. Read more

Sanctions tracker: EU announces ninth Russia sanctions package

On 7 December, the European Commission announced proposals for a ninth sanctions package against Russia. The measures are not yet in force and full details are not yet available, but we have summarised below the areas intended to be covered by the new package, along with a round-up of other UK and EU Russia sanctions developments. Read more

OFAC Releases Price Cap Determination and Guidance on the Implementation of Price Cap Policy on Crude Oil Originating in the Russian Federation

On November 22, 2022, the U.S. Office of the Treasury’s Office of Foreign Assets Control (“OFAC”) released a Determination pursuant to Executive Order 14071, “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression.” The Determination states that E.O. 14071 will apply to trading and commodities brokering, financing, shipping, insurance, flagging, and customs brokering (the “Covered Services”) related to “the maritime transport of crude oil” originating in the Russian Federation (“Russia”). Read more

Sanctions tracker: new UK sanctions regarding Russian oil

The UK introduced further sanctions against Russia on 4 November 2022, via the Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 (the "No. 16 Regulations"). These introduce further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). The amendments introduced by the No. 16 Regulations will come into force on 5 December 2022 (although, as set out below, certain specific measures will not take effect until February 2023) and introduce further measures relating to Russian oil, as discussed further in this briefing. Read more

Sanctions tracker: UK introduces new Russia lending and trade restrictions

New UK Russia sanctions legislation was published on 28 October: the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (the "No. 15 Regulations"). These amend the UK's principal Russia sanctions legislation: the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). This briefing summarises the key amendments to the Russia Regulations, the majority of which came into force on 29 October. Read more