Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The U.K. last week updated a general license and guidance involving its price cap and servicing restrictions on Russian oil. The country’s Office of Financial Sanctions Implementation said the changes offer more clarity on certain exclusions and exceptions under the price cap, including by updating page six of the general license to clarify what type of services can be provided with Russian oil purchased at or below the cap. The agency also updated sections 4.1, 4.2 and 4.4 of its price cap guidance.
The Office of Foreign Assets Control deleted two aircraft from its Specially Designated Nationals List that were originally added for their ties to designated Iranian airlines Mahan Air and Pouya Air. One removed plane has aircraft registration number EP-MND (linked to Mahan air), the other is EP-GOM (linked to Pouya Air). The agency didn't release more information.
A December executive order that gave the U.S. broader authority to sanction financial institutions involved in shipping goods to Russia has had a “meaningful impact” on Russia’s military industrial supply chains so far, Treasury Secretary Janet Yellen said this week.
The U.K. this week updated its Russia guidance to add another type of evidence companies can use to prove their imported diamonds don’t violate sanctions against Russia.
Canada this week announced another round of sanctions against Russia, targeting two people and six entities that the country said have helped ship weapons, missiles and other military items from North Korea to Russia. Canada said it has “recorded evidence” that the Kremlin used the weapons in its war against Ukraine last year and this year. The two people designated are “senior representatives of Russian enterprises that are closely linked” to the Russian military, and the entities are Russian shipping companies that own or operate planes and cargo vessels that were used to transport the weapons.
U.K. defense minister Grant Shapps said he has evidence that China is supplying Russia with lethal aid for its war in Ukraine.
The U.K. this week issued a new warning to shipowners and brokers seeing large profits from selling older ships to unknown buyers, saying they need to make sure they aren’t selling to a person with ties to Russia or who plans to violate Russian oil sanctions.
A Russian court based in St. Petersburg on May 18 seized nearly $760 million of assets belonging to UniCredit, Deutsche Bank and Commerzbank, according to the Financial Times. A subsidiary of Russian gas giant Gazprom, RusChemAlliance, had told the court that the three western banks must pay bank guarantees under a contract with German firm Linde. RusChemAlliance's contract with Linde, which concerned the construction of a liquified natural gas processing plant and production facility in St. Petersburg, was paused due to EU sanctions on the Russian company.
The European Council on May 21 adopted legal measures to allow profits earned on seized Russian assets to be used to support Ukraine, the council announced May 21. The decision applies specifically to net profits from "unexpected and extraordinary revenues accruing to central securities depositories" as a result of EU sanctions on Russia.