The Office of Foreign Assets Control published a new frequently asked question and updated two other FAQs related to its Russia sanctions. New FAQ 1055 clarifies how and whether Russia-related investment restrictions apply to the lending of funds or the purchasing of an equity interest in entities located outside Russia.
The Bureau of Industry and Security June 6 charged Russian oligarch Roman Abramovich with violating U.S. export controls by exporting U.S.-origin aircraft to Russia without the required licenses (see 2202240069). BIS said Abramovich’s planes flew to and from Russia in March, days after the agency announced new export controls on Russia-related aircraft.
The EU officially imposed its sixth sanctions package on Russia following its invasion of Ukraine, the European Council announced June 3. The package includes a phased ban on the "purchase, import or transfer" of crude oil and certain petroleum goods from Russia to the EU. The prohibition will take six months for crude oil and eight months for other refined petroleum products. The council also laid out a temporary exception for crude oil imported via pipeline into the EU member states that "suffer from a specific dependence on Russian supplies and have no viable alternative options" -- namely, Hungary, which held up the ban over energy supply concerns (see 2206020016). Bulgaria and Croatia were also granted exceptions for the import of Russian seaborne crude oil and vacuum gas oil, respectively.
The Bureau of Industry and Security made several changes, corrections and clarifications to its export regulations and added a host of new Russian and Belarusian entities to its Entity List, it said in notices. One change adds a license requirement for certain medicine and food shipments to the two countries, and another change allows BIS to publicize export enforcement charging letters before a case is resolved.
The Swiss Financial Market Supervisory Authority, known as FINMA, will extend its restrictions on the Swiss wing of Russia's largest bank, Sberbank, until August due to "heightened international sanctions and the continuing risks for the bank's liquidity situation," FINMA announced June 1. In March, the financial regulatory agency imposed the restrictions on Sberbank, deferring the bank's obligations for deposits and banning payments and transactions. The restrictions will now carry until Aug. 2, FINMA said.
The EU and the U.K. have agreed to a coordinated ban on insuring ships carrying Russian oil, Financial Times reported May 31. The measure comes after European Commission President Ursula von der Leyen's statement over the EU's sixth sanctions package on Russia following its invasion of Ukraine. Von der Leyen touted a ban on insurance and reinsurance of Russian ships by EU companies along with a ban on 90% of Russian oil imports by the end of 2022 -- a number arrived at in a bid to appease Hungary.
Fiji's Supreme Court delayed a U.S. bid to seize a $325 million superyacht allegedly belonging to a sanctioned Russian billionaire, granting the yacht's registered owner, Millemarin Investments, a temporary stay on a previous ruling that would have allowed the U.S. to seize the ship this week, according to documents from the Office of the Director of Public Prosecutions, Bloomberg reported June 2.
The U.S. on June 2 issued another round of Russia sanctions, targeting additional Russian oligarchs and elites close to Russia President Vladimir Putin. The sanctions also targeted Russian government officials and business leaders, the luxury property of elites, and luxury asset management and service companies key to Russian attempts to evade sanctions.
The U.S. and South Korea may have to build more trust if they want to effectively coordinate on technology competition issues, experts said during a June 2 event hosted by the Center for Strategic and International Studies. Although the May meeting between President Joe Biden and South Korean President Yoon Suk Yeol was a good first step, speakers said the two sides will likely face challenges implementing some of their goals, including an improved trade and technology partnership.
The U.K. issued two General Licenses under its Russia sanctions regime, permitting certain action for charities and telecommunications services. Under the "Russia Designated Persons -- Charities and Interim Managers and trustees" license, the Office of Financial Sanctions Implementation permits an interim manager or trustee of a charity linked to a listed individual or entity to make payments to meet the charity's basic needs until May 30, 2023.