The U.K.'s Office of Financial Sanctions Implementation issued new general licenses for Russia and for Belarus authorizing until April 23 the closing out of any positions involving sanctioned banks. For Russia, these banks are Alfa Bank, GazPromBank, Rosselkhozbank, SMP Bank and the Ural Bank for Reconstruction and Development. For Belarus, the general license applies to Bank Dabrabyt Joint Stock Co. and any of its subsidiaries.
The State Department’s Directorate of Defense Trade Controls released its notifications to Congress of recently proposed export licenses. The notifications, from October through December, feature arms sales to numerous countries, including Canada, Qatar, the Netherlands and India.
President Joe Biden’s fiscal year 2023 budget proposal, released March 28, includes millions of dollars in additional funding for export control and sanctions work. The proposal includes a $30 million increase in funding for the Bureau of Industry and Security to “implement and enforce export controls.” It also includes an additional $37 million in funding over the previous year's to help the Treasury Department “modernize and update the sanctions process” as outlined in the agency’s 2021 sanctions review (see 2110190044).
Sen. Marco Rubio, R-Fla., introduced a bill March 24 that would give the administration the authority to sanction foreigners that create space debris without notifying the U.S government. "The bill would include exceptions for instances in which the foreign entity has been acting within a civil space cooperation agreement with the United States or has been working in compliance with United Nations law enforcement objectives, as well as for the importation of goods," his press release said.
Sen. Marco Rubio, R-Fla., and five fellow Republicans introduced legislation March 25 to renew the Global Magnitsky Human Rights Accountability Act until the end of December 2034. The current law's expiration date is the end of this year. The Magnitsky Act provides authority to impose sanctions on individuals responsible for human rights violations.
Two House oversight committee leaders are looking into Credit Suisse’s compliance with Russian sanctions after the investment firm reportedly asked investors to destroy documents about yachts and private jets owned by its clients. The Credit Suisse directive, reported by the Financial Times in February, “raises significant concerns that it may be concealing information about whether participants” are “evading sanctions” imposed by the U.S. and other countries against Russia, said Reps. Carolyn Maloney, D-N.Y., chairwoman of the Committee on Oversight and Reform, and Stephen Lynch, D-Mass., chairman of the Subcommittee on National Security.
The top Democrats on the Congressional-Executive Commission on China urged House and Senate leadership to include several sanctions and export control-related provisions (see 2202030062) in the final version of Congress’ China competition bill. As leadership begins negotiations on legislation to reconcile the versions passed in the House and Senate (see 2203210064), they should make sure not to omit “robust provisions on human rights principles,” said CECC Chair Sen. Jeff Merkley, D-Ore., and Co-Chair Rep. James McGovern, D-Mass.
The U.K. amended one entry and corrected two others under its Russia sanctions regime, the Office of Financial Sanctions Implementation said March 25. The entry for Sovcomflot was amended to change its address. Entries for Oleg Yurievich Tinkov, founder of Tinkoff Bank, and Eugene Markovich Shvidler, former nonexecutive director of Evraz, were corrected.
The U.K. added three individuals and three entities to its Myanmar sanctions regime, in a March 25 notice. The individuals are Aung Moe Myint, Belarus' honorary consul to Myanmar; Htun Aung, member of the State Administration Council; and Aung Hlaing Oo, managing director of Myanmar Chemical & Machinery. The entities are Miya Win, Dynasty International and Myanmar Chemical & Machinery.
The past several weeks at U.S. sanctions agencies have ranked among the busiest times in recent memory, especially at the Office of Foreign Assets Control, where some employees are working nearly nonstop to implement and enforce new sanctions against Russia, former officials said in interviews. While some former officials said the extra work could shift minor projects to the side, lawyers are concerned it could also delay more pressing agency priorities, including licensing requests.