Last Updated 11-6-23
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- The US Treasury sanctions entities in China, Turkey, and the United Arab Emirates for sending high-priority dual use goods to Russia, as well as 7 Russian banks and other individuals and entities. The US State Department issues sanctions that affect over 90 entities for sanctions evasion and also target Russia’s future energy capabilities.
- Deeply concerned by the devastating effects of the current Russian military aggression against Ukraine, the Egmont Group of Financial Intelligence Units (FIUs) suspends the membership of Russia’s FIU Rosfinmonitoring.
- The US Treasury sanctions 11 individuals, 8 entities, and 1 vessel based in Iran, Hong Kong, China, and Venezuela enabling Iran’s ballistic missile and unmanned aerial vehicle (UAV) programs, some of which are being used in Russia’s invasion of Ukraine.
- The US Treasury sanctions two ship owners for violating the price cap set by the Price Cap Coalition (G7 countries, the European Union, and Australia) by transporting oil purchased for over $60 per barrel.
- The US Commerce Department adds 42 companies from China as well as 7 from other countries (i.e., Estonia, Finland, Germany, India, Turkey, the United Arab Emirates, and the United Kingdom) to the Entity List for supporting Russia’s military and defense industrial base, including through supplying US semiconductors.
- Norway announces that Russian-registered passenger cars with nine or fewer seats can no longer be brought into Norway, even temporarily.
- The United Kingdom sanctions Russian officials involved in recent sham elections in the Ukrainian regions of Kherson, Zaporizhzhia, Donetsk, Luhansk, and in illegally annexed Crimea.
- Switzerland implements a new sanctions framework targeting Iran’s provisions of unmanned aerial vehicles (UAVs) to Russia, mirroring the European Union’s sanctions framework for Iran introduced on July 20, 2023.
- The US Treasury sanctions 5 entities and 2 individuals based in Iran, China, Hong Kong, Turkey, and the United Arab Emirates involved in the procurement of sensitive parts for Iran’s one-way attack unmanned aerial vehicle (UAV) program being used in Russia’s invasion of Ukraine.
- The US Commerce Department adds to the Entity List 28 companies, including 11 from China and 5 from Russia, for supporting Russia’s military and defense industrial base, including through parts for drones.
- Australia extends punitive 35 percent tariffs on goods imported from Russia and Belarus first imposed in April 2022 for two more years, until October 2025.
- Canada sanctions 42 individuals and 21 entities connected to Russia’s illegal and forcible mass transfer of Ukrainian minors, Russian disinformation, and Russia’s nuclear sector.
- The US Treasury imposes nearly 100 sanctions on Russian elites and Russia’s industrial base, financial institutions, and technology suppliers.The US State Department also imposes over 70 sanctions on Russian individuals and entities.
- The European Union imposes an asset freeze and travel ban on 6 individuals responsible for serious human rights violations in Russia and Ukraine, including violations of the right to freedom of opinion and expression.
- The US Commerce Department issues a Temporary Denial Order suspending the export privileges of 3 individuals and 4 companies for supplying illicit goods to the Russian military.
- Switzerland adopts the remaining sanctions against Belarus adopted by the European Union on August 3.
- The US State Department imposes sanctions and visa restrictions on individuals and entities connected with the forcible transfer and deportation of Ukrainian children.
- Canada sanctions 4 individuals and 29 entities connected to Russia’s military-industrial complex, financial institutions, and nuclear sector.
- Canada sanctions 15 individuals and 3 entities in Russia.
- Switzerland adopts some of the sanctions against Belarus that the European Union imposed on August 3.
- The US Treasury sanctions 4 members of Russia’s financial elite.
- The US Treasury sanctions 8 individuals and 5 entities in Belarus for complicity in Russia’s war in Ukraine, among other reasons.
- The United Kingdom sanctions individuals and businesses in Turkey, Dubai, Slovakia, Switzerland, Belarus, and Iran who are supporting Russia’s war on Ukraine.
- Canada announces 3 sets of amendments to its sanctions regime impacting Russia (one, two, three) and sanctions on 9 individuals and 7 entities in Belarus.
- The United Kingdom sanctions 6 individuals involved in the trial of Vladimir Kara-Murza, a dual British-Russian national who is facing 25 years in a penal colony and is being persecuted by the Russian regime for his anti-war stance.
- The European Union sanctions 7 Russian individuals and 5 entities responsible for conducting the digital information manipulation campaign Recent Reliable News (RRN) that disseminates propaganda in support of Russia’s war against Ukraine.
- The US Treasury sanctions 3 Malian transition government and military officials for facilitating the deployment and expansion of activities in Mali by the Wagner Group, which has carried out combat operations in Russia’s war on Ukraine.
- New Zealand announces sanctions targeting Russian military support and the Belarusian financial sector.
- The US Treasury and Department of State take additional measures to inhibit Russia’s access to products that support its military and war efforts; reduce its revenue from the metals and mining sector; undermine its future energy capabilities; degrade its access to the international financial system; and starve Russia of G7-produced technology needed for its technology, aerospace, and defense sectors.
- The United Kingdom sanctions 13 individuals and businesses linked to the actions of the Wagner Group.
- Canada announces sanctions on 39 individuals and 25 entities, including those linked to the Wagner Group and Russia’s nuclear sector, and those from Russian cultural and education sectors that support the Kremlin’s efforts to “Russify” Ukrainian culture.
- The United Kingdom announces new sanctions and travel bans in response to Russia’s forced deportation of Ukrainian children.
- Russia pulls out of a UN-brokered arrangement that allowed Ukraine to export grain globally through the Black Sea.
- The Norwegian government looks to establish a new agency for export control and sanctions, given the increasingly complex situation concerning sanctions and export regulations, particularly as a result of the war against Ukraine.
- Japan bans exports of construction and engineering services to Russia.
- The United Kingdom passes a law that restricts exports of legal services to wealthy individuals and big businesses linked to the Russian regime.
- Switzerland implements a new round of sanctions mirroring the European Union’s eleventh sanctions package ofJune 23, 2023.
- The US Treasury sanctions 4 companies and 1 individual connected to the Wagner Group.
- Warlord Yevgeny Prigozhin (Wagner Group) briefly attempts a coup in Russia before reversing course.
- The European Union adopts its eleventh package of sanctions against Russia. The latest sanctions feature additional export and import restrictions, sanctions on individuals, financial sanctions, and more.
- The United Kingdom announces new legislation allowing sanctions on Russia to remain until compensation is paid to Ukraine.
- The US Department of Commerce issues a temporary denial order suspending export privileges for the Aratos Group and its president for allegedly providing support to Russian intelligence services.
- The United Kingdom introduces new legislation banning imports of gold, cement, wood, and rubber from Belarus and also blocking exports to Belarus of banknotes and machinery, alongside goods, technologies, and materials that could be used to produce chemical and biological weapons.
- The Nova Kakhovka Dam in Ukraine was destroyed, causing extensive flooding and damage along the Dnieper River in Kherson Oblast. The dam was under the control of the Russian military.
- The US Treasury sanctions 7 members of a Russian intelligence-linked malign influence group for their role in the Russian government’s campaigns of destabilization and continued malign influence in Moldova.
- The United States extends the Section 232 exemption on Ukrainian steel by one year.
