The EU renewed its Ukraine sanctions regime concerning the misappropriation of state funds until March 6, 2023, though it didn't renew certain listings. The listings for former President Viktor Fedorovych Yanukovych and his son, Oleksandr, were not renewed, having expired Sept. 6, though they are both now designated under the EU's Russia sanctions regime. The EU General Court annulled the Ukraine misappropriaton listings for Yanukovych and his son in 2022, 2021, 2019 and 2016 but upheld their designations in 2016 and 2017, the EU Sanctions blog said. The listings of former Prosecutor General Viktor Pavlovych Pshonka and his son Artem weren't renewed. The EU General Court annulled their designations in 2021, 2020 and 2019.
With the price cap on Russian oil products set to take effect in December, trade and commodity experts expressed concern during a Sept. 9 panel at Brookings Institution. In his announcement of the measures, Deputy Treasury Secretary Wally Adeyemo said the aim of the price cap is to limit profits from Russian oil sales and cut into revenue generated for Russia but in a way that won't cut into the overall availability of oil products. The cap will work by targeting services supporting ocean shipping, such as insurance and brokers.
The Office of Foreign Assets Control issued preliminary guidance on the price cap for seaborne Russian oil and related maritime services policy. The G7 confirmed its joint intention for the cap at the Sept. 2 meeting of finance ministers (see 2209020034).
The Office of Foreign Assets Control has designated an air transport service provider for its involvement in the shipment of Iranian unmanned aerial vehicles to Russia, according to a Sept. 8 press release. Additionally, OFAC is designating three companies and one individual involved in the research, development, production and procurement of Iranian UAV components.
The Office of Foreign Assets Control on Sept. 8 extended a Russia-related general license that authorizes the payment of certain taxes and import fees to the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation despite the sanctions imposed on those entities. General License 13B, which replaces GL 13A (see 2205250054), extends the authorization through 12:01 a.m. EST on Dec. 7, 2022. The 13A license was scheduled to expire Sept. 30.
The U.K. amended one entry and corrected another under its Russian sanctions regime, the Office of Financial Sanctions Implementation said in a Sept. 6 notice. The entry for Mikhail Razvozhaev, acting "Governor of Sevastopol," was updated to include his full name and alternate spelling of his last name: Mikhail Vladimirovich Razvozhayev. The entry for Pavel Ezoubov, an associate of listed Russian businessman and oligarch Oleg Deripaska, was corrected, with OFSI fixing the spelling of Ezoubov's name in Russian.
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The U.K. amended one entry and corrected another under its Russian sanctions regime, in a Sept. 2 notice. The Office of Financial Sanctions Implementation amended the entry for MCST JSC, an information, communications and digital technologies company, that is involved in obtaining a benefit for the Russian government. OFSI also corrected the entry for OOO Volga Group, a Russian investment company.
The European Commission on Sept. 1 adopted two reports -- one on the screening of foreign direct investment (FDI) and one on the Export Controls Regulation, it said Sept. 2. The commission said it analyzed over 400 FDIs into the EU in 2021 to ensure that none of the money threatened EU countries' security, and found all but two EU member states have implemented screening mechanisms or are in the process of putting them in place. The commission carried out its FDI screening quickly, with 86% of assessments being completed within 15 calendar days, the commission said.
The Group of Seven nations intends to implement a price cap on Russian-origin crude oil and petroleum products, according to a joint statement released Sept. 2 by the G-7 Finance Ministers from their summit in Elmau, Germany. The statement included plans to implement a "comprehensive prohibition of services" that support maritime transportation of Russian-origin crude oil and petroleum products, based on "a recordkeeping and attestation model" covering relevant contracts. The G-7 said that they were urgently working to finalize and implement the measure in their own jurisdictions through domestic legal processes while building support internationally for the measure.