The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 14 May 2025 (Switzerland):
The Akin Summary document has now been posted for this action.
Switzerland implemented the remaining parts of the EU's 16th package of sanctions targeting Russia.
- 14 May 2025 (Switzerland):
The Akin Summary document has now been posted for this action.
Switzerland expanded sanctions against Belarus, in line with the respective EU restrictions of February 24, 2025.
- 13 May 2025 (EU):
The Akin Summary document has now been posted for this action.
The Council of the European Union (the "Council") issued Council Regulation (EU) 2025/903 ("Regulation 2025/903"), which amends Council Regulation (EU) 269/2014 by introducing a new criterion (Article 3(1)(m)) upon which persons who have participated in or enabled transfers of ownership, control, or economic benefit of the business interests of leading businesspersons operating in Russia, may be designated under the Russia sanctions regime.
- 12 May 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2022/1678476 ("GL INT/2022/1678476"), which allows payments and other permitted activities to take place in relation to winding-down activities, basic needs, and insolvency proceedings associated with the Amsterdam Trade Bank N.V. or a subsidiary of the same. The amendments introduced permissions to allow the bankruptcy trustees of Amsterdam Trade Bank N.V to fulfill their statutory functions and extended GL INT/2022/1678476 by five years.
- 09 May 2025 (UK):
The Akin Summary document has now been posted for this action.
The UK Government sanctioned 101 ships, five individuals, and four entities under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). This is the UK's largest package of sanctions targeting Russia's shadow fleet and its enablers.
- 08 May 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") announced that, in accordance with section 146 of the Policing and Crime Act 2017, a monetary penalty of £5,000 was imposed on UK registered Svarog Shipping & Trading Company Limited ("Svarog") for failure to respond within the required timeframe, without a reasonable excuse, to a request for information ("RFI") issued by OFSI in accordance with Regulation 72 of the Russia (Sanctions) (EU Exit) Regulations 2019 ("Russia Regulations"). According to OFSI's Penalty Notice, there were no other findings that Svarog breached the Russia Regulations. The penalty relates to an information offense and is the first of its kind to be issued by OFSI.
- 08 May 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") issued a blog post, highlighting the key lessons for industry following its recent announcement that OFSI had issued a monetary penalty of £5,000 against UK registered company Svarog Shipping & Trading Company Limited ("Svarog").
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