The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 12 Oct 2023 (OFAC):
OFAC identified two vessels as blocked property (the "Blocked Vessels") and designated their respective owners, under E.O. 14024, for operating in the marine sector of the Russian Federation. According to OFAC, the two vessels carried Russian crude oil at prices above $60 per barrel, following the implementation of the price cap policy. These actions were taken as part of the U.S. Department of Treasury's commitment to reducing Russian oil profits and ensuring a reliable supply of crude oil and petroleum products to the global market.
Concurrent with these actions, OFAC issued Russia General License 73, which authorizes the docking and anchoring of the Blocked Vessels, the preservation of the health 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 Standard Time, January 8, 2024, subject to certain conditions.
- 12 Oct 2023 (OFAC):
The Price Cap Coalition, an international coalition including the United States, G7, European Union, and Australia, issued an Advisory for the Maritime Oil Industry and Related Sectors (the "Advisory") that highlights increased safety, environmental, economic, reputational, financial, logistical, and legal risk risks associated with the maritime oil industry and related sectors, and provides recommendations for best practices to prevent and disrupt sanctioned trade and enhance compliance with the price cap policy. The Advisory notes irregular and high-risk shipping practices common to the so-called "shadow" trade that pose significant concerns for both government and private industry participants. The Advisory provides seven specific recommendations for public and private sector actors to consider implementing to reduce risks while promoting the safe flow of oil on the market.
- 11 Oct 2023 (Russia - Countermeasures):
Russia introduces mandatory conversion of foreign currency proceeds into Roubles for a number of Russian exporting companies.
- 06 Oct 2023 (Ukraine):
Content provided in collaboration with Sayenko Kharenko.
Ukraine suspended the Agreement on cooperation between the states participating in the Commonwealth of Independent States in the fight against crime, regarding relations between the Government of Ukraine and the governments of the Russian Federation and the Republic of Belarus.
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