News & Analysis as of

Russia Economic Sanctions

White & Case LLP

Interpreting EU Sanctions: The Court of Justice enters the debate

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Historically, the majority of sanctions cases before the EU Courts have been “de-listing” cases—actions by individuals or entities seeking to annul their designation on the EU Asset Freeze. These cases have offered little...more

K&L Gates LLP

Top Tips for Sanctions Compliance and Preventing Sanctions Evasion

K&L Gates LLP on

On 24 September 2024, the G7 released updated guidance on the prevention of evasion of export controls and sanctions imposed on Russia. The aim of the guidance is to “assist industry in identifying Russian evasion practices...more

Foley Hoag LLP

Publication of G7 Guidance to Prevent Diversion of Common High Priority List (CHPL) Items to Russia/Belarus

Foley Hoag LLP on

CHPL analysis - On September 24, 2024, the G7 has updated its Export Control and Sanctions Evasions Guidance to provide assistance to industrial companies in order to prevent the diversion, notably through third countries,...more

WilmerHale

UK Sanctions - Autumn Roundup

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In recent months there have been a number of significant developments in the UK sanctions space. This blog post summarises a few of them....more

Baker Botts L.L.P.

UK Supreme Court Confirms Power to Issue Anti-Suit Injunction in Support of Foreign-Seated Arbitrations and Clarifies Enka Test...

Baker Botts L.L.P. on

In its recent judgment in UniCredit Bank GmbH v RusChemAlliance LLC [2024] UKSC 30, arising out of a dispute between a Russian energy developer and a German bank concerning the effect of EU sanctions on Russia, the UK Supreme...more

Mayer Brown

UK Weekly Sanctions Update - Week of October 7, 2024

Mayer Brown on

In this weekly update, we summarise the most notable updates in the UK sanctions world....more

Locke Lord LLP

OFAC Issues Global Magnitsky ‎Sanctions Relief for Ly Young Phat Group and FAQs

Locke Lord LLP on

On September 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 8 alongside amendments to various Frequently Asked Questions (“FAQs”) in connection with the...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - October 2024

Lowenstein Sandler LLP on

The U.S. Commerce Department is soliciting comments on a proposed rule to prohibit importing and selling Vehicle Connectivity System hardware and software designed, developed, manufactured, or supplied by persons owned by,...more

Proskauer - Regulatory & Compliance

Sanctions Considerations for Private Equity Firms – a few practical tips

Private equity firms could face significant sanctions risks when doing business with entities connected to sanctioned jurisdictions (such as Russia)...more

The Volkov Law Group

UK’s OFSI Imposes £15,000 Penalty on Property Management Company for Sanctions Violations

The Volkov Law Group on

In late August 2024, the UK’s Office of Financial Sanctions Implementation (“OFSI”), a department within HM Treasury, imposed a monetary penalty of £15,000 on Integral Concierge Services Limited (“ICSL”)—a UK-based property...more

Locke Lord LLP

OFAC Issues FAQs for IT and Software ‎‎Services and Extends Authorization to Engage in ‎Administrative ‎Transactions in Russia

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On September 24, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three frequently asked questions (“FAQs”) that provide guidance to U.S. companies regarding the Determination...more

Hogan Lovells

New EU Sanctions against Russia's destabilising activities - Regulation 2024/2642

Hogan Lovells on

On 10 October 2024, the new EU sanctions framework against Russia will come into force. Council Regulation (EU) 2024/2642 introduces new restrictive measures against Russia in response to its destabilising activities against...more

King & Spalding

FCA Fines Starling Bank Over Financial Sanctions Screening Failures

King & Spalding on

On 27 September 2024, the Financial Conduct Authority (“FCA”), imposed a financial penalty of approximately £29 million on the British bank – Starling Bank Limited (“Starling”) – for failings related to its financial crime...more

McDermott Will & Emery

Quarterly Sanctions Update | Q3 2024

McDermott Will & Emery on

Although the European Union and the United Kingdom did not introduce new sanctions against Russia over the summer, they extensively focused on the implementation of the existing measures and their enforcement. This week,...more

Morgan Lewis

Update: Russia Ends Involvement of Russian National Settlement Depository in Recordkeeping of Type C Account Russian Shares

Morgan Lewis on

The president of Russia issued Decree No. 840 on October 2, 2024, prescribing that all Russian custodians transfer shares of Russian joint-stock companies held in Type C custody accounts from the National Settlement...more

Ankura

Intensifying Measures Against Russia: A Closer Look at the Latest U.S. Sanctions and Export Controls and the Risks for Financial...

Ankura on

To counter Russia's ongoing aggression in Ukraine, on 12 June 2024, the U.S. announced additional sanctions and export controls intended to “continue to drive up costs for the Russian war machine”. Specifically, these...more

Flaster Greenberg PC

Putin Faces Risks His Energy Holdings Cannot Prevent?

Flaster Greenberg PC on

As the Ukraine war progresses toward its third winter, Russian President Vladimir Putin finds himself besieged on numerous fronts. During the first 30 months of this conflict, Putin used his vast energy resources to hedge...more

Skadden, Arps, Slate, Meagher & Flom LLP

OFSI Issues First Monetary Penalty for Breach of Sanctions Imposed on Russia in Response to Its Invasion of Ukraine

On 27 September 2024, the UK’s financial sanctions regulator, the Office of Financial Sanctions Implementation (OFSI), announced that it had issued its first monetary penalty for a breach of UK financial sanctions imposed...more

Mayer Brown

Russia/Ukraine Sanctions Update - Month of September

Mayer Brown on

I.  US SANCTIONS - U.S. Department of the Treasury Acts Against Russian Virtual Currency Exchanges: On September 26, the U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network issued an...more

Adams and Reese LLP

International Compliance Digest - September 2024

Adams and Reese LLP on

New export controls, new section 301 duties, new OFAC requirements, new de minimis rule, new DOJ corporate compliance guidance, new international guidance on Russian sanctions. September had it all....more

The Volkov Law Group

G7 Announces Joint Initiative to Combat Russian Sanctions and Export Control Evasion

The Volkov Law Group on

The Group of Seven (“G7”) has taken a critical step in bolstering its collective enforcement of export controls and sanctions against the Russian Federation by issuing a historic joint industry guidance document. This move is...more

King & Spalding

UK Launches New Office of Trade Sanctions Implementation for Civil Enforcement of Trade Sanctions

King & Spalding on

On 12 September 2024, the UK Government published The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (“the Regulations”), which provide the regulatory framework for the Office of Trade Sanctions...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

American Conference Institute (ACI)

FCPA, Export Controls, and Sanctions Enforcement: Adjusting Compliance Strategies for the New Normal

As the interplay between export controls, trade sanctions, and anticorruption enforcement continues to intensify, multinational companies must remain vigilant in ensuring that their compliance programs address the many...more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

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