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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
On December 9, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on, among others, over 40 individuals and entities in North Korea (DPRK), El Salvador, Guatemala, Guinea, Iran, Mali, the Russian Federation, and China (PRC). In its announcement, OFAC stated that it utilized various tools and authorities—including Executive … Read more
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. UK The Russia (Sanctions) (EU Exit) … Read more
Webinar Series Friday 16 December 2022, 12.00 – 1.00pm UK time Last week we saw the introduction of the first limb of the G7 Russian oil price cap, representing yet another novel element of the sanctions imposed on Russia in response to the invasion of Ukraine. Rather than imposing outright bans on dealings with Russian oil, … Read more
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. EU … Read more
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, … Read more
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has sanctioned Dmitry Kudryakov, a Russian national, and Iryna Litviniuk, a Belarusian national, for their role in the Guatemalan mining sector, as well as three associated entities—Compania Guatemalteca de Niquel (“CGN”), Compania Procesadora de Niquel (“ProNiCo”), and Mayaniquel—connected with certain corruption schemes. CNG, … Read more
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 … Read more
On October 7, 2022, the United States Department of Commerce’s Bureau of Industry and Security (“BIS”) issued an Interim Advanced Computing Rule (“IACR”) targeting exports related to advanced computing integrated circuits and related commodities to the People’s Republic of China (“China”). The IACR also contains additional restrictions on semiconductor manufacturing and interactions with semiconductor manufacturing … Read more
