Sanctions Weekly Update – Ukraine/Russia Conflict – July 17, 2023 – Export Controls & Trade & Investment Sanctions

I. US SANCTIONS

• OFAC and State Impose Additional Russia
  Sanctions: On Thursday, July 20, the US Department of the
  Treasury’s Office of Foreign Assets Control (“OFAC”)
  and the State Department announced nearly 120 additional sanctions
  designations pursuant to Executive Order (E.O.) 14024, in order to
  further implement the commitments made by G7 Leaders on February
  24, 2023 and May 19, 2023. These sanctions aim to
  “restrict Russia from accessing critical materials,
  inhibit its future energy production and export capabilities,
  curtail its use of the international financial system, and crack
  down on those complicit in sanctions evasion and
  circumvention.” These designations included Kyrgyz
  Republic-based entities used by Russia to evade dual use export
  controls, sanctions evasions facilitators, Russian importers of
  foreign dual use technology, additional entities operating in
  Russia’s defense sector, five additional Russian banks, and
  Russian entities operating in the metals sector, manufacturers of
  energy industry equipment, manufacturers of energy-related
  chemicals, and a Russia-based energy industry investor.

  OFAC also issued two new Russia-related General Licenses in
  connection with the sanctions: (1) General License 70 for certain wind-down
  activities involving Joint Stock Company Ural Mining and
  Metallurgical Company; and (2) General License 71 for certain
  wind-down activities involving the newly designated Russian banks.
  Both General Licenses are valid until 12:01 a.m. ET on October 18,
  2023. Read more )) Read more
  )) and Read
  more )) and Read more
  ))

