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