The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 08 Feb 2024 (OFAC):
OFAC issued "determinations" pursuant to Sections 1(a)(i)(A) and 1(a)(i)(D) of E.O. 14068, as amended by E.O. 14114, prohibiting the importation and entry into the United States, including importation for admission into a foreign trade zone located in the United States, of diamond jewelry and unsorted diamonds of Russian Federation origin and diamond jewelry and unsorted diamonds exported from the Russian Federation.
- 08 Feb 2024 (OFAC):
OFAC issued a "determination" pursuant to Section 1(a)(i)(B) of E.O. 14068, as amended by E.O. 14114, prohibiting the importation and entry into the United States, including importation for admission into a foreign trade zone located in the United States, of certain categories of non-industrial diamonds that were mined, extracted, produced, or manufactured wholly or in part in the Russian Federation, notwithstanding whether such diamonds have been substantially transformed into other products outside of the Russian Federation.
- 08 Feb 2024 (OFAC):
OFAC identified one vessel as blocked property and designated four entities (the "Blocked Entities"), three based in the UAE and one registered in Liberia, under E.O. 14024 for operating or having operated in the marine sector of the Russian Federation economy. These actions were taken to target a network of entities involved in a scheme to violate the price cap policy in late 2023.
Concurrent with these actions, OFAC issued Russia General License 87, which authorizes, with respect to the Blocked Entities or any entity in which any of the Blocked Entities own, directly or indirectly, individually or in the aggregate, a 50 percent or greater interest, the safe docking and anchoring of any vessels in which any of the Blocked Entities has a property interest ("Blocked Vessels"), the preservation of the health or safety of the Blocked Vessels' crew, emergency repairs of the Blocked Vessels, and environmental mitigation and protection activities relating to any of the Blocked Vessels, until 12:01 a.m. Eastern Daylight Time, May 8, 2024, subject to certain conditions.
- 02 Feb 2024 (Japan):
Japan now requires all service providers, other than reinsurers, to obtain from its counterparty an attestation that the counterparty will comply with the oil price cap introduced by the Price Cap Coalition for each shipment of Russian-origin crude oil or petroleum products when direct receipt of price information is difficult.
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