This post marks the third entry in our Year-in-Review series. For prior posts, click here. Many of the first measures that the United States, European Union and United Kingdom collectively took against Russia in 2022 related to aircraft and international air travel. As the conflict broke out, each jurisdiction quickly…
This post marks the second entry in our Year-in-Review series. For prior posts, click here. Few sectors have been more affected by the sanctions on Russia than the energy industry. As Russia’s largest industry, it has been a focus of sanctions designed to deter the continuation and escalation of the…
On February 24, 2022, the United States (U.S.), European Union (EU), United Kingdom (UK), and other countries issued a barrage of sanctions against the Russian financial sector, cutting off many major banks from the global financial system. These initial measures were coordinated among the US, EU, UK and other G7…
On February 24, 2022, Russia’s entry into Ukraine set off an unprecedented wave of sanctions and export controls by a wide coalition of countries, including the United States, the United Kingdom, the European Union, Canada, Japan, South Korea, Australia, and New Zealand. The goal of these measures is to cripple…
EU’s Ninth Package On Friday 16 December 2022 the EU issued its ninth package of sanctions against Russia. Under the new package: Asset freezes have been imposed against 174 new individuals and entities including National Media Group, Credit Bank of Moscow, Dalnevostochniy Bank, AVO TV-Novosti, the All-Russia State Television and…
On December 5, 2022, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced a $60 per barrel price cap on maritime transfers of Russian-origin crude oil. The final cap level is being implemented multilaterally by the Price Cap Coalition, which include the Group of 7 (G7) nations…
On November 2, 2022, Assistant Secretary of the U.S. Department of Commerce Thea Rozman Kendler answered questions on the Bureau of Industry and Security’s (BIS) October 13 interim final rule (“the Rule”) regarding restrictions on certain advanced computing integrated circuits and semiconducting manufacturing items exported to the People’s Republic of…
The U.S. Department of Treasury recently released Enforcement and Penalty Guidelines (Guidelines) that outline conduct violating the Committee on Foreign Investment in the United States (CFIUS or Committee) regulations. Specifically, these Guidelines, the first of their kind, outline CFIUS’ process and practical considerations when deciding whether to impose penalties and how…
Various reports indicate that the Group of Seven nations (G7) will announce its initial capped price for Russian-origin crude oil transported by maritime means (“seaborne”) this week. The cap will come into effect on December 5, 2022, for crude oil (including condensate) and February 5, 2023, for petroleum products. U.S.…
The EU has published its eighth package of measures and the UK has published a number of new regulations to implement previously announced measures. Split across four regulations, the EU’s eighth package: Introduces new export controls relating to Russia. In addition to existing export bans, it is now prohibited to…