The U.K.'s Russian Elites, Proxies and Oligarchs Task Force has blocked or frozen over $30 billion in sanctioned Russian assets, the Office of Financial Sanctions Implementation announced. The task force has frozen or seized sanctioned individuals' "high-value goods," and restricted sanctioned individuals' access to the international financial system, OFSI said. Through coordination between REPO Task Force members, around $300 billion of Russian Central Bank assets have been frozen, various yachts and other vessels controlled by sanctioned Russians detained and access to the global financial system cut off.
The U.K. added new entries to its Russia and Syria sanctions regimes in a pair of notices June 29. Under its Russia sanctions list, the Office of Financial Sanctions Implementation added entries for eight individuals and five entities. The listed entities are the Joint Stock Company Marshal.Global, Joint Stock Company Moscow Industrial Bank, JSC Kolmar Group, JSC New Opportunities and R-Style Softlab.
The Group of Seven leading industrial countries this week agreed to a range of trade-related objectives to help achieve a “rules-based multilateral order” and “universal human rights,” including a commitment to the World Trade Organization and further sanctions against Russia. The G-7 countries -- joined by leaders from Argentina, India, Indonesia, Senegal, South Africa and Ukraine -- said they will stand against Russia for “as long as it takes.”
A $325 million superyacht allegedly owned by Russian billionaire Suleiman Kerimov and seized by U.S. authorities in Fiji has docked in San Diego after a legal battle in the Asia-Pacific island, Bloomberg reported June 28. The Amadea arrived in San Diego June 27 after a few days in Honolulu. The U.S. hired a new crew in Fiji to sail the ship, leaving the island June 7.
Export controls may not stop all illegal shipments, but that doesn’t mean the U.S. and others should not work to improve cooperation and coordination, experts agreed during a June 27 Brookings Institution panel.
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The U.S. this week announced a host of new sanctions targeting Russia’s defense industrial base, including export restrictions against entities helping Moscow evade U.S. export controls and new financial sanctions targeting state-owned companies. The sanctions target more than 100 entities and 50 people supporting Russia’s defense industry and add 36 entities to the Commerce Department’s Entity List, including six for supporting Russia’s military.
Alexander Abramov, co-founder of Russian steel company Evraz, filed a case at the Federal Court of Australia challenging his placement on Australia's Russia sanctions list, The Guardian reported this month. Abramov lives in Switzerland, has made an estimated $6 billion from the Russian steel industry and was sanctioned by Australia in April. Counsel for Abramov told The Guardian that the billionaire "doesn’t satisfy the definition of a person who should be on the sanctions list" since he does not have the "requisite influence" on the Russian regime to qualify as a sanctioned individual. Abramov does not have business in Australia, but he does reportedly own property in New Zealand.
The U.K. amended one entry under its Myanmar sanctions regime, the Office of Financial Sanctions Implementation announced June 24. OFSI updated the entry for Sins Avia Trading House, a Russian company responsible for supplying aircraft parts and maintenance for the Myanmar Armed Forces since the February 2021 coup.
The Commerce Department published its spring 2022 regulatory agenda for the Bureau of Industry and Security, including two new mentions of rules that could result in new emerging technology export controls.