The EU and the U.K. have agreed to a coordinated ban on insuring ships carrying Russian oil, Financial Times reported May 31. The measure comes after European Commission President Ursula von der Leyen's statement over the EU's sixth sanctions package on Russia following its invasion of Ukraine. Von der Leyen touted a ban on insurance and reinsurance of Russian ships by EU companies along with a ban on 90% of Russian oil imports by the end of 2022 -- a number arrived at in a bid to appease Hungary.
Fiji's Supreme Court delayed a U.S. bid to seize a $325 million superyacht allegedly belonging to a sanctioned Russian billionaire, granting the yacht's registered owner, Millemarin Investments, a temporary stay on a previous ruling that would have allowed the U.S. to seize the ship this week, according to documents from the Office of the Director of Public Prosecutions, Bloomberg reported June 2.
The U.S. on June 2 issued another round of Russia sanctions, targeting additional Russian oligarchs and elites close to Russia President Vladimir Putin. The sanctions also targeted Russian government officials and business leaders, the luxury property of elites, and luxury asset management and service companies key to Russian attempts to evade sanctions.
The U.S. and South Korea may have to build more trust if they want to effectively coordinate on technology competition issues, experts said during a June 2 event hosted by the Center for Strategic and International Studies. Although the May meeting between President Joe Biden and South Korean President Yoon Suk Yeol was a good first step, speakers said the two sides will likely face challenges implementing some of their goals, including an improved trade and technology partnership.
The U.K. issued two General Licenses under its Russia sanctions regime, permitting certain action for charities and telecommunications services. Under the "Russia Designated Persons -- Charities and Interim Managers and trustees" license, the Office of Financial Sanctions Implementation permits an interim manager or trustee of a charity linked to a listed individual or entity to make payments to meet the charity's basic needs until May 30, 2023.
Through April 8, the EU froze over $7.1 billion and blocked over $24.3 billion in Russian assets stemming from its sanctions regime on Russia following its invasion of Ukraine. The European Commission confirmed these figures in a May 30 answer to a Parliamentary question over how the sanctions on Russian and Belarusian oligarchs has led to action. The figures for frozen Russian and Belarusian assets ballooned to $10.3 billion by April 29, with another $3.2 billion seized April 8 to April 29.
The U.K. amended the sanctions entries for 299 individuals and entities under its Russia sanctions regime. The updates apply to 278 individuals and 21 entities. The amendments renewed the urgent listings initially made for 96 individuals and 19 entities, while the listings for over 170 entries, including the Wagner Group and Credit Bank of Moscow, were changed from urgent to standard procedure listings.
Canada this week announced another set of sanctions against Russia for its invasion of Ukraine, including designations targeting 22 more people and four more entities. The new sanctions, announced May 31, apply to “key” Russian financial institutions, including banks, and their senior officials. Canada said it has so far imposed sanctions against more than 1,500 people and entities since Russia’s invasion of Crimea in 2014, including more than 1,050 designations since Moscow’s invasion of Ukraine in February.
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The EU agreed to a partial ban on Russian oil ahead of a sixth sanctions package on Russia following its invasion of Ukraine. The ban applies to the purchase of crude oil and petroleum products from Russia delivered to EU member states by sea. A temporary exclusion applies to crude shipped via pipeline. European Council President Charles Michel confirmed the agreement on a partial ban on Russian oil in a May 30 tweet following a summit in Brussels. "This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine," the tweet said.