- The United Kingdom agrees to extend the current suspension of trade remedy measures on imports of steel from Ukraine for another 12 months.
- Japan sanctions 17 Russian individuals and 78 organizations and bans exports to 80 organizations, the exports of certain goods to Russia that strengthen its industrial base, and the provision of building or engineering services to Russia.
- G7 leaders meet in Hiroshima, Japan and issue a communique in which they commit to “increasing the costs to Russia and those supporting its war efforts.”
- The US Treasury sanctions 22 individuals and 104 entities, targeting those attempting to circumvent or evade sanctions and other economic measures against Russia, the channels Russia uses to acquire critical technology, its future energy extraction capabilities, and its financial services sector. The US Commerce Department expands export controls by adding 71 entities to the Entity List, primarily for supporting Russia’s military and defense sectors. The US Department of State is designating 18 entities involved in expanding Russia’s future energy production and export capacity.
- The UK government sanctions 86 individuals and entities, targeting Russia’s theft of Ukrainian grain, advanced military technology, and remaining revenue sources.
- Australia announces sanctions targeting 21 entities and 3 individuals as well as an export ban on all machinery and related parts to Russia and areas temporarily under Russian control, targeting sectors of economic and strategic significance to Russia and aiming to slow Russia’s war machine.
- Canada sanctions 17 individuals and 18 entities in Russia. Canada also listed 30 individuals and 8 entities involved in Russia’s ongoing human rights violations, including the transfer and custody of Ukrainian children in Russia.
- The United Kingdom bans imports of Russian diamonds and Russian-origin copper, aluminum, and nickel.
- The Department of Commerce issues a temporary denial order suspending export privileges for 3 companies and 2 Russian nationals living in Florida for diverting civilian aircraft parts to Russia.
- Pursuant to Executive Order 14078, the US State Department sanctions Russia’s Federal Security Service (FSB) and Iran’s Islamic Revolutionary Guard Corps Intelligence Organization (IRGC-IO) for the wrongful detention of US nationals, including Evan Gershkovich. The Treasury also sanctions four senior officials in the IRGC-IO.
- Switzerland sanctions the Wagner Group and RIA FAN, mirroring EU sanctions of April 13.
- Canada, France, Japan, the United Kingdom, and the United States announce an alliance aimed at displacing Russia from the international nuclear energy market to undermine its grip on supply chains.
- The European Union sanctions the Wagner Group, a private military entity, and RIA FAN, a Russian media company involved in pro-government propaganda and disinformation on Russia’s war on Ukraine.
- Three US government bodies sanction financial facilitators and sanctions evaders. The US Treasury sanctions 25 individuals and 29 entities. The Department of State sanctions several entities operating in the defense sector of the Russian economy and supporting Russia’s war against Ukraine, as well as additional entities associated with Russia’s State Atomic Energy Corporation (Rosatom). The US Department of Commerce adds 28 entities to its Entity List.
- The United Kingdom sanctions family members, other individuals, and companies in a crackdown on enablers of oligarchs Roman Abramovich and Alisher Usmanov.
- Canada sanctions 14 individuals, largely at Russian companies that provide military services, and 34 entities that were largely military technology and logistics companies.
- Norway implements a new round of sanctions mirroring the European Union’s tenth sanctions package of February 25, 2023.
- Finland formally joins NATO.
- New Zealand sanctions political and military figures from Russia and Belarus.
- The US Treasury sanctions Slovakian national Ashot Mkrtychev for attempting to facilitate an arms deal between North Korea and Russia.
- Switzerland implements a new round of sanctions mirroring the European Union’s tenth sanctions package of February 25, 2023.
- Wall Street Journal journalist, Evan Gershkovich, an American citizen, is arrested in Russia and charged with spying.
- The US Treasury sanctions three entities and nine individuals in Belarus in part to hold the Lukashenka regime to account for its complicity in Russia’s war against Ukraine.
- The UK and Ukraine sign a new Digital Trade Agreement. The UK also pledges to extend the removal of tariffs on all Ukrainian products until March 2024.
- Ukraine sanctions 300 individuals and 141 entities, targeting the Russian military as well as people contributing to the Russian aggression against Ukraine from Russia, Iran, Syria and the United Arab Emirates.
- The Council of the European Union decides to prolong for another six months sanctions imposed earlier on 1,473 individuals and 205 entities.
- Canada bans imports of steel and aluminum from Russia.
- US Treasury sanctions three individuals for their involvement in serious human rights abuse against human rights defender, prominent Russian opposition leader, author, and historian Vladimir Kara-Murza.
- Following the one-year anniversary of Russia’s brutal invasion of Ukraine, Japan announces new sanctions on Russian individuals and companies and new export controls.
- The EU adopts its tenth package of sanctions against Russia. The latest sanctions feature additional export restrictions–including on Iranian drone manufacturers–import restrictions, sanctions on individuals, financial sanctions, and more.
- New Zealand sanctions Iranians supplying drones to Russia.
- At the one-year mark of Russia’s brutal invasion of Ukraine, the United States announces new sanctions, including higher tariffs on Russian imports (including steel and aluminum). The US Treasury also sanctions Russia’s metals and mining sector, military suppliers, 22 individuals, and identifies targets involved in sanctions-evasion efforts.
- At the one-year mark of Russia’s brutal invasion of Ukraine, the United Kingdom announces fresh sanctions, including new export bans on any item Russia has used on the battlefield to date and sanctions on additional Russian and Iranian individuals.
- At the one-year mark of Russia’s brutal invasion of Ukraine, G7 Leaders meet with Ukraine’s President Volodymyr Zelenskyy to reaffirm their unwavering support for Ukraine “for as long as it takes.”
- At the one-year mark of Russia’s brutal invasion of Ukraine, New Zealand sanctions 87 Russian individuals.
- Canada sanctions an additional 129 Russian individuals and 63 entities.
- The European Union prolongs its February 23, 2022 restrictive measures made in response to the illegal recognition, occupation, or annexation by the Russian Federation of certain non-government controlled areas of Ukraine until February 24, 2024.
- Switzerland implements price caps on Russian refined oil products aligned with those adopted by the European Union and G7 countries.
- Norway implements price caps on Russian refined oil products aligned with those adopted by the European Union and G7 countries.
- Ukraine imposes sanctions on Russia’s state-owned Rosatom and 199 affiliated companies.
- G7 countries, the European Union, and Australia implement price caps on Russian refined oil products. (See also Japan, UK.)
- The US Treasury and the State Department sanction the board of directors of an Iranian unmanned aerial vehicle manufacturer for supplying drones to Russia.
- Canada sanctions 38 individuals and 16 entities involved in Russia’s disinformation and propaganda actions.
- The European Union extends its tariff waiver on imports from Ukraine for another year.
- The US Treasury sanctions 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex.
- The US Commerce Department restricts access to foreign-made components to seven Iranian entities supplying drones to Russia.
- Norway implements a new round of sanctions mirroring the EU’s ninth sanctions package of December 16, 2022.
- The European Union prolongs the restrictive economic measures targeting specific sectors of the Russian economy since 2014 by six months, until July 31, 2023.
- Japan modifies its sanctions by adding goods to an export ban list and freezing the assets of Russian officials and entities.
