The U.K. amended entries under its Russia and Belarus sanctions regime, the Office of Financial Sanctions Implementation said in a pair of notices July 12. Under the Russia sanction list, OFSI amended 16 entries and corrected those for Vadim Anatolyevich Lukashevich and German Valentinovich Belous.
Eight European countries not in the EU aligned themselves with a recent EU sanctions decision on Iran, the European Council announced. In June, the council amended the list of individuals and entities subject to the sanctions regime on Iran. In response, North Macedonia, Montenegro, Albania, Ukraine, Moldova, Iceland, Liechtenstein and Norway aligned with the decision, ensuring that the sanctions will be imposed by their regulatory authorities.
The Office of Foreign Assets Control this week released the texts of two previously issued Ukraine/Russia-related General Licenses. The licenses are GLs 2 and 10, which expired in 2014 and 2016, respectively. The licenses authorized certain wind-down transactions or divestments involving sanctioned Russian entities.
The Treasury Department is seeking feedback to inform its work under a March executive order on illegal uses of cryptocurrencies and other digital assets (see 2203090067). The agency’s request for comments, released last week, asks for feedback on the “general risks” in digital assets financial markets, how businesses are using digital assets and more. The executive order requires several agencies to study how digital assets can be used to evade U.S. and foreign sanctions and affect national security. Comments are due Aug. 8.
The U.S.-EU Trade and Technology Council’s Export Control Working Group will hold another stakeholder outreach meeting July 19 (see 2110260011 and 2206010007). The working group will solicit feedback and “ideas for future initiatives,” and the meeting will provide an opportunity for industry, academia and others to discuss with EU and U.S. officials “priorities for export control cooperation.” Registration closes July 15.
Customers and borrowers of financial institutions may start to receive more requests from banks about their export control compliance practices due to a recently issued joint alert by the Treasury and Commerce departments, Crowell & Moring said July 13. The alert also has other implications for customers of certain financial institutions, the firm said, and could hurt their ability to receive lenient penalties from a voluntary disclosure.
The EU is ramping up efforts to monitor Russia-related export control evasion and hopes to soon make more progress on sanctions enforcement within the U.S.-EU Trade and Technology Council, said Sabine Weyand, the European Commission’s director general for trade, speaking during a July 13 event hosted by the Center for Strategic and International Studies. She expects EU enforcement to soon pick up because many of the bloc’s wind-down periods for the restrictions are ending.
Stephenie Gosnell Handler, former director for cybersecurity strategy and digital acceleration at McKinsey, has rejoined Gibson Dunn as a partner and member of the International Trade and the Privacy, Cybersecurity and Data Innovation practice groups, the firm announced. Handler's practice will center on Committee on Foreign Investment in the U.S. proceedings, export controls, sanctions, national security, cybersecurity, data and technology, the firm said. At McKinsey, she advised the company's leadership on cybersecurity, technology and data trends. She previously worked as an associate at Gibson Dunn from 2011 to 2015.
Lithuania has halted the transport of more goods to Kaliningrad as more EU restrictions on Russia over its invasion of Ukraine take effect, Reuters reported. Lithuania banned the transit of concrete, wood, alcohol and alcohol-based industrial chemicals via its territory to the Baltic exclave of Kaliningrad, which includes a seaport, a spokesperson for Lithuanian customs said, Reuters reported. The ban also includes an expansion of the restrictions on ferrous metals, which began in June. Russia called the ban on some goods an illegal blockade, while Lithuania said it has no choice but to enforce the EU's sanctions. Russia warned of "harsh measures" that could be imposed in response to Lithuania's move.
The European Commission on July 8 updated its Russia sanctions frequently asked questions, releasing new guidance. The deposits FAQs include how to make an authorization under the sanctions list, formal requirements on how the authorization should be designed, and what information should be obtained by the national authority for assessments made under the sanctions regime. The trust services FAQs cover the definition for the term "trust or any similar legal arrangement," what activities are banned in relation to trusts, how the ban is applied in practice, and more.