Canada this week launched its first steps to seize and pursue the forfeiture of sanctioned Russian assets. This is the “first time that Canada is using its new authorities that allow the government to pursue the seizure of assets belonging to sanctioned persons,” said Canada, which will look to seize $26 million from Granite Capital Holdings Ltd., a company owned by sanctioned Russian oligarch Roman Abramovich. Canada said it's the first G-7 country “to implement such measures, demonstrating its strong commitment to Ukraine, its reconstruction and holding accountable those who have profited from and supported President [Vladimir] Putin’s regime.”
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The Senate this week unveiled its fiscal year 2023 government spending package, which includes additional funding for key export control, sanctions and trade priorities. The package also includes another round of emergency defense aid for Ukraine.
The EU added 141 people and 49 entities to its Russia sanctions regime as part of its ninth package of restrictions following Moscow's war in Ukraine, the European Council announced.
The EU levied its ninth package of economic and individual sanctions on Russia following its invasion of Ukraine. The new restrictions, announced by the European Council Dec. 16, impose export controls on dual-use goods, expand sanctions on banking and broadcasting firms in Russia, set a new ban on investment in the Russian mining sector and add a "significant number" of new financial designations.
A recent joint alert by the Commerce and Treasury departments has been a boon to industry and the government, and has given export control officers more leads to track down potential Russia violations, said Matthew Axelrod, Commerce’s top export enforcement official. Axelrod said the alert has been so successful that the two agencies are hoping to publish another one next year.
The U.K. adopted new financial and trade sanctions against Russia Dec. 15, barring the provision of trust services to, or for the benefit of, a designated individual or entity, and the provision of new trust services to or for the benefit of, a person connected with Russia. The restrictions further amend existing sanctions on securities or money market instruments and loans and credit arrangements to a person linked to Russia, as well as suspend the Bank of England's duty to "make a decision in respect of a notification of third-country resolution action in respect of designated persons or persons owned or controlled by designated persons."
The Office of Foreign Assets Control designated 18 entities related to Russia's financial services sector, according to a Dec. 15 press release. The State Department also issued a set of Russia sanctions, primarily targeting oligarch Vladimir Potanin, three members of his immediate family and his business network, the department said in a Dec. 15 press release.
The Bureau of Industry and Security added a host of Chinese and Russian entities to the Entity List, including top Chinese chipmaker Yangtze Memory Technologies Co. and leading Chinese artificial intelligence firms, the agency said in a pair of notices released Dec. 15. The new restrictions on the Chinese firms are aimed at “severely restricting” China’s ability to leverage AI, advanced computing and other commercial technologies for its military or human rights abuses, BIS Undersecretary Alan Estevez said. The agency added the Russian entities to the list after it was unable to complete end-use checks. The changes took effect Dec. 16.
The Bureau of Industry and Security will add a host of Chinese and Russian entities to the Entity List, including top Chinese chipmaker Yangtze Memory Technologies Co., the agency said in a pair of notices released Dec. 15.