- The US Treasury and the State Department sanction eight individuals, 16 entities, and four aircraft and designate Russia’s paramilitary Wagner Group as a transnational criminal organization, targeting the infrastructure that supports battlefield operations in Ukraine.
- The United States, Germany, and other countries announce they are sending tanks to Ukraine.
- Switzerland implements a new round of sanctions mirroring the EU’s ninth sanctions package of December 16, 2022.
- Ukraine sanctions 119 Russian artists and cultural figures for their support of the war.
- The US Treasury sanctions six executives and board members of a key Iranian defense manufacturer of unmanned aerial vehicles (UAVs), as well as the director of an organization responsible for overseeing Iran’s ballistic missile programs, for supporting Russia’s attacks on Ukraine.
- Vladimir Putin signs a decree banning Russian oil sales effective February 1 under contracts that comply with the $60 price ceiling imposed by the G7 that largely went into effect December 5. However, the decree includes a loophole that Putin “may grant special permission” to sell oil in certain circumstances, even if purchasers comply with the cap.
- The US State Department sanctions 10 Russian naval entities.
- The EU adopts its ninth package of sanctions against Russia. Sanctions include bans on exports of drone engines, dual-use goods used for civilian and military purposes, investments in mining, transacting with the Russian Regional Development Bank, the provision of advertising, market research, and public opinion polling services. The EU also suspended broadcasting licenses of four additional Russian outlets and sanctioned an additional 141 individuals and 49 entities.
- Switzerland adopts further sanctions against Russia, aligning with the EU’s price cap on Russian crude oil and petroleum products agreed on December 3.
- The US Departments of Treasury and State combine to sanction a number of Russian financial services firms and other Russian individuals.
- New Zealand sanctions three Iranian individuals and one entity involved in the manufacture and supply of drones to Russia.
- The UK imposes travel bans and sanctions on senior Russian military commanders, and Iranian businessmen and officials involved in the production and/or supply of drones used by Russia in its attacks on Ukraine.
- New Zealand sanctions 23 individuals behind disinformation campaigns that support Russia’s war effort.
- As part of a broader announcement of sanctions marking Human Rights Day and International Anti-Corruption Day, US Treasury sanctions four individuals who were directly involved in Russia’s filtration operations, whereby Ukraine’s civilians are subjected to interrogations and searches and forced to hand over personal data, nominally in order to ascertain any connections to Ukraine’s military or government. US State Department also sanctions three Russian entities involved in a deal with Iran to acquire unmanned aerial vehicles (UAVs) to potentially deploy in the war with Ukraine.
- The UK sanctions a number of Russians involved in the Ukraine war under a new list of sanctions on corrupt political figures, human rights violators, and perpetrators of conflict-related sexual violence around the world.
- Norway aligns with EU sanctions by adopting the $60 per barrel oil price cap implemented by the EU, G7 countries, and Australia on December 5.
- Australia sanctions three Iranians and one Iranian business for supplying drones to Russia for use against Ukraine.
- Canada sanctions 33 individuals connected to the systematic suppression of protests and opposition to Russia’s war in Ukraine, forced mobilization and anti-democratic decisions of the Russian government, as well as 6 federal Russian entities involved in the investigation, prosecution, and detention of Russian citizens who oppose or criticize Russia’s policies in Ukraine.
- G7 countries, the EU, and Australia implement a price cap of $60 per barrel on Russian-origin seaborne crude oil by creating an exception from restrictions on maritime services. (See also Canada, Japan, UK.)
- The UK sanctions 22 Russian officials and 10 governors and regional heads who have promoted and enforced the conscription of citizens to fight in Russia’s war in Ukraine.
- The UK and Ukraine agree to a new Digital Trade Agreement, including the free flow of data and cybersecurity cooperation.
- The European Council adds the violation of restrictive measures on Russia to the list of ‘EU crimes’ included in the Treaty on the Functioning of the EU to enforce sanctions more consistently throughout the EU and deter attempts to circumvent or violate sanctions.
- Switzerland adopts further sanctions against Russia, aligning with the EU’s eighth package of sanctions implemented on October 6.
- New Zealand imposes financial sanctions and travel bans on additional elites from Russia and Belarus.
- US Treasury sanctions firms and individuals involved in the production or ongoing transfer to Russia of Iranian unmanned aerial vehicles (UAVs) used to attack Ukraine. US State Department concurrently sanctions other Russian and Iranian firms pursuant to E.O. 14024.
- A missile lands in Poland, killing two, risking a triggering of NATO’s active engagement in the Russia-Ukraine war. The next day, NATO indicates it was likely accidental Ukrainian friendly fire, stating “we have no indication that this was the result of a deliberate attack.”
- The US Treasury and US State Department sanction 14 individuals and 28 entities engaged in a transnational network procuring technology that supports the Russian military-industrial complex.
- Russia bans entry of 100 Canadians, including Jim Carrey and Margaret Atwood, as well as 200 Americans, including White House Press Secretary Karine Jean-Pierre and relatives of President Biden.
- Canada sanctions 23 individuals who are members of the Russian justice and security sector, including police officers and investigators, prosecutors, judges, and prison officials involved in human rights violations in Russia against opposition leaders.
- The United Kingdom adopts legislation preventing countries from using the UK’s services to transport Russian oil.
- The United Kingdom imposes travel bans, asset freezes, and transport sanctions on 4 oligarchs who have enabled Putin to mobilize Russian industries to support his military effort.
- Russia rejoins the UN-brokered grain deal with Ukraine that it had left on October 29.
- Switzerland freezes assets and bans travel for 3 Iranian individuals and one entity for providing drones used in Russian aggression, adopting the EU sanctions imposed on October 20.
- The UK adopts legislation that expands the scope of existing sanctions and introduces new restrictions against Russia, impacting financial sanctions, as well as imports and exports.
- New Zealand sanctions New Zealand sanctions 14 individuals and 7 entities, including military personnel, defense entities and executives, Russian- directed disinformation outlets, and a paramilitary organization and its senior commanders.
- Russia adds 11 British Overseas Territories to its unfriendly countries list, including Bermuda, British Antarctic Territory, British Indian Ocean Territory, Cayman Islands, Falkland Islands, Montserrat, Pitcairn Islands, St. Helena, Ascension and Tristan da Cunha Islands, South Georgia and the South Sandwich Islands, Akrotiri and Dhekelia, and the Turks and Caicos Islands.
- Russia suspends its participation in the UN-brokered grain deal with Ukraine for an “indefinite term” indicating it cannot “guarantee the safety of civilian ships.”
- Canada modifies sanctions impacting 35 individuals who are senior executives of Russian energy entities already sanctioned and 6 entities involved in the energy sector.
- Norway introduces new sanctions, aligning its laws with the EU’s eighth package of sanctions announced on October 6, including sanctions on 30 individuals and 7 entities, and new import and export restrictions.
- The UK freezes assets and imposes a travel ban on a number of Iranian individuals and businesses responsible for supplying Russia with kamikaze drones that attacked Ukraine.
- The EU sanctions 3 Iranian individuals (with asset freezes and travel bans) and one entity for providing drones used in Russian aggression.
- The US Treasury sanctions a Russian network that procured military and sensitive dual-use technologies from US manufacturers and supplied them to Russian end-users. In a concurrent action, the US Department of Justice unseals an indictment charging 5 Russian nationals and 2 oil traders in a global sanctions evasion and money laundering scheme.
