The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 20 Feb 2024 (UK):
The Office of Financial Sanctions Implementation ("OFSI") updated its Russia Sanctions Guidance to include an FAQ clarifying the reporting obligations for UK designated persons pursuant to Regulation 70A(5) of The Russia Sanctions (EU Exit) Regulations 2019.
- 12 Feb 2024 (BIS):
The Akin Summary document has now been posted for this action.
The Department of Justice ("DOJ") announced that Kristina Puzyreva, a Russian-Canadian national, pleaded guilty to money laundering conspiracy related to a scheme to evade U.S. sanctions and export controls by unlawfully shipping millions of dollars of U.S. electronics to end users in Russia with links to the Russian military.
- 12 Feb 2024 (EU):
The Akin Summary document has now been posted for this action.
The EU published Council Regulation (EU) 2024/576 and Council Decision (CFSP) 2024/577, amending Article 5a of EU Regulation 833/2014 to provide further clarification regarding the prohibition concerning transactions related to the management of reserves and assets of the Central Bank of Russia ("CBR").
- 09 Feb 2024 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2022/2469656 in respect of the Oil Price Cap to include an expiry date of February 18, 2024.
- 08 Feb 2024 (OFAC):
The Akin Summary document has now been posted for this action.
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):
The Akin Summary document has now been posted for this action.
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):
The Akin Summary document has now been posted for this action.
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 certain of the Blocked Entities or any entity in which such 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 such Blocked Entities have 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.
- 06 Feb 2024 (EU):
The Akin Summary document has now been posted for this action.
The EU issued new FAQs in respect of the Article 5n(2b) restrictions on software, implemented as part of the EU's 12th sanctions package.
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