New Updates for 17-Nov-2023

2023-11-17

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The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:

  • 17 Nov 2023 (Special Announcement):

    ​We are pleased to announce that OverRuled has won the Legal Services Innovation Award at The American Lawyer Industry Awards 2023! The award recognizes a law firm "that has made significant strides in the last two years to innovate how it delivers legal services…[and] that has changed the way it does business to better deliver value to the client." Follow this link​ for more information.

    We thank our subscribers for their support and feedback that has led to our successes thus far and hopefully many more to come.

  • 16 Nov 2023 (OFAC):

    ​OFAC identified three vessels as blocked property (the "Blocked Vessels") and designated each of their respective owners, under E.O. 14024, for operating in the marine sector of the Russian Federation. According to OFAC, the three vessels carried Russian crude oil at prices above $60 per barrel, following the implementation of the price cap policy. The Blocked Vessels used U.S. person services when transporting the Russian-origin crude oil. These actions were taken as a 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. OFAC and the Department of State additionally designated three current and former officials of Balkan states, as well as certain affiliated Balkans- and Russia-based entities, pursuant to E.O. 14024, for their activities in the Russian Federation and operations in certain sectors of the Russian Federation economy, including one entity based in the Republika Srpska that facilitated the illegal transfer of helicopter engines manufactured in Ukraine to Russia.

    Concurrent with these actions, OFAC issued Russia General License 77, 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, February 14, 2024, subject to certain conditions.

Please send an email to subscriptions@overruled.com, if you would like information on how to subscribe to access additional detail about these and other sanctions- and export controls-related actions. If you are already a paid subscriber, please login to OverRuled for access to exclusive content, analysis, and historic search functionality.

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