- The US Department of Commerce issues a temporary denial order against Russia’s Ural Airlines for operating in apparent violation of US export controls on Russia. Ural will no longer be able to participate in transactions of products subject to US export regulations.
- Canada sanctions an additional 34 individuals and 1 entity for involvement in Russian propaganda.
- Switzerland imposes financial sanctions and travel bans on 30 more individuals and financial sanctions on seven entities related to Russia’s invasion of Ukraine and adjusts sanctions already applied to the Russian annexed areas of Donetsk and Luhansk to the areas of Zaporizhzhia and Kherson no longer controlled by the Ukrainian government.
- New Zealand imposes financial sanctions targeting 51 oligarchs and 24 Russian-backed office holders in the Russian annexed Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine and imposes new bans on exports and imports of luxury goods like NZ wine and seafood and Russian vodka and caviar, as well as oil, gas, and related production equipment. New Zealand also extends its additional 35 percent tariff on Russian imports until March 2025.
- Japan imposes financial sanctions on 58 Russian individuals, 9 Russian entities, and 23 other individuals responsible for the annexation of the Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine.
- The EU adopts its eighth package of sanctions against Russia. Sanctions include implementation of the price cap on Russian oil (agreed with the G7 and announced on September 2), additional import restrictions and export controls, and expansion of the restrictions introduced on February 23 to cover Zaporizhzhia and Kherson.
- Australia imposes financial sanctions and travel bans on 28 Russian-appointed separatists, ministers, and senior officials.
- The US Department of Commerce expands export controls by adding 57 firms in Russia and the Crimea region of Ukraine to the Entity List. Commerce also issues new guidance warning that export controls also apply to third countries that may be seeking to replenish (“backfill”) technologies subject to export controls imposed by the United States and its 37 partners that they previously sold to Russia.
- The US Treasury sanctions 14 persons in Russia’s military-industrial complex, including two international suppliers, three key leaders of Russia’s financial infrastructure (including Elvira Nabiullina, the governor of Russia’s central bank), immediate family members of senior Russian officials, and 278 members of Russia’s legislature.
- UK extends export ban to new services, like IT consultancy, architectural, and engineering services, and almost 700 goods.
- After organizing sham referendums in southeastern Ukraine, Russia’s President Putin annexes Donetsk, Luhansk, Kherson, and Zaporizhzhia.
- In an enforcement action, the US Justice Department unseals an indictment charging a US citizen and three Russian citizens with violating new US sanctions imposed earlier this year.
- Canada lists an additional 43 individuals who are family members of already listed oligarchs, additional oligarchs, or financial elites.
- Australia prohibits the import of Russian gold after September 30, 2022.
- New Zealand sanctions 19 additional members of Putin’s inner circle.
- UK announces 92 sanctions in response to the Russian regime imposing sham referendums in 4 regions of Ukraine.
- Japan bans exports of chemical weapons-related goods to Russia and adds 21 Russian organizations, including science labs, as targets of its export bans.
- Russia launches four-day “sham” referendums across southeastern Ukraine with the aim of legitimizing the ultimate annexation of Donetsk, Luhansk, Kherson, and Zaporizhzhia.
- Defense Minister Sergei Shoigu announces Russia will draft 300,000 reservists to support its military campaign in Ukraine.
- Germany places three Russian Rosneft-owned refineries located in Germany under the trusteeship of the country’s federal energy regulator and introduces measures to ensure refineries can also receive oil from routes other than the Druzhba pipeline from Russia.
- Australia issues two amendments to its sanctions imposed on Russian individuals.
- At a meeting with President Xi Jinping in Uzbekistan, Russian President Putin acknowledges that Xi had “concerns” about the situation in Ukraine, calling into question their previous “no limit” statement of the two countries’ friendship. At the 51st regular session of the UN Human Rights Council in Vienna, China opposes the “illegal unilateral sanctions” imposed on Russia by the US and others.
- The US Treasury sanctions an additional 22 individuals and 2 entities, including Russians and others operating on behalf of Russia in Russian-occupied territories.
- The EU extends for an additional six months travel restrictions, asset freezes, and financial sanctions already imposed on 1,206 individuals and 108 entities, many of which are targeted due to Russia’s war against Ukraine.
- The US Treasury publishes preliminary guidance on implementation of the G7 price cap on Russian seaborne oil shipments announced September 2. Policy would allow otherwise banned maritime service providers, e.g., insurance, brokering, finance, if the Russian oil transaction price is below a G7-set cap.
- Russia states it will not fully resume natural gas shipments to Europe until the “collective west” lifts its sanctions. Russia argues the sanctions are preventing repairs to Nord Stream 1 pipeline, but the EU disputes the justification. (Russia had indefinitely suspended shipments through the pipeline on September 2 after the G7 price cap announcement.)
- Russia bars Americans Ben Stiller, Sean Penn, and 23 others from traveling to Russia.
- Group of 7 (G7) finance ministers agree to finalize and implement a price cap on Russian crude oil and petroleum products. The measure would prohibit the maritime transportation of Russia’s oil and petroleum exports globally unless the products are purchased at or below a certain price.
- Switzerland adjusts its sanctions of June 29, 2022 by adopting a ban on awarding public procurement contracts to Russian nationals, organizations, or institutions.
- The UK and Ukraine announce they have commenced talks on a new digital trade agreement to help Ukraine rebuild its economy.
- New Zealand sanctions more officials installed by Russia in separatist regions in now occupied areas of Ukraine.
- Canada sanctions an additional 31 Russian individuals and 1 defense sector entity.
- The EU sanctions pro-Russian former President of Ukraine Viktor Fedorovych Yanukovych and his son Oleksandr Viktorovych Yanukovych.
- Switzerland bans imports of Russian gold to align itself with the EU sanctions imposed on July 21 and implements “the most urgent measures in terms of time and substance,” including sanctions on Sberbank, 54 individuals, and 9 additional organizations and entities.
- The US Treasury sanctions Kremlin-connected elites, including President Putin’s alleged girlfriend Alina Maratovna Kabaeva; a major multinational company; a sanctions evasion operation; and a yacht.
- Canada sanctions an additional 43 Russian individuals and 17 entities, including military officials involved in the Bucha massacre and entities in the defense sector directly or indirectly supporting the Russian military.
- New Zealand bans exports of goods and services to the Russian Armed Forces and other defense entities.
- The US Treasury and Department of Justice sanction two individuals and four entities supporting Russia’s attempts to manipulate and destabilize the United States and its allies and partners, including Ukraine.
- The UK sanctions additional individuals, including Russian-imposed prime minister and first deputy chairman of the so-called Donetsk People’s Republic and Luhansk People’s Republic, for undermining Ukrainian territorial integrity, as well as 29 regional governors from across Russia who had been directed by the Kremlin to transfer funds to Donetsk and Luhansk.
- The EU renews economic sanctions over Russia’s military aggression against Ukraine for another six months, until January 31, 2023.
- Japan revises its July 5 ban on imports of gold from Russia.
- Russia and Ukraine sign an agreement in Istanbul to unblock grain exports from ports on the Black Sea to help ease the global food crisis. (Ukraine’s first grain shipment leaves Odesa on August 1.)
- The EU implements G7 commitments by banning imports of gold from Russia, clarifying and expanding on existing export controls, and sanctioning an additional 54 individuals and 10 entities.
