The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 01 Feb 2024 (Switzerland):
Switzerland updated its Russia sanctions FAQs following its implementation of the EU's 12th sanctions package. The FAQs provide further guidance on demonstrating compliance with the oil price cap, the import ban against Russian diamonds, purchasing iron and steel products, and clarify when the State Secretariat for Economic Affairs ("SECO") may grant an exemption to release funds or resources in connection with the forced transfer of ownership, or control over a property, enforced by the Government of the Russian Federation.
- 01 Feb 2024 (Russia - Countermeasures):
The Russian Government imposed a temporary quantitative restriction on the import of certain types of seeds of agricultural plants.
- 01 Feb 2024 (OFAC):
The Price Cap Coalition, an international coalition, including the United States, the G7, the European Union, and Australia, that have agreed to administer and enforce the Russian oil and petroleum price cap policy issued an Oil Price Cap ("OPC") Compliance and Enforcement Alert (the "Alert") that includes an overview of key OPC evasion methods, recommendations for identifying such methods and mitigating their risks, and information on how to remediate and report suspected breaches of OPC. The Alert covers OPC evasion methods related to falsified documentation and attestations, opaque shipping and ancillary costs, third country supply chain intermediaries and complex and irregular corporate structures, flagging, the "shadow" fleet, and voyage irregularities. The Alert is part of the Price Cap Coalition's continued multijurisdictional efforts to administer and enforce the OPC, including by relevant regulators such as the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the UK’s Office of Financial Sanctions Implementation ("OFSI"), and the EU Commission.
- 01 Feb 2024 (EU):
The Price Cap Coalition, an international coalition, including the United States, the G7, the European Union, and Australia, that have agreed to administer and enforce the Russian oil and petroleum price cap policy issued an Oil Price Cap ("OPC") Compliance and Enforcement Alert (the "Alert") that includes an overview of key OPC evasion methods, recommendations for identifying such methods and mitigating their risks, and information on how to remediate and report suspected breaches of OPC. The Alert covers OPC evasion methods related to falsified documentation and attestations, opaque shipping and ancillary costs, third country supply chain intermediaries and complex and irregular corporate structures, flagging, the "shadow" fleet, and voyage irregularities. The Alert is part of the Price Cap Coalition's continued multijurisdictional efforts to administer and enforce the OPC, including by relevant regulators such as the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the UK’s Office of Financial Sanctions Implementation ("OFSI"), and the EU Commission.
- 01 Feb 2024 (UK):
The Price Cap Coalition, an international coalition, including the United States, the G7, the European Union, and Australia, that have agreed to administer and enforce the Russian oil and petroleum price cap policy issued an Oil Price Cap ("OPC") Compliance and Enforcement Alert (the "Alert") that includes an overview of key OPC evasion methods, recommendations for identifying such methods and mitigating their risks, and information on how to remediate and report suspected breaches of OPC. The Alert covers OPC evasion methods related to falsified documentation and attestations, opaque shipping and ancillary costs, third country supply chain intermediaries and complex and irregular corporate structures, flagging, the "shadow" fleet, and voyage irregularities. The Alert is part of the Price Cap Coalition's continued multijurisdictional efforts to administer and enforce the OPC, including by relevant regulators such as the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the UK’s Office of Financial Sanctions Implementation ("OFSI"), and the EU Commission.
- 22 Jan 2024 (Russia - Countermeasures):
The Russian Government amended the rules for the obtaining of approvals by the Russian Government Commission.
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