The EU on Oct. 5 approved a new sanctions package to target Russia for its war in Ukraine, European Commission President Ursula von der Leyen announced. The sanctions, which will take effect once they are published in the Official Journal of the EU, include a price cap on Russian oil and additional designations against Russian government officials (see 2209290025). The EU also will impose more trade restrictions on steel and technology products, Reuters reported.
The Office of Foreign Assets Control this week sanctioned two people and one business in the Federation of Bosnia and Herzegovina for “enabling divisive and destabilizing activities” in the Western Balkans. The designations target the federation's Prime Minister Fadil Novalic, who “misused pensioner data for the benefit of his own political party.” OFAC also sanctioned Slobodan Stankovic, one of the country’s wealthiest people, and his company Integral Inzenjering A.D. Laktasi, which has been awarded large projects due “to its proximity” to leadership. The agency previously sanctioned Diana Kajmakovic, a state prosecutor in Bosnia and Herzegovina, for corruption (see 2209260025).
Canada last week announced more sanctions against Russia after Moscow held “sham referendums” in an attempt to annex additional Ukrainian territories. The sanctions target 43 Russian oligarchs, “financial elites” and family members, as well as 35 Russian government officials. Canada also imposed restrictions on “certain business dealings,” including investment and export controls, involving the Russian occupied areas of the Kherson and Zaporizhzhia regions.
Australia announced new sanctions Oct. 2 on Russia for its war in Ukraine, including financial sanctions on an additional 28 people. Australia also said its ban on the import, purchase or transfer of Russian gold took effect Sept. 30 (see 2208150009). “These additional sanctions reinforce Australia's strong objection to the actions of President Putin and those carrying out his orders,” said Penny Wong, the country’s foreign affairs minister.
The Office of Foreign Assets Control amended and reissued the Libyan Sanctions Regulations to include more guidance, definitions, general licenses and “other regulatory provisions that will provide further guidance to the public,” OFAC said. Effective Oct. 3, the new regulations replace the previous regulations published in 2011 in “abbreviated form."
The Treasury Department released a list of countries that require or may require participation in, or cooperation with, an international boycott. Listed are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria and Yemen. The list is unchanged from the previous version (see 2207110039).
The Office of Foreign Assets Control is seeking public comments on an information collection related to its requirements surrounding remittance forwarding services to Cuba. The collection includes information on recordkeeping requirements. Comments are due Dec. 2.
The Office of Foreign Assets Control on Sept. 30 published a sanctions compliance guidance for instant payment systems, outlining various risk factors, compliance solutions and other considerations for financial institutions that use the systems. The guidance also includes a set of “key compliance features” that should be incorporated into instant payment systems.
The Office of Foreign Assets Control on Sept. 29 sanctioned an international network of companies that have sold hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to end users in Asia. The designations target a range of Iranian and international brokers and front companies, including Iran Chemical Industries Investment Company, Middle East Kimiya Pars Co., India-based Tibalaji Petrochem Private Limited, Hong Kong-based Sierra Vista Trading Limited, United Arab Emirates-based Clara Shipping LLC and others, including the Panama-flagged liquid petroleum gas tanker Gas Allure. Along with OFAC, the State Department sanctioned China-based Zhonggu Storage and Transportation Co. Ltd. and WS Shipping Co. Ltd. for their involvement in Iran's petrochemical trade.
The EU proposed a new sanctions package on Russia -- its eighth -- following Russia's escalation of its invasion of Ukraine, the European Commission announced. The restrictions would ban European companies from shipping to third countries Russian oil above an internationally set price cap, add further listings of individuals and entities, and place new import bans on Russian goods.