- Russia bans 384 Japanese lawmakers from traveling to Russia.
- Canada bans services exports to the Russian oil, gas, chemical, and manufacturing industries as well as 8 new Russian industries.
- Canada implements G7 commitments by banning imports of gold from Russia, imposing financial sanctions on 29 individuals and 15 entities involved in Russian disinformation activities, and more.
- Japan implements G7 commitments by banning imports of gold from Russia, exports to 65 Russian and 25 Belarusian organizations, and provision of certain financial services to Russia. It also imposes sanctions on a number of new individuals.
- The UK announces various sanctions against Russia will be extended to Belarus, including import and export bans and restricted access to UK financial services.
- Australia announces it will cut tariffs to zero on all imports from Ukraine. It also announces it will impose financial sanctions and travel bans on 16 additional Russian ministers and oligarchs and ban imports of Russian gold.
- New Zealand bans imports of Russian gold.
- The EU renews for another year (until June 23, 2023) previously imposed sanctions related to Russia’s 2014 annexation of Crimea and the city of Sevastopol.
- The UK sanctions more Russian individuals, including Russian Children’s Rights Commissioner Maria Lvova-Belova, for the forced transfer and adoption of Ukrainian children, as well as Russian organizations responsible for supplying aircraft parts to the Myanmar Armed Forces.
- The US Treasury sanctions two key supporters of the ethnically motivated violent extremist group known as the Russian Imperial Movement (RIM).
- Switzerland sanctions Russia and Belarus by adopting the EU’s sixth round of sanctions adopted on June 3.
- Ukraine imposes sanctions on President Putin and 34 other Russian individuals. The country also sanctions 261 heads of Russian higher education institutions and suspends cultural exchanges, scientific cooperation, educational and sports contacts, and entertainment programs with 236 Russian higher education institutions.
- Canada prohibits exports of a range of services to Russia.
- Japan announces new measures including freezing the assets of two Russian banks, one Belarusian bank, and banning exports of more goods that strengthen Russia’s industrial base, including trucks, dump trucks, and bulldozers.
- New Zealand imposes financial sanctions on Gazprom as well as dozens of Russian military and industrial corporations.
- Russia bars US Treasury Secretary Janet Yellen, US Trade Representative Katherine Tai, and dozens of other Americans, including media executives, from traveling to Russia.
- The EU adopts its sixth major package of sanctions that eventually bans imports of Russian crude oil and petroleum products with limited exceptions (announced May 30-31), bans SWIFT for three Russian banks and one Belarusian bank, suspends broadcasting in the EU for three Russian media outlets, and sanctions an additional 65 individuals and 18 entities, including banning travel and freezing assets of individuals responsible for atrocities in Bucha and Mariupol.
- Russia bans travel entry of 41 Canadians, including top defense officials.
- The US Treasury, State Department, and Department of Commerce freeze assets of more Russian individuals and impose financial sanctions as well as export controls by adding more parties to the Entity List.
- The EU imposes its sixth major package of sanctions, which will eventually ban imports of Russian crude oil and petroleum products, with a temporary exception for some crude oil delivered by pipeline.
- Canada sanctions additional Russian individuals and financial institutions.
- The US Treasury starts blocking Russia from paying American bondholders by letting an exceptions license issued on April 6 expire.
- Russian energy company Gazprom cuts off natural gas exports to Finland for failing to pay in rubles.
- Russia bars President Biden and 962 other Americans from traveling to Russia.
- The UK sanctions additional Russian individuals reportedly close to President Putin, including his ex-wife and cousins.
- Russia blocks transactions with 31 foreign energy companies, including ex-subsidiaries of Gazprom in the EU, as well as firms in the US and Singapore.
- Japan announces it will freeze assets of 8 Russian officials, ban all exports to 71 Russian organizations, and ban exports of “cutting edge goods” to Russia.
- New Zealand announces financial sanctions against 8 Russian individuals and entities involved in disinformation campaigns and cyber attacks on Ukraine.
- The US temporarily suspends its import tariffs imposed by the Trump administration under Section 232–the “national security tariffs”–on Ukrainian steel for one year.
- The UK imposes new import tariffs on £1.4 billion worth of goods–including platinum and palladium–and new export bans covering £250 million worth of goods such as chemicals, plastics, rubber, and machinery.
- Following the G7 announcement, the US Treasury and State Departments announce new sanctions, including a ban on exports of accounting, trust, and corporate formation, and management consulting services. The US also imposes financial sanctions and visa restrictions on Russian bank executives and other individuals, defense companies, and state-owned television stations.
- To commemorate the end of the Second World War in Europe, G7 leaders state forthcoming sanctions will include phasing out dependence on Russian energy; export bans on key services; additional sanctions against Russian banks, oligarchs, and individuals; and efforts to fight off Russia’s propaganda.
- Canada sanctions additional Russian individuals and companies.
- The UK announces financial sanctions on Evraz plc, a Russian steel manufacturing and mining company.
- The UK announces a ban on services exports to Russia, including management consulting, accounting and public relations.It also freezes the assets of and imposes travel bans on 63 individuals and entities associated with the “Kremlin’s shadowy troll factory tactics.”
- Australia imposes financial sanctions and travel bans on 110 individuals, including Ukrainian separatists and members of Russia’s parliament.
- Canada sanctions additional Russian individuals and amends language in sanctions regulations.
- The UK announces financial sanctions on Evraz plc, a Russian steel manufacturing and mining company.
- The UK announces a ban on services exports to Russia, including management consulting, accounting and public relations.It also freezes the assets of and imposes travel bans on 63 individuals and entities associated with the “Kremlin’s shadowy troll factory tactics.”
- Australia imposes financial sanctions and travel bans on 110 individuals, including Ukrainian separatists and members of Russia’s parliament.
- New Zealand imposes financial sanctions and travel bans on Russian politicians and sanctions 6 companies in the Russian defense industry.
- Switzerland implements most of the remaining EU sanctions in the package announced on April 8.
- Russian energy company Gazprom cuts off natural gas exports to Poland and Bulgaria over their refusal to pay in rubles.
- China cuts its applied MFN tariffs on coal imports to zero from 3-6 percent in a controversial move anticipated to disproportionately benefit Russian exports displaced from other markets.
- The UK announces it will cut tariffs to zero on all imports from Ukraine. It also plans to ban exports of certain products and technology to Russia, such as interception and monitoring equipment.
- The US prohibits Russian-affiliated vessels from entering US ports.
- The EU freezes assets and bans travel for two separatists involved in Russia’s annexation of Crimea and destabilization of eastern Ukraine.
- The UK bans imports of additional Russian goods, including silver, wood products, and caviar, and imposes an additional 35 percent import tariff on other imports from Russia and Belarus, including diamonds and rubber. The UK also imposes financial sanctions and travel bans on a number of Russian military commanders and others supporting Putin’s war.
- Newly re-elected President Aleksandar Vucic states that Serbia, a candidate for EU membership, will not impose sanctions on Russia because “we don’t believe sanctions change anything. You can pressure and force Serbia but this is our genuine opinion.”
- The Russian Foreign Ministry blacklists 29 Americans, including Vice President Kamala Harris and Meta CEO Mark Zuckerberg.
