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.
Through April 8, the EU froze over $7.1 billion and blocked over $24.3 billion in Russian assets stemming from its sanctions regime on Russia following its invasion of Ukraine. The European Commission confirmed these figures in a May 30 answer to a Parliamentary question over how the sanctions on Russian and Belarusian oligarchs has led to action. The figures for frozen Russian and Belarusian assets ballooned to $10.3 billion by April 29, with another $3.2 billion seized April 8 to April 29.
The U.K. amended the sanctions entries for 299 individuals and entities under its Russia sanctions regime. The updates apply to 278 individuals and 21 entities. The amendments renewed the urgent listings initially made for 96 individuals and 19 entities, while the listings for over 170 entries, including the Wagner Group and Credit Bank of Moscow, were changed from urgent to standard procedure listings.
Canada this week announced another set of sanctions against Russia for its invasion of Ukraine, including designations targeting 22 more people and four more entities. The new sanctions, announced May 31, apply to “key” Russian financial institutions, including banks, and their senior officials. Canada said it has so far imposed sanctions against more than 1,500 people and entities since Russia’s invasion of Crimea in 2014, including more than 1,050 designations since Moscow’s invasion of Ukraine in February.
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The EU agreed to a partial ban on Russian oil ahead of a sixth sanctions package on Russia following its invasion of Ukraine. The ban applies to the purchase of crude oil and petroleum products from Russia delivered to EU member states by sea. A temporary exclusion applies to crude shipped via pipeline. European Council President Charles Michel confirmed the agreement on a partial ban on Russian oil in a May 30 tweet following a summit in Brussels. "This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine," the tweet said.
The U.K. issued a license allowing the sale of Chelsea Football Club, Culture Secretary Nadine Dorries confirmed in a tweet. The club was subject to an asset freeze after owner and Russian billionaire Roman Abramovich was sanctioned by the U.K. in March related to Russia's invasion of Ukraine. The club was sold to a consortium led by American businessman Todd Boehly. Dorries also said May 26 the U.K. government is confident the integrity of the sanctions regime will be maintained throughout the sale and proceeds will be transferred to a frozen U.K. bank account belonging to Fordstam -- a holding company owned by Abramovich. The U.K. agreed to a Deed of Undertaking that would have Abramovich commit the proceeds to a charity for the purposes of helping victims of the war in Ukraine. The sale also needed the approval of the Portuguese government because Abramovich is a Portuguese passport holder. The Portuguese government gave their consent on May 26, per the Associated Press.
The Office of Foreign Assets Control updated a list of items defined as medical supplies and licensed for export or reexport to the Crimea region of Ukraine. The changes, effective May 31, include replacing the reference to General License 4 with a reference to the location of the license in the Ukraine-/Russia-Related Sanctions Regulations, OFAC said. The agency also made "several technical corrections to items on the List, but is not making any substantive changes to the List."