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Economic Sanctions

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EBA Risk Dashboard indicates limited direct impact on EU banks

The EBA published its Risk Dashboard for the fourth quarter (Q4) of 2021. A special feature highlights the potential impact of the Russian invasion of Ukraine on the EU/EEA banking sector. Based on the EBA’s initial assessment, direct exposures to Russia, Belarus and Ukraine…

OFAC settlement with S&P Global relating to sanctions

OFAC reaches settlement with S&P Global, Inc. relating to transactions breaching Ukraine sanctions during 2016 and 2017. S&P Global has agreed to settle its potential civil liability for apparent violations of the Ukraine-Related Sanctions Regulations…

OFSI issues Russia & Belarus General Licenses

UK blocked a further 33 Russian individuals and 26 Russian entities, as well as 6 Belarusian entities. Notably, the additional designations included oil tycoon Eugene Shvidler reported…

SRA guidance on Financial sanctions and Russia

SRA has updated its guidance for firms on making sure they are adhering to the Government’s sanctions on Russian nationals and organisations in light of the conflict in Ukraine…

SRA launch on ‘thematic review’ of financial sanctions

SRA prepares to launch a ‘thematic review’ of financial sanctions, according the to Law Society. It will produce a report by the autumn with the aim of providing guidance to lawyers who may find themselves exposed in this area in the wake of Russia’s invasion of Ukraine.

 

US launch Multilateral Russian Oligarch Task Force

US Treasury & US DoJ virtually met with representatives from Australia, Canada, Germany, France, Italy, Japan, the UK, and European Commission to launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force…

 

EC sets up New “Freeze & Seize’ Task Force

The European Commission’s ‘Freeze and Seize’ Task Force, set up to ensure EU-level coordination to implement sanctions against listed Russian and Belarussian oligarchs, has now stepped up its action at international level…

OCCRP launches a Russian asset tracker

OCCRP started with a list of names of people who “actively participate in the oppression and corruption of Putin’s regime” drawn up by the Anti-Corruption Foundation. It will be expanding it soon to include other Russians sanctioned…

UK amends Sberbank correspondent banking GL

OFSI published two GL relating to Sberbank – one to allow for a 30-day wind-down period in respect of the correspondent banking and sterling payment provisions and one relating specifically to certain payments for energy products..

EC issues guidance on aggregation in Russia Sanctions

EU added a significant number of persons and entities to the sanctions list, and adopted unprecedented measures with the aim of significantly weakening Russia’s economic base, depriving it of critical technologies and markets…

UK ministerial statement on Russian Elites, Proxies & Oligarchs Task Force

Home Office issues statement from the inaugural ministerial meeting of the Task Force which “aims to ensure the effective implementation of financial sanctions on Russian elites and oligarchs to further drive collective efforts to tackle Kremlin-linked illicit finance”…

DIT issues General Trade Licence: Russia Sanctions-Vessels

This licence provides regulation on the provision of technical assistance, financial services and funds, and brokering services, related to vessels, in respect of restricted goods and restricted technology where…