- Australia imposes sanctions on Putin’s and Lavrov’s daughters as well as more Russian politicians.
- The US Treasury sanctions entities and individuals involved in attempts to evade US sanctions. They include Transkapitalbank, Bitriver, and other companies in Russia’s virtual currency mining industry, and a network led by Russian oligarch Konstantin Malofeyev. The US State Department also announces visa restrictions on hundreds of individuals.
- In another action following the March 11 joint announcement, Japan passes a law withdrawing MFN tariff treatment for imports from Russia, which will raise import tariffs for certain products.
- Canada sanctions Russian Central Bank Governor Elvira Nabiullina, Putin’s daughters, and other Russians.
- The UK’s tax authority announces it will revoke the Moscow Stock Exchange’s status as a recognized stock exchange, depriving future investors of access to certain UK tax benefits.
- New Zealand sanctions 18 Russian banks and financial institutions, including the Central Bank of Russia, Sberbank, Alfa-Bank, and more.
- The UK sanctions additional Russian oligarchs, and its Parliament passes legislation banning imports of Russian iron and steel and exports to Russia of quantum technologies and advanced materials.
- The European Council introduces exceptions to some EU sanctions to mitigate the humanitarian crisis caused by Russia’s invasion of Ukraine.
- The UK imposes financial sanctions on 206 individuals, including 178 separatists of the so-called Donetsk and Luhansk People’s Republics, six Russian oligarchs, as well their close associates and employees.
- Switzerland sanctions Russia and Belarus by adopting the EU’s fifth round of sanctions announced on April 8, as well as issuing other amendments. Switzerland claims its list of sanctions “now fully mirrors that of the EU.”
- Australia imposes sanctions on 14 additional Russian state-owned enterprises.
- Adhering to the April 6 joint announcement, Japan bans imports of certain Russian products, prohibits new foreign direct investment in Russia, and imposes financial sanctions on 398 Russian individuals (including Putin’s daughters) and 28 Russian entities (including Sberbank and Alfa-Bank).
- US Department of Commerce expands the license requirements on export controls applied to Russia and Belarus to all items on the Commerce Control List (CCL).
- Canada imposes financial sanctions on an additional 33 entities in Russia’s defense sector.
- US Department of Commerce adds Iceland, Liechtenstein, Norway, and Switzerland to the list of countries excluded from the license requirements under its Russia/Belarus Sanctions rules (imposed on February 24 and March 2), including the Foreign Direct Product Rule. They join EU member states, Japan, South Korea, Canada, Australia, UK, and New Zealand.
- Biden administration signs two bills into law. The “Ending Importation of Russian Oil Act” (H.R. 6968) prohibits energy imports from Russia, and the “Suspending Normal Trade Relations with Russia and Belarus Act” (H.R. 7108) raises US tariffs toward each country to their rates in column 2 of the Harmonized Tariff Schedule.
- The UK announces financial sanctions targeting the daughters of Putin and Lavrov.
- Adhering to the April 6 joint announcement, the EU imposes its fifth major package of sanctions. It bans imports of Russian coal starting in August 2022 and other products such as wood, cement, fertilizers, seafood, and liquor. It expands export bans to include jet fuel, quantum computers, semiconductors, and other technology products and services. It prohibits Russian vessels from accessing EU ports as well as Russian and Belarusian vehicles from using EU roads. It imposes a full transactions ban on 4 more Russian banks and imposes financial sanctions on Russian oligarchs, politicians, and their family members, including Putin’s daughters. It also bans Russian companies from EU public procurement projects.
- The US Treasury sanctions Alrosa, Russia’s largest diamond mining company. The US State Department sanctions United Shipbuilding Corporation, a major Russian company responsible for building Russian navy warships.
- In its first enforcement action, the US Department of Commerce issues temporary denial orders (TDOs) revoking export privileges of 3 Russian airlines–Aeroflot, Azur Air, and UTair–for alleged violations of earlier US export controls.
- In response to revelations of Russian atrocities in Bucha, Australia imposes financial sanctions and travel bans on more Russian oligarchs.
- Following the G7 and EU announcement, the Biden administration issues an Executive Order (EO 14071) banning new outbound US foreign investment into Russia as well as services exports. The US Treasury also imposes financial sanctions on Sberbank, Alfa-Bank, and family members of Putin, Lavrov, and Russian Security Council members.
- Following the G7 and EU announcement, the UK imposes financial sanctions on Sberbank, Credit Bank of Moscow, and 8 oligarchs. The UK also bans all new outward investment to Russia, bans imports of Russian iron and steel products, commits to end imports of Russian coal and oil by the end of 2022 and gas “as soon as possible thereafter,” and bans exports to Russia of quantum and advanced material technologies.
- In response to revelations of Russian atrocities in the city of Bucha in Ukraine, the G7 and EU announce plans to document and share information about the atrocities and to impose more economic costs on Russia, including through additional sanctions. Early the next day, their foreign ministers issue a joint statement condemning the atrocities and welcoming investigations into Russia’s potential war crimes and crimes against humanity.
- New Zealand will apply a 35 percent tariff on all imports from Russia and extend its export ban to new products such as ICT equipment and engines.
- Canada prohibits exports of insurance services for the Russian aircraft, aviation, and aerospace industry and sanctions additional Russian oligarchs.
- US Treasury sanctions two Russian entities: Hydra, the world’s largest darknet market, and Garantex, a ransomware-enabling virtual currency exchange.
- New Zealand imposes sanctions on 36 Russian oligarchs and their family members.
- Australia bans exports of certain luxury goods to Russia.
- The US Department of Commerce expands export controls by adding to the Entity List 120 Russian and Belarusian firms alleged to support the two countries’ militaries.
- Australia announces it will withdraw MFN tariff treatment and apply an additional tariff of 35 percent to all imports from Russia and Belarus starting April 25.
- The UK sanctions Russian individuals and state media “who spread lies and deceit about Putin’s illegal invasion of Ukraine.”
- US Treasury expands financial sanctions on 21 entities and 13 individuals to prevent Russia from evading earlier sanctions and acquiring foreign technology. Treasury also expands sanctions under EO 14024 to include aerospace, marine, and electronics sectors.
- Putin signs a decree forcing gas payments to be made in rubles if buyers are from “unfriendly” countries, including western Europe.
- The UK Parliament passes legislation to prohibit maintenance on aircraft or ships belonging to specific sanctioned Russian oligarchs or their businesses and immediately uses the new laws to sanction two additional individuals. The legislation also extends earlier finance, trade, and shipping sanctions imposed on Crimea to Donetsk and Luhansk.
- Japan revises the list of luxury goods for which it originally banned exports to Russia on March 25.
- For the purposes of General Licence INT/2022/1438977 the DP is Russian Railways. The Joint Venture is GEFCO, a Joint Venture owned by Russian Railways and Stellantis, GEFCO S.A Rue Jean Jaures, 20-22, 92800 Puteaux, France.
- A Subsidiary is any entity owned or controlled by the DP, including:
– GEFCO UK Ltd
– GEFCO Forwarding UK
– Auto XP Limited
– XP Tech Limited
- The Federal Council implemented further goods and financial sanctions against Russia.
