The European Commission recently updated its more than 350 pages of frequently asked questions on Russia-related sanctions to provide guidance on its latest sweeping sanctions package announced in December (see 2312180070). The updated FAQs, dated Dec. 22, address how the EU will enforce new restrictions on Russian iron and steel products and their effective dates, how sanctions apply to certain divestments related to Russia, information on the EU’s new import ban on Russian diamonds and more.
Taiwan will soon expand its export controls against Russia and Belarus to align its restrictions with the U.S. and other trading partners, Taiwan’s Ministry of Economic Affairs said in a notice last week. The controls will apply to the list of 45 Harmonized System codes targeted by the U.S., the EU and others, which includes common high-priority items Russia is seeking to import for its military (see 2309200031 and 2310020023).
The U.K.'s Office of Financial Sanctions Implementation on Jan. 2 amended a Russia-related general license to reflect the name change of VTB Bank (Europe) SE to OWH SE. The license, issued in March 2022, authorizes certain transactions involving Russia-based VTB Capital and its subsidiaries (see 2203020019).
The European Council on Jan. 3 added Russian-owned diamond mining firm PJSC Alrosa and its CEO Pavel Alekseevich Marinychev to the Russia sanctions list, the council announced. The company is responsible for over 90% of all Russian diamond production, the council said, adding that the designations "complement" the import ban on Russian diamonds adopted Dec. 18 (see 2312180070).
The Commerce Department’s export enforcement actions in 2023 resulted in the “highest number ever” of convictions, temporary denial orders and post-conviction denial orders, the Bureau of Industry and Security wrote in a year-end review. It also said it worked with foreign governments to complete over 1,500 end-use checks, “our most ever in a single year,” and added more than 465 parties from China, Iran, Russia and elsewhere to the Entity List.
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Export Compliance Daily is providing readers with the top 20 stories published in 2023. All articles can be found by searching on the titles or by clicking on the hyperlinked reference numbers.
Switzerland brought its Russia sanctions regime in line with the EU's by adopting the bloc's 12th sanctions package following Russia's invasion of Ukraine (see 2312180070), Switzerland's State Secretariat for Economic Affairs announced. The sanctions package adds 61 people and 86 entities to the list and implements a phased ban on Russian diamonds, though the secretariat noted that there are no longer any direct diamond imports from Russia to Switzerland since the invasion.
The EU General Court on Dec. 20 granted Russian business executive Sergei Mndoiants' request to annul his placement on the Russia sanctions list. The court also rejected similar requests from oligarchs Roman Abramovich and Vadim Nikolaevich Moshkovich.
The Office of Foreign Asset Control’s $1.2 million settlement with San Francisco-based currency exchange CoinList Markets this month shows U.S. sanctions enforcement of the cryptocurrency industry continues to be a “focus” for OFAC, Sheppard Mullin said in a December client alert. The firm said the case highlights the importance of virtual currency exchanges investing in compliance controls, especially if they offer financial services to customers around the world.