The U.K. added Russian steel manufacturing and mining company Evraz to its Russia sanctions regime, the Office of Financial Sanctions Implementation said in a May 5 notice. The company is now subject to an asset freeze. Per a statement from the Foreign, Commonwealth & Development Office, Evraz makes 28% of all Russian railway wheels and 97% of Russian railtracks. The OFSI notice listing Evraz also corrected eight entries under the Russia sanctions regime.
The U.S., the EU and the other G-7 members on May 9 announced a series of new sanctions and restrictions on Russia, including a ban on providing certain business management services to the country and a commitment to phase out imports of Russian oil. New U.S. restrictions include broader export controls and sanctions targeting Russian banking executives, a weapons manufacturer and state-owned media.
The Office of Foreign Assets Control issued Russia-related general licenses 7A, 26A, 31 and 32 on May 5. The licenses allow emergency overflight and landings of U.S. aircraft in Russia and the filing and prosecution of infringement of various intellectual property protection, as well as the wind-down of transactions with Amsterdam Trade Bank NV and Sberbank subsidiaries through 12:01 a.m. EDT July 12. OFAC also published one new frequently asked question on Afghanistan-related sanctions and updated one FAQ on Ukraine-/Russia-related sanctions.
The Office of Foreign Assets Control amended and reissued its Ukraine-related sanctions regulations, the agency said in a final rule. The action will replace the regulations first published on May 8, 2014, with a more “comprehensive” set of regulations, which includes more information on general licenses and other “regulatory provisions that will provide further guidance to the public," OFAC said. The rule, effective May 2, also changes the title of the regulations to the Ukraine-/Russia-Related Sanctions Regulations and incorporates four directives related to sectoral sanctions, among other revisions. OFAC also revised several frequently asked questions for the regulations.
The State Department is “finalizing” discussions with several trading partners on its new open general license concept for certain defense exports, senior agency official Mike Miller. The concept, which could begin as a pilot program, would allow U.S. exports to certain U.S. trading partners without having to apply for a specific license (see 2109290056).
The U.K. issued a General License under its Russia sanctions regime, permitting various law enforcement and regulatory authorities to carry out "any action necessary to comply with" orders made by various U.K. courts, forfeiture notices or external order from the secretary of state. The license permits an individual to carry out any action needed to comply with certain asset recovery developments, including a negotiated settlement with a regulatory agency or an approved deferred prosecution agreement to which a regulatory agency is a party.
The U.K. amended its general license permitting certain activity with sanctioned Russian banks to include Sberbank CIB (UK), the British subsidiary of Sberbank, it said April 22. The license allows Sberbank CIB (UK) or any entity owned or controlled by the bank and incorporated in the U.K. to pay expenses for their "base needs," routine holding and maintenance expenses, and reasonable professional fees for the provision of legal services. The amended license took effect March 1 and will expire April 3, 2023.
The Treasury Department's Office of Foreign Assets Control announced two new Ukraine-/Russia-related general licenses. Ukraine General Licenses 13R and 15L authorize divestment of, and transferring assets from, the GAZ Group to non-U.S. persons and the winding down of operations with GAZ Group by May 25.
The Office of Foreign Assets Control on April 20 sanctioned more than 40 people and entities -- including Russian commercial bank Transkapitalbank -- for operating a sanctions evasion network. The agency also issued two new general licenses authorizing certain transactions with the bank and sanctioned a range of companies for operating in Russia’s virtual currency mining industry.
The Office of Foreign Assets Control issued Russia-related General License 27, which allows certain transactions by nongovernmental organizations involving Russia. The license authorizes activities in support of humanitarian projects, democracy building initiatives, education, non-commercial development projects and environmental and natural resource protection in both Russia and Ukraine.