- Group of 7 (G7) and EU leaders meet at NATO headquarters in Brussels and commit to fully implement sanctions already announced, work with other governments to impose similar sanctions, and prevent “evasion, circumvention and backfilling” that would undercut the effectiveness of already imposed sanctions. Leaders announce a joint initiative to respond “to evasive measures, including regarding gold transactions by the Central Bank of Russia.”
- UK announces new sanctions targeting Russian defense and other strategic industries, additional Russian banks, and individual businesspeople.
- Froze more than $6 billion worth of sanctioned Russian assets
- Following the G7 announcement, the US Treasury sanctions dozens of Russian defense companies, 328 members of the Russian Duma, and other Russian individuals. It also clarifies that existing US sanctions cover any transactions involving gold and the Central Bank of Russia.
- Australia banned exports of alumina to Russia, which is needed to produce aluminum.
- Japan added sanctions against 15 Russian individuals and 9 Entities
- Switzerland sanctions Russia by adopting the EU sanctions announced on March 15, including financial sanctions on 197 individuals and 9 entities, and an export ban on luxury goods. Switzerland will first do its own analysis before deciding whether to withdraw MFN import tariff treatment toward Russia.
- In an enforcement warning, the US publicly identifies dozens of commercial and private flights from third countries to Russia since March 2 that it claims were in violation of new US export controls on Russia or Belarus.
- Australian Government placed sanctions on 11 additional Russian banks and government entities
- Australia announces sanctions against Russian individuals, banks, and government entities.
- The UK suspends exchange of tax information with Russia and Belarus.
- The United Kingdom – The UK Government announced a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import tariffs. 9 entries have been added to the consolidated list and are now subject to a cyber sanctions asset freeze, 8 individuals and 1 Entity. Financial sanctions: Added, 377 Individuals; 10 Entities; & Amended 6 Entries.
- United States – SANCTIONS DESIGNATION: 11 Senior Russian Defense Officials; Office of Foreign Assets Control ADDED to Specially Designated Nationals List [SDN List]: 10 Individuals to RUSSIA-EO14024; 1 Individual to BELARUS; 4 Individuals to MAGNIT; 1 Entity to MAGNIT; Updated 1 records for Belarus; Updated 1 record for RUSSIA-EO14024
- European Union – Russia’s military aggression against Ukraine: Added 15 individuals and 9 Entities
- Canada – Special Economic Measures: 15 Russian Officials added
- Singapore – Added financial sanctions and restrictions on doing business in Russia.
- Australia – Designated Persons and Entities and Declared Persons—Russia and Ukraine – 33 Individuals added
- United States – Restrictions imposed that applies to luxury goods or any Russian or Belarusian oligarch or malign actor, regardless of location, who are designated on the Department of the Treasury, Office of Foreign Assets Control’s (OFAC) List of Specially Designated Nationals and Blocked Persons (SDN List) with any of the following designations: [RUSSIA-EO14024], [UKRAINE-EO13660], [UKRAINEEO13661], [UKRAINE-EO13662], [UKRAINE-EO13685], [BELARUS], and [BELARUSEO14038] or in situations in which any such Russian or Belarusian oligarch or malign actor is a party to the transaction as described in § 748.5(c) through (f). For purposes of this paragraph (a)(2), an ‘oligarch or malign actor’ is any natural person that is designated on the SDN List with any of the designations referenced in this paragraph (a)(2).
- The President has signed a new Russia-related Executive Order Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression.
- RUSSIA-RELATED GENERAL LICENSE NO. 17
RUSSIA-RELATED GENERAL LICENSE NO. 18
RUSSIA-RELATED GENERAL LICENSE NO. 19
UKRAINE-RELATED GENERAL LICENSE NO.23
- Specially Designated Nationals List [SDN List] added 35 Individuals, 3 Entities, 1 Vessel, 1 Aircraft + 8 records amended (6 individuals & 2 Entities)
- The United Kingdom – 386 individuals have been added to the consolidated list. The 386 are members of the State Duma of the Russian Federation and are now subject to an asset freeze. The full list of names are located here. 15 entries have been amended on the consolidated list and remain subject to an asset freeze (10 individuals & 5 Entities).
- The United Kingdom – The following entries have been amended on the consolidated list and are still subject to an asset freeze:
- Celestino De Carvalho (Group ID: 12678)
- Antonio Injai (Group ID: 12664)
- Augusto Mario Co (Group ID: 12666)
- Daba Naualna (Group ID: 12669)
- Mamadu Ture (Group ID: 12665)
- Roman Arkadyevich Abramovich (Group ID: 14212)
- Igor Ivanovich Sechin (Group ID: 14213)
- Oleg Vladimirovich Deripaska (Group ID: 14214)
- Dmitri Alekseevich Lebedev (Group ID: 14215)
- Alexei Borisovich Miller (Group ID: 14216)
- Andrei Leonidovich Kostin (Group ID: 14217)
- Nikolai Petrovich Tokarev (Group ID: 14218)
General Licence INT/2022/1327076 pertains to the continuing operation of Chelsea Football Club
- Australia – Department of Foreign Affairs and Trade [DFAT] and the Australian Sanctions Office [ASO]– Updated the consolidated list, Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Russia and Ukraine) Amendment (No.4 and 5) Instrument 2022, which adds sanctions against Individuals and entities in the Russia/Ukraine situation.
- United States – Office of Foreign Assets Control [OFAC] – Issued a new Executive Order Prohibiting Certain Imports and New Investments With Respect To Continued Russian Federation Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine.
- Canada announced they are adding 10 new Russian individuals to its sanctions list who are “complicit” in the Russian invasion of Ukraine. Which includes former and current senior government officials, oligarchs, and supporters of the Russian leadership
- New Zealand published a travel ban list of over 100 individuals associated with the Russian invasion of Ukraine (Source Information attached)
- New Zealand announced that it will introduce legislation to allow it to bring first-of-its-kind sanctions against Russia following its invasion of Ukraine. The sanctions will give the country the ability to freeze Russian assets in New Zealand, prevent people and companies from moving their money and assets here to escape sanctions imposed by other countries, and stop superyachts, ships, and aircraft from entering the country’s waters or airspace. New Zealand has previously only been able to implement sanctions when the United Nations Security Council has imposed them. The Security Council will not be able to impose sanctions against Russia as Russia has the power to veto them. The Russia Sanctions Bill will pass under urgency this week, to provide further, extensive sanctions on Russia in response to the invasion of Ukraine.
- Japan is in discussions with the US and European countries about possibly banning Russian oil imports
- South Korea has decided to sever transactions with Russia’s central bank
- OFAC added a terrorist entity
- The sanction database SESAM (SECO Sanctions Management), which is decisive for Switzerland, adapted the measures against Myanmar. The change took effect today, March 7th at 6 pm.
- The US government is consulting with its European allies on a potential import ban of oil from Russia.
- American Express suspended operations in Russia and Belarus
- Netflix halts service in Russia
- The EU has joined members of the Council of the Baltic Sea States (CBSS) in suspending Russia and Belarus from the Council’s activities. This decision is a part of the European Union’s and like-minded partners’ response to Russia’s invasion of Ukraine and the involvement of Belarus in this unprovoked and unjustified aggression.
- Mastercard and Visa suspended operations in Russia
- The United States Bureau of Industry and Security (BIS) added 91 entries to the Entity List
- Federal Department of Economic Affairs, Education and Research EAER amended the list of persons, companies, and organizations sanctioned on measures against Myanmar. The change is directly applicable in Switzerland.