• Suspected Russian Intelligence Operative Extradited to
  Face Charges on Smuggling U.S.-Made Electronics and Ammunition to
  Russian Military: On July 14, Vadim Konoshchenok, a
  Russian citizen with alleged ties to Russia’s Federal Security
  Service (FSB), was extradited from Estonia and indicted by the US
  Department of Justice for conspiracy and other charges related to a
  global procurement and money laundering network on behalf of the
  Russian government. The charges against Konoshchenok were announced
  in December 2022, alleging him of affiliation with Serniya
  Engineering and Sertal LLC, Moscow-based companies that operate
  under the direction of Russian intelligence services to procure
  advanced electronics and testing equipment for Russia’s
  military, with electronic communications showing Konoshchenok
  explicitly identifying himself as an FSB officer and his contacts
  with apparent FSB personnel. Konoshchenok was detained by Estonian
  authorities when he attempted to smuggle U.S.-origin items across
  the border into Russia in October 2022. Read more
  )) and Read more
  ))
• Biden Administration Announces Additional Security
  Assistance for Ukraine: On July 19, the US Department of
  Defense announced that the Biden Administration, through the
  Ukraine Security Assistance Initiative (USAI), is providing a new
  security assistance package to Ukraine. USAI is an authority under
  which the U.S. procures capabilities from industry or partners to
  be sent to Ukraine, and this announcement represents the beginning
  of a contracting process to provide additional priority
  capabilities to Ukraine. The capabilities in this package, totaling
  at $1.3 billion, include National Advanced Surface-to-Air Missile
  Systems (NASAMS) and munitions, artillery rounds, mine clearing
  equipment, TOW missiles, Unmanned Aerial Systems (UAS), precision
  aerial munitions, counter-UAS and electronic warfare detection
  equipment, and other equipment, communications systems, and
  support. Read more
  ))
• USAID Administrator Travels to Ukraine, Announces
  Additional Assistance Measures: On July 17-19, USAID
  Administrator Samantha Power travelled to Ukraine and announced a
  number of measures to continue U.S. support towards Ukraine.
  Specifically, this includes more than $500 million in additional
  humanitarian assistance for Ukrainians, an additional $250 million
  through the Agriculture Resilience Initiative-Ukraine
  (AGRI-Ukraine) to support the moving of Ukrainian food to the
  global market, expansion of partnership with Bayer to further
  support Ukrainian farmers, $15 million in additional assistance for
  mental health and psychosocial support services programming in
  Ukraine, and an additional $230 million in Ukraine’s economy
  and reconstruction. Read more
  ))
• US and UK Hold Inaugural Strategic Sanctions
  Dialogue: On July 19, the Department of State hosted a
  senior UK government delegation for the inaugural U.S.-UK Strategic
  Sanctions Dialogue in Washington, DC. The Dialogue delivered on the
  2023 Atlantic Declaration commitment to strengthen cooperation on
  sanctions strategy, design, targeting, implementation, mitigations,
  and enforcement. The delegations discussed the use of targeted
  sanctions to deter and disrupt malign activity, and pledged to
  continue to intensify coordination on United Nations and autonomous
  sanctions regimes, as well as to look beyond bilateral coordination
  to broader efforts with partners to show collective leadership. The
  delegations also focused on collaboration to protect humanitarian
  activity from unintended impacts of sanctions. Read more
  ))
• Secretary of Defense Austin Call With Ukrainian
  Minister of Defense: On July 17, Secretary of Defense
  Lloyd J. Austin III spoke with Ukrainian Minister of Defense
  Oleksii Reznikov to discuss priorities for tomorrow’s virtual
  Ukraine Defense Contact Group meeting, which will focus on
  Ukraine’s near-term air defense and ammunition requirements, as
  well as support and sustainment for Ukraine over the long term.
  Secretary Austin updated Minister Reznikov on U.S. security
  assistance efforts, and Minister Reznikov provided an update of
  developments on the ground in Ukraine. The two leaders pledged to
  remain in close contact. Read more
  ))
• New Zealand Banker Sues U.S. Government Agencies and
  Officials Over Russia Sanctions: On July 18,
  Law360 reported that New Zealand banker Paul Goldfinch, a
  former board member of sanctioned Russian bank Otkritie, is suing
  the US Department of State, other enforcement agencies and
  prominent US officials for sanctions against him, despite his
  attempts to show that he no longer maintains Russian ties.
  According to a complaint filed on July 17, Goldfinch resigned from
  the board at Otkritie and terminated his relationship, financial
  and otherwise, with the bank immediately after the latter was
  sanctioned by the OFAC in February 2022, but nonetheless discovered
  that he was also sanctioned for his involvement with the bank
  nearly two weeks after his resignation. Goldfinch alleges that the
  U.S. government has failed to delist him from the Specially
  Designated Nationals And Blocked Persons List despite over a year
  of “good faith” inquiries, and that the
  sanctions have been “entirely catastrophic for [him], both
  personally and financially.” Read more
  ))
• U.S. Expresses Regret Over Russia’s Suspension of
  Participation in Black Sea Grain Initiative: On July 17,
  the Department of State issued a press statement expressing its
  deep regret over Russia’s decision to suspend participation in
  the Black Sea Grain Initiative. The U.S. emphasized that the
  Initiative has contributed significantly to shipping Ukrainian
  grain and foodstuffs to the most food insecure regions of the
  world; that despite Russia’s claims, the UN has facilitated
  record Russian exports of food, and no G7 sanctions are in place on
  Russian food and fertilizer exports. The U.S. also thanked the UN
  and Türkiye for their work to extend the Initiative, and urged
  the Russian government to reverse its decision. Read more
  ))
• U.S. Chamber of Commerce Urges Protection from Suit for
  U.S. Companies Complying with Russia Sanctions in Good
  Faith: On July 13, the U.S. Chamber of Commerce
  (“Chamber”) published an open letter to the Members of
  the Senate Committee on Foreign Relations, Senate Committee on
  Banking, Housing, and Urban Affairs, House Committee on Foreign
  Affairs, and House Committee on Financial Services, urging
  protection from lawsuits for U.S. companies who have complied in
  good faith with sanctions on Russia. Specifically, the Chamber
  urges the Committees to advance legislation to provide U.S.
  companies legal protection in U.S. courts from claims or
  enforcement of foreign judgments or arbitral awards related to the
  cessation of operations in Russia, highlighting that similar
  protections for companies complying with sanctions in good faith
  are already in place under EU and UK laws. Read more
  ))

