Sanctions Tracker – Update on Australia’s response to the situation in Ukraine

Australia has recently extended its sanctions regime to designate additional individuals and entities, and pledged to provide further military assistance for Ukraine. Further designations On 24 February 2023, the first anniversary of Russia’s invasion of Ukraine, the Australian Government announced additional sanctions in response to the ongoing Russian hostilities. [1] Foreign Minister Penny Wong reiterated … Read more

OFAC Announces New Designations of Companies Involved in the Production, Sale, and Shipment of Iranian Petrochemicals and Petroleum

On March 9, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 39 entities. According to OFAC, the designated entities constitute a “significant ‘shadow banking’ network, one of several multi-jurisdictional illicit finance systems which grant sanctioned Iranian entities, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical … Read more

US Agencies Issue “Tri-Seal Compliance Note” Regarding Russia-Related Sanctions Evasion

On March 2, 2023, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”), the U.S. Department of Justice (“DOJ”), and the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), issued a Tri-Seal Compliance Note, Cracking Down on Third-Party Intermediaries Used to Evade Russia-Related Sanctions and Export Controls (the “Note”), to … Read more

Sanctions tracker: new UK and EU measures to mark the anniversary of the invasion of Ukraine

One year on from Russia’s invasion of Ukraine, the UK and EU have announced additional sanctions measures against Russia, as summarised in this update. Additional US sanctions have also been announced (as summarised here), and the G7 issued a press release to reaffirm their commitment to strengthening the coordinated sanctions imposed against Russia to date. UK Additional designations … Read more

Treasury Expands and Intensifies Sanctions Against Russia by Targeting Key Sectors, Evasion Efforts, and Military Supplies

On February 24, 2023, the one-year anniversary of the Russian invasion of Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant actions that targeted Russia’s financial services sector, sanctions evasions, Russia’s military supply chain, and metals and mining sector. Under the authority of Executive Order 14024, OFAC targeted the … Read more

High Court finds UK sanctions do not preclude entry of judgments in favour of Russian sanctioned parties

The High Court has considered the impact of the UK sanctions against Russia on various aspects of litigation involving a sanctioned party: PJSC National Bank Trust v Mints [2023] EWHC 118 (Comm). The judgment raises important questions of law with wide implications for litigation involving sanctioned entities. The court’s key finding was that the UK sanctions do … Read more

Sanctions tracker: EU announces details of tenth Russia sanctions package

The EU has previously announced that it intends to put in place a further package of Russian sanctions by 24 February 2023, to coincide with the one year anniversary of the invasion of Ukraine. In this briefing, we summarise the intended measures within that package and also provide a round-up of some other recent EU … Read more

The United States and United Kingdom Issue Historic Joint Cyber Sanctions

On February 9, 2023, the United States, in coordination with the United Kingdom, designated seven individuals who are part of the Russia-based cybercrime gang Trickbot. The seven Russian individuals sanctioned—Vitaly Kovalev, Maksim Mikhailov, Valentin Karyagin, Mikhail Iskritskiy, Dmitry Pleshevskiy, Ivan Vakhromeyev and Valery Sedletski—were all alleged by the U.S. Treasury Department to be members of … Read more