- Russia enacts law punishing spread of “false information” about its “special military operation” in Ukraine, blocking access to Facebook and other news outlets. BBC, New York Times, and others suspend Russian operations in response.
- Switzerland adopts the EU sanctions on Russia announced on February 28 involving export controls on dual use items; prohibition of exports to Russia’s oil, aviation, and space industries; sanctions on the Russian Central Bank and other financial institutions; removal of Russian banks from SWIFT; and sanctions on numerous Russian individuals.
— Original Post — 3-1-22
Vital4 closely watches all developments in the world of compliance and sanctions. The recent invasion of Ukraine, started by Russia last week, has led to extensive sanctions on Russian businesses and oligarchs. These rapid changes are both expected and atypical in the sanctions world. Though we expect sanctions to take effect quickly and be strict, both the extent of these sanctions and Russia’s position as a major player in global trade make these sanctions particularly unique. To stay abreast of the fast-paced sanctions changes during the current conflict, Vital4 is automatically monitoring primary sanctions hourly to ensure we are capturing the most up-to-date data. Vital4 has also implemented an additional auditing process, to monitor against announced sanctions reports continuously throughout the day.
Our primary mission as a business is to deliver the best, curated datasets for screening and compliance, using Artificial Intelligence and Machine Learning to deliver the most accurate results. We continue to enhance our systems and practices to make sure our partners always have the best data for their services and products.
United States Sanctions on Russia
On Wednesday, February 24th President Biden, according to the Wall Street Journal, vowed to make Vladimir Putin “an international pariah.” This vow taken and measures taken by the Office of Foreign Assets Control (OFAC) says the new sanctions will target 80% of Russia’s financial assets.
The new measures announced include:
Russia’s two largest financial institutions, Public Joint Stock Company Sberbank of Russia (Sberbank) and VTB Bank Public Joint Stock Company (VTB Bank), will no longer be able to process payments through the US financial system. Sberbank will have correspondent and payable-through account sanctions imposed on it. Blocking sanctions have also been imposed on three Russian financial institutions – Otkritie, Novikom, and Sovcom.
Debt and equity prohibitions against major state-owned and private entities
OFAC has expanded debt and equity restrictions to Russia’s economy. 13 major firms are covered by the directive, including six of Russia’s largest financial institutions.
OFAC has issued multiple general licenses to limit unintended consequences on third parties. The licenses authorize specific transactions related to international organizations, the COVID-19 pandemic, emergency flights, energy, and derivative contracts.
New actions targeting Russian elites
A number of “elites close to Putin” are also being hit with new sanctions. OFAC believes many of these individuals “participate in, or benefit from, the Russian regime’s kleptocracy.”
These individuals include:
Sergei Borisovich Ivanov; Nikolai Platonovich Patrushev; Igor Ivanovich Sechin; Senior executives at state-owned banks, including high-ranking executives at VTB Bank.
Canadian Sanctions on Russia
Canada has announced two tranches of sanctions against Russia, including:
- Financial restrictions on 31 individuals and 27 banks, all connected to Russia’s elite;
- The halting of all export permits, designed to curb exports worth $750 million across key sectors including aerospace, IT, and mineral shipments
According to Prime minister Boris Johnson, the UK will impose its “largest-ever” set of economic sanctions on Russia. British officials have compiled a “hit list” of oligarchs who will face these sanctions with the full list still to be announced.
So far those confirmed to be facing sanctions include:
Kirill Shamalov; Denis Bortnikov; Yury Slyusar; Gennady Timchenko; Igor Rotenberg; Russian President Vladimir Putin; Foreign Minister Sergeĭ Viktorovich Lavrov
Five Russian banks, including:
Rossiya; The Black Sea Bank; The General Bank; Promsvyazbank; IS Bank
More recently on Monday, February 28th, Chancellor Rishi Sunak announced the UK would join the European Central Bank and Federal Reserve in sanctioning Russia’s central bank.
Sanctions on Belarus:
Four senior defense officials and 2 military enterprises have been sanctioned with immediate effect under the UK’s Russia sanctions regime.
Those sanctioned include the Belarus Chief of the General Staff and First Deputy Minister of Defense, Major General Victor Gulevich; Major General Andrei Burdyko, Deputy Minister of Defense for Logistics and Chief of Logistics of the Belarusian Armed Forces;
Deputy Minister of Defence for Armament and Chief of Armament of the Belarusian Armed Forces, Major General Sergei Simonenko; Deputy Minister of Defence, Major General Andrey Zhuk.
Also sanctioned are state enterprises JSC 558 Aircraft Repair Plant and JSC Integral, a military semi-conductor manufacturer. JSC 558 provides maintenance and service to military aircraft at Baranovichi airbase, from which Russian aircraft operated as part of the invasion.
Individuals will be unable to travel to the UK and any UK-based assets will be frozen.
European Union Sanctions on Russia
Newly implemented EU sanctions are targeting the strategic sectors of the Russian economy by blocking their access to technologies and markets that are key for Russia.
Specific measures announced include:
- Sanctions against 351 members of the Russian State Duma
- Sanctions against 27 individuals and entities who have “contributed to the undermining or threatening of the territorial integrity, sovereignty, and independence of Ukraine”
- Limits on the ability of the Russian state and government to access EU capital and financial markets
The EU has also furthered its sanctions targeting Russia’s financial, energy and transportation sectors including export controls, financing, and visa restrictions, and confirmed it would freeze the assets of President Putin and Foreign Minister Lavrov, widen their sanctions targeting Belarus, ban all Russian aircraft from EU airspace, and authorize measures to target the Russia Today and Sputnik media outlets.
1) How could Russia’s war on Ukraine impact companies in the US?
It seems certain there will be many sanctions and exclusions implemented against Russia quickly. As in the past, with other countries that have received sanctions from the US and NATO, there is a lot of immediate pressure on countries within the alliance to omit Russian entities from their fiscal relationships. Businesses will have an added responsibility to ensure that all sanctions against Russia are swiftly adhered to.
2) How does the increase in post-pandemic fraud attempts impact this situation?
The pandemic and the economic downturn that accompanied it expanded opportunities for bad actors to identify new and strategic methods of committing fraud against entities and individuals. This uptake in fraudulent activity incentivizes government officials to take action to help remedy what has become an enormous issue. As the legislation imposed becomes more strict, the requirements for global businesses to adopt more stringent internal controls to combat fraud and corruption increase. During times of increased conflict, it is especially important to mitigate the risk of fraud, corruption, and terrorism when screening a business or individual up or down the supply chain or before hiring.
3) The economy seems to be getting worse and worse! How will this affect risk?
No doubt, the prices for most essentials have gone up and it does not seem like we are in for relief any time soon! When you couple the current state of the economy with “The Great Resignation”, where 4.3 million workers voluntarily quit their jobs in August of 2021, there is a distinct need to fill all of those abandoned roles. As businesses are desperately trying to rehire their workforce, supply-chain stress coupled with conflict breeds an environment ripe for corruption, fraud, and other abuses. Now more than ever, risk-management task forces and executives need to revisit and evaluate risk mitigation strategies, look for vulnerabilities, and take a clear-eyed view of potential outcomes for the business if the risk turns into reality.