II. EU SANCTIONS

• EU Foreign Affairs Chief Proposes Weapons Fund For
  Ukraine: The Commission’s foreign affairs chief Josep
  Borrell has prepared a proposal that EU countries should commit to
  long-term military support for Kyiv with a €20 billion fund
  that would co-finance weapons purchases. Slovenian Foreign Minister
  Tanja Fajon said the proposal responded to the “need for long
  term predictability of military aid for Ukraine.” Read more
  ))
• Anticipated EU Sanctions on Belarus: This
  week, POLITICO reported that EU countries informally agreed to a
  package of military sanctions targeting Belarus. The package is
  expected to include restrictions on battlefield equipment,
  including aviation parts. The exact items will mirror EU sanctions
  against Russia as part of an effort to crack down on military
  components being illegally routed through Belarus to Russia. Read more
  ))
• European Parliament Calls For ICC Arrest Warrant
  Against Belarussian Leader Lukashenko: The European
  Parliament called on the International Criminal Court (ICC) on July
  18 to issue an arrest warrant against Belarusian leader Alexander
  Lukashenko. The EU’s legislative body stated that Belarus under
  Lukashenko’s regime bears responsibility for crimes committed
  against Ukraine, particularly for the deportation of Ukrainian
  children. Read more
  ))
• EU Adopts New Restrictive Measures Against Iran For
  Military Support To Syria and Russia: On Thursday, July
  20, the EU announced new restrictions prohibiting the export from
  the European Union to Iran of components used in the construction
  and production of Unmanned Aerial Vehicles (UAVs). It also provides
  for travel restrictions and asset freeze measures that could be
  imposed against persons responsible for, supporting or involved in
  Iran’s UAV’s programme. Read more
  ))
• EU Council Adopts Renewal Of Temporary Trade
  Liberalisation Measures With Moldova: On Thursday, July
  20, the EU Council adopted a regulation which renews and expands
  the temporary suspension of all outstanding tariffs and the
  entry-price system that are still applicable to seven agricultural
  products for another year, until 24 July 2024. The difference in
  coverage, compared to last year, consists in fully liberalising the
  import to the EU as the current legislation suspends all tariff
  rate quotas (TRQ) that are still in place. Read more
  ))
• EU Renews Sanctions On Russia’s Military Aggression
  Against Ukraine: On Thursday, July 20, the EU Council
  decided to prolong by six months, until 31 January 2024, the
  restrictive measures targeting specific sectors of the economy of
  the Russian Federation. The measures currently consist of a broad
  spectrum of sectoral measures, including restrictions on trade,
  finance, technology and dual-use goods, industry, transport and
  luxury goods, etc. Read more
  ))
• EU Proposal To Use Frozen Russian Funds Delayed To
  September: A European Commission proposal to use frozen
  public Russian assets to help finance Ukraine will not be published
  until September, an EU spokesman said on Thursday, July 20. The
  European Union first floated this idea in November and is focused
  on finding a legal way to use the tax on the interest made by these
  blocked assets to benefit Ukraine. The EU is reportedly being
  careful to make sure the proposal would hold up in court in the
  event of any lawsuits. Read more
  ))
• Poland and Hungary Threaten To Cut Off Ukraine’s
  Export Route To The West: Poland will unilaterally block
  trade with Ukraine if the European Commission fails to extend
  temporary restrictions on grain imports at least until the end of
  the year, Prime Minister Mateusz Morawiecki told a meeting of
  agriculture ministers from five Eastern EU countries in Warsaw on
  Wednesday. Hungarian Agriculture Minister echoed Morawiecki, saying
  his country would “protect Hungarian farmers with all its
  means.” Read more
  ))
• European Aluminium Considers Calling For EU Ban On
  Russian Aluminium: Europe’s aluminium industry group,
  European Aluminium, has considered lobbying for European Union
  sanctions on Russian aluminium, but would oppose specifically
  targeting the country’s largest producer Rusal , according to a
  document sent to members. The head of European Aluminium said it
  prepared the internal memorandum for planning purposes and had no
  information about any imminent EU sanctions. Read more
  ))
• Turkey Looks West As It tightens Its Sanctions
  enforcement: Turkey has increased Russia-related sanctions
  enforcement, including the inspection of goods being exported and
  imported to and from Russia. Thus far, Turkey has been walking a
  difficult tightrope as a mediator, exemplified by its brokering of
  the Black Sea Grain Initiative, which played a vital peace function
  until its recent collapse. Read more
  ))

