The U.K.'s Office of Financial Sanctions Implementation added one entity to its cyber sanctions regime, in a March 24 notice. The Central Scientific Research Institute of Chemistry and Mechanics, based in Moscow, is now subject to an asset freeze. OFSI said the institute was responsible for a cyberattack on a petrochemical company in August 2017.

The Office of Foreign Assets Control designated six individuals in the United Arab Emirates for raising money on behalf of Boko Haram insurgents in Nigeria. OFAC actions follow arrests in the UAE in September, which OFAC says "demonstrates the commitment of the Emirati government to using judicial measures and targeted financial sanctions to disrupt the flow of funds to these networks."

Japan imposed a new wave of restrictions on Russia following its invasion of Ukraine. Japan is adding 24 individuals and 81 entities to its Russia sanctions regime, subjecting them to an asset freeze, the Ministry of Foreign Affairs said March 25. It also banned the export of luxury goods to Russia, joining the EU and the U.K. in taking this action (see 2203150027). The sanctioned individuals include Andrey Patrushev, CEO of Gazprom; Sergei Ivanov, former chief of the presidential administration; and Igor Shuvalov, chairman of VEB.RF.

Australia on March 25 sanctioned two Russian entities and one North Korean entity that it said are helping North Korea evade sanctions and build up its missile program. The sanctions target the Russian Financial Society, Russia’s Commercial Bank Agrosoyuz and North Korea’s Korean Ungum Corp., which are helping North Korea violate U.N. Security Council resolution, Australia said. “Australia urges the Security Council to respond decisively to North Korea’s escalating behavior,” the country said. “We remain resolutely committed to sanctions enforcement.”

The U.K. added 59 new entries to its Russia sanctions regime and six new entries under its Belarus sanctions regime in response to the countries' military invasion of Ukraine. The March 24 moves from the U.K. Office of Financial Sanctions Implementation add to the unprecedented amount of restrictions placed on the nations following the assault.

The Office of Foreign Asset Control on March 24 updated two existing Russia-related general licenses and issued two new licenses. Updated License 6A authorizes certain transactions involving exports of agricultural commodities, medicine, medical devices and COVID-19 diagnosis and treatment equipment, while updated License 17A authorizes certain imports of Russian alcoholic beverages, non-industrial diamonds or seafood. New License 20 authorizes certain transactions involving the official business of third-country diplomatic or consular missions in Russia, and new License 25 authorizes certain transactions involving "journalistic activities" in Russia. OFAC also updated two existing Frequently Asked Questions to reflect the new licenses.

Although the EU has been reluctant to impose an embargo on Russian oil and gas (see 2203230037), the bloc could soon take steps to impose some energy-related trade restrictions, Vladimir Milov, a Russian economist and opposition politician, said during a March 24 event hosted by Chatham House. He said the EU will eventually introduce some “gradual embargo measures,” potentially against refined products or liquefied natural gas. “In terms of European unity, my understanding is they're moving,” he said. “There will be movement in that direction.”

The EU may not be able to ramp up its sanctions pressure on Russia beyond the measures it has already taken, said Alexandra de Hoop Scheffer, a foreign policy expert with the German Marshall Fund. Although the EU has imposed financial sanctions against Russian banks and oligarchs and imposed export restrictions on certain strategic goods, she said the most impactful sanctions would target the Russian energy sector.

Private sector and government leaders from around the world talked about what their firms are doing and how the World Trade Organization could be a forum for creating smoother flowing supply chains.

To enforce the deluge of sanctions placed on Russia and Belarus following their invasion of Ukraine, the EU established the "Freeze and Seize" task force to work with other nations including the U.S., the U.K., Canada, France and Germany, the European Commission announced. The commission said the task force will work closely with the "Russian Elites, Proxies, and Oligarchs" task force set up under an identical premise. The task forces' first meetings took place March 11 and 18 and involved voices from the commission, points of contact from each EU member state, Europol, Eurojust and other European agencies. The task force will identify and seize assets of listed Belarusian and Russian oligarchs.