COMPLIANCE ETC: THINGS YOU MAY HAVE MISSED – FEBRUARY 25

Panama’s National Institute of Statistics reports that the country has an annualised rate of inflation of 2.7%.

Meanwhile, the health ministry reported another 21 new cases of monkeypox  in Panama during the week to 24 February , bringing the cumulative number of cases nationwide to 160, with 20 patients in home isolation and 8 in isolation in health facilities.

25 FEBRUARY 2023

https://www.buymeacoffee.com/KoIvM842y

VESSELS HELD BY PORTS AS WESTERN CONCERN WITH SHIP-TO-SHIP (STS) TRANSFERS ESCALATES

On 23 February, Insurance Marine News reported that several ships appear to have been detained as part of a crackdown on what has been a significant increase in STS transfers of oil from smaller vessels to ocean-going tankers, with the origin of the oil often hard to pin down, but suspected in several cases to be Russian.

https://insurancemarinenews.com/insurance-marine-news/vessels-held-by-ports-as-western-concern-with-sts-transfers-escalates/

https://www.buymeacoffee.com/KoIvM842y

US AND UK IMPOSE NEW SANCTIONS ON RUSSIA

As a new round of sanctions is announced, on 24 February –

Wikborg Rein provided a useful summary of new sanctions from the US and HM Treasury;

OFAC published a Factsheet detailing its actions, and the claimed effect on Russian oil production etc after a year of the sanctions;

The White House issued a Factsheet concerning measures adopted after 1 year of the conflict; and

The US Commerce Department’s Bureau of Industry and Security (BIS) issued a news release announced 4 rules developed in concert with international allies and partners in response to Russia’s war on Ukraine.  The news release contains brief summaries and links to the text of the rules released on the Federal Register’s website, and the effective date for all of the rules was 24 February. 

The rules include –

    • Enhancing the scope of the Russian and Belarusian industry sector restrictions (oil and gas production; commercial and industrial items; chemical and biological precursors) and the ‘luxury goods’ sanctions to better align them with the controls that have been implemented by US allies and partners;Imposes new export control measures on Iran in order to address the use of Iranian UAV by Russia; and
    • Adding 86 entities under 89 entries (due to some entities operating in multiple countries) to the Entity List for a variety of reasons related to their activities in support of Russia’s defence-industrial sector and war effort. 79 are Russian, 5 Chinese, 2 are based in Canada, and 1 each in France, Luxembourg and the Netherlands. Several of the entities in these countries are subsidiaries of entities based in China and Russia. In addition, 4 existing Russian entities are amended; and

https://www.wr.no/en/news/sanctions-alerts/us-and-uk-impose-new-sanctions-on-russia/

https://home.treasury.gov/news/press-releases/jy1298

https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/24/fact-sheet-on-one-year-anniversary-of-russias-invasion-of-ukraine-biden-administration-announces-actions-to-support-ukraine-and-hold-russia-accountable/

https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/21/fact-sheet-one-year-of-supporting-ukraine/

https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3227-2023-02-24-bis-press-release-additional-russia-invasion-response-actions/file

https://www.buymeacoffee.com/KoIvM842y