III. UK SANCTIONS

• UK Law Society Parliamentary Briefing on Legal Services
  Restrictions: On July 13, 2023, the UK Law Society
  published a parliamentary briefing note, outlining its concerns
  about the Russia (Sanctions) (EU Exit) (Amendment) (No. 3)
  Regulations 2023 on the Legal Services Restrictions recommending
  that:
  • immediate action by the government is required to address the
    most severe unintended consequences of these restrictions in the
    form of an interim general licence, and that longer term change
    will be likely require a further or amended statutory
    instrument;
  • the restrictions as currently drafted will harm non-Russian
    businesses more than Russian businesses, and will negatively impact
    the ability of solicitors to support businesses in complying with
    sanctions legislation and exiting the Russian market;
  • one significant problem with the regulations is that while they
    permit UK lawyers to provide advice on whether a client’s
    prospective activity is prohibited by UK sanctions, if it is so
    prohibited, UK lawyers cannot advise on whether it is also
    prohibited by EU or US sanctions, which ignores the reality that
    many UK lawyers are asked to advise in relation to multiple
    jurisdictions;
  • these restrictions are significantly more onerous than US
    sanctions, where OFAC guidance confirms that legal advice on
    whether an action would constitute a breach of any
    jurisdiction’s sanctions law would not contravene US sanctions;
    and
  • the EU restrictions only apply to advice provided to the
    Russian Government or to Russia-based entities. Read
    more))
• Financial Sanctions Update: Russia: On July
  17, 2023, the Foreign, Commonwealth and Development Office updated
  the UK Sanctions List. Under the Russia sanctions regime, 14
  entries have been added and 10 entries have been amended to the
  designation in response to Russia’s attempts to destroy
  Ukrainian national identity. The new entries include:
  • 11 individuals for their alleged involvement in the forced
    deportation and re-education of Ukrainian children, including
    Sergey Kravtsov, Minister of Education, and Ksenia Mishonova,
    Moscow Commissioner for Children’s Rights;
  • Anton Krasovsky and Timofei Nikolaevich Sergeitsev, alleged
    Russian propagandists for promoting policies which undermine the
    independence of Ukraine; and
  • Artek International Children’s Center, which engages in the
    re-education of Ukrainian children with the alleged aim of
    destroying Ukrainian national identity.The amended entries include
    amendments to the statement of reasons for 9 individuals, removing
    references to specific companies to which the individuals were
    connected, and instead referring more generally to businesses in
    sectors of strategic significance to Russia. Read more
    )) andRead more
    ))
• UK Will Publish General Licence Permitting Those Within
  the Scope of UK Russia Sanctions to Advise on Compliance with All
  Sanctions Regimes: On July 18, 2023, HMG announced at the
  Ministry of Justice webinar that it will publish a General Licence
  as soon as possible permitting those within the scope of UK
  sanctions to advise on compliance with all UK sanctions regimes
  (not just UK sanctions) including US and EU sanctions. It may amend
  the regulations after that if needed. The proposed General Licence
  is said to be required because the new legal services restrictions
  in the UK’s Russia sanctions regimes expressly permit advice on
  compliance with UK sanctions but do not mention non-UK sanctions
  regimes. Read more
  ))
• Sanctions Regime Put to Legal Test in UK As Oligarch
  Seeks Release Of Assets: On July 19, 2023, it was reported
  that Eugene Shvidler a billionaire oil businessman and a long-time
  business associate of sanctioned oligarch Roman Abramovich, is
  bringing his case to London’s High Court seeking a court order
  to release his assets including two private jets. Shvidler’s
  request for the release of his assets is the first case to reach
  the UK high court involving an individual. A number of other cases
  are waiting to be heard if he succeeds. Shvidler’s lawyers
  argue that he has not visited Russia for more than 15 years and has
  no political links to the country. The Foreign Office said Shvidler
  had obtained financial benefit from his relationship with the
  Russian regime. The sanctions legislation is drawn broadly so that
  it covers anyone who is benefiting or has benefited from supporting
  the Russian government, whether financially or politically. The aim
  has been to maximise ministerial discretion, making the grounds for
  delisting narrower. Read more ))
• UK Updates Export Control Guidance: On July
  19, 2023, the UK Export Control Joint Unit (ECJU) published the UK
  Strategic Export Controls Annual Report 2022 and has:
  • published guidance on how EU general export authorisations
    permit the export of specified controlled dual-use goods from
    Northern Ireland to certain countries outside the EU;
  • updated references to the military and WMD end-use control in
    its export controls guidance;
  • added details of the requirement for record-keeping for checks
    by the ECJU; and
  • added an application page for a strategic export control
    licence. Read
    more)) and Read more))
    and Read more))
    and Read more))
    andRead more
    ))
• Financial Sanctions Update: Russia: On July
  20, 2023, the Foreign, Commonwealth and Development Office updated
  the UK Sanctions List. Under the Russia sanctions regime, the list
  was updated to remove individual Oleg Yurievich Tinkov, the founder
  of Tinkoff Bank from the designation. Mr Tinkov has been critical
  of Russia’s invasion of Ukraine and says that he was forced to
  sell his shares in Tinkoff Bank by the Kremlin in April 2022. Read more
  ))
  
• Financial Sanctions Update: Mali, Central African
  Republic and Sudan: On July 20, 2023, the Foreign,
  Commonwealth and Development Office published a press release and
  updated the UK Sanctions List. Under the Mali, Central African
  Republic (CAR) and Sudan sanctions regimes, 13 individuals and
  entities linked to the Russian Wagner Group were added to the
  designation. The new entries include:
  • Ivan Aleksandrovitch Maslov, head of the Wagner Group in
    Mali.
  • In CAR: (i) Vitalii Viktorovitch Perfilev and Konstantin
    Aleksandrovitch Pikalov leader and operational head (respectively)
    of the Wagner Group in CAR; (ii) Alexander Alexandrovich Ivanov,
    Aleksandr Grigorievitch Maloletko, and Dimitri Sytii, individuals
    key to the operation of the group in CAR; and (iii) Mining company
    Lobaye Invest Sarlu, and its subsidiary, Sewa Security Services, a
    CAR-based security company.
  • In Sudan, M-Invest, its mining subsidiary, Meroe Gold, and its
    directors, Andrei Sergeevich Mandel and Mikhail Potepkin; and
    Al-Solag Mining, a company associated with Meroe Gold.
    Read more
    )) and Read more
    )) and Read
    more)) andRead
    more))

IV. RUSSIA/UKRAINE SANCTIONS

• Russia Warns Shipping In Danger After Quitting Black
  Sea Grain Deal: This week, Russia said that it would no
  longer guarantee the safety of shipping in the northwestern Black
  Sea after quitting a year-old deal that allowed Ukraine to export
  tens of millions of tons of grain. The Black Sea grain deal had
  offered an economic lifeline both to Ukrainian farmers and
  food-insecure nations hit by turmoil on agricultural markets.
  Read more
  ))
• Ukraine Threatens Russian Ships In Black Sea:
  Ukraine on Thursday warned that all ships sailing to
  Russian-controlled Black Sea ports could be targeted by attacks
  — a response by Kyiv to Moscow’s threat against civilian
  vessels traveling to Ukrainian seaports. Kyiv’s defense
  ministry said in a statement that such vessels “may be
  considered by Ukraine as carrying military cargo with all the
  corresponding risks” from midnight Friday. Read more
  ))
• Ukrainian Central Bank Moves To Nationalise Ukrainian
  Sense Bank (Previously Known As Alfa-Bank Ukraine):
  Ukraine’s central bank on Thursday placed a top commercial
  lender co-owned by Russian oligarch Mikhail Fridman under
  administration, and appealed to the government to nationalise it,
  citing links to the Kremlin and its full-scale invasion. “A
  decision was made to withdraw joint stock company Sense Bank from
  the market,” the National Bank of Ukraine said in a statement.
  Read more
  ))
• Russia Tightens Exit Rules for Foreign
  Businesses: Russian authorities have drafted a 10-point
  list of requirements that would complicate foreign businesses’
  exit from and potential return to Russia. Foreign companies are
  barred from including buyback options on the sale of their Russian
  assets for two or more years. Another commission rule requires new
  owners to place up to 20% of the purchased assets on the Russian
  stock market within a year and finish the listing within three
  years. Read more
  ))

V. Other Notable Developments

• Canada Announces New Round of Sanctions Against Russian
  Celebrities and Wagner Group Members: On July 20, Canadian
  Foreign Affairs Minister Melanie Joly announced that the Canadian
  federal government is further imposing sanctions on 38 individuals
  and 25 entities alleged of supporting Moscow’s invasion of
  Ukraine and mercenary violence in Africa, according to reports. The
  list reportedly focuses on the paramilitary Wagner Group, which has
  sent combatants to Ukraine and across Africa; as well as
  Russian’s nuclear, drone and cultural industries, in response
  to the country’s attacks on Ukraine’s nuclear and cultural
  sites. Those sanctioned also include Russian actors and singers.
  Read more )) and Read more
  ))
• Australia Imposes Additional Sanctions in Response to
  Russia’s Invasion of Ukraine: On July 20, Australian
  Minister for Foreign Affairs Penny Wong announced that Australia is
  imposing targeted sanctions on 35 entities and 10