The U.K. added three entries to its Myanmar sanctions regime in an Aug. 24 notice. The Office of Financial Sanctions Implementation added International Gateways Group, Sky One Construction and Star Sapphire Group to the sanctions list, all for contributing funds to and brokering deals for military goods for the Myanmar security forces, which committed human rights atrocities against the Rohingya Muslim minority in Myanmar, the U.K said.

Citigroup will officially wind down its consumer banking and local commercial banking activities in Russia this quarter, the bank said Aug. 25. Citi said the wind-down, spurred by U.S. and multilateral sanctions against Russia for its invasion of Ukraine, will affect 15 branches and a range of deposits, investments, loans and cards. “The wind-down will be carried out in compliance with applicable regulations and Citi will honor its obligations to clients, employees and partners,” the bank said. “As previously noted, Citi continues to support its multinational institutional clients, particularly those which are undergoing the complex task of winding down their operations in Russia.”

The Office of Foreign Assets Control again extended a general license that authorizes U.S. academic institutions to export certain “online educational services” and software to Iran, the agency said Aug. 25. General License M-2, which replaces General License M-1 (see 2108250008), was extended through 12:01 a.m. EDT Sept. 1, 2023. The previous license, which also was an extension, was scheduled to expire Sept. 1, 2022. OFAC updated FAQ 853 to reflect the updated license.

The U.K. removed one entry from its Russia sanctions list, it said in an Aug. 23 notice. The Office of Financial Sanctions Implementation dropped Mikhail Vladimirovich Razvozhayev, the governor of Sevastopol, from the list. Also, OFSI amended 41 entries under the Russia restrictions and corrected another entry. The listing for Vladimir Olegovich Potanin, the owner of Rosbank and one of Russia's richest people, was corrected to add his middle name.

The Treasury Department warned Turkish businesses this week that they may be hit with U.S. sanctions if they do business with designated Russian people or entities, The Wall Street Journal reported Aug. 22. In letters to the American Chamber of Commerce in Turkey and the Turkey Industry and Business Association, Treasury Deputy Secretary Wally Adeyemo warned Turkish companies that they will be cut off from American banks if they do business with sanctioned Russian banks.

A group of European countries not in the EU implemented four recent sanctions decisions made by the EU to align with the bloc's sanctions regimes, the European Council announced Aug. 22. The EU added four individuals and one entity to its Syria sanctions list in July, and subsequently the countries of North Macedonia, Montenegro, Serbia, Albania, Ukraine, Moldova, Bosnia and Herzegovina, Georgia, Iceland, Liechtenstein and Norway adopted the additions, the council said. These same countries took up the council's July 26 sanctions move that dropped the entry for one deceased individual from its Libya sanctions regime.

The Office of Foreign Assets Control on Aug. 19 issued one new Russia-related general license, updated an existing Russia-related general license and deleted a range of entries from its Specially Designated Nationals List.

The U.K.’s Office of Financial Sanctions Implementation this week updated a general license that authorizes certain payments to U.K. insurers by sanctioned people or entities. The license includes several amendments related to terrorism insurance, property owners’ liability insurance and claims preparation costs insurance.

China this week imposed sanctions against a group of Taiwan officials and lawmakers who have advocated for independence, according to an unofficial translation of an Aug. 16 notice. The sanctions target people who have tried to “interfere in the process of reunification of” Taiwan with the “motherland,” China said. Among those designated were Hsiao Bi-khim, Taiwan's de facto ambassador to the U.S.; Wellington Koo, secretary-general of Taiwan's National Security Council; and other politicians from Taiwan's in-power Democratic Progressive Party, Reuters reported.

The mass exodus of western companies from Russia caused by sanctions are “catastrophically crippling the Russian economy” and have “irrevocably” damaged the country’s position as a global commodity exporter, the Yale Chief Executive Leadership Institute said in a recent report. The report also said Russia’s imports have “largely collapsed” as the country faces challenges procuring “crucial inputs, parts, and technology from hesitant trade partners,” which has led to broad domestic supply shortages. The country’s production also has “come to a complete standstill with no capacity to replace lost businesses, products and talent,” the report said. “Looking ahead, there is no path out of economic oblivion for Russia as long as the allied countries remain unified in maintaining and increasing sanctions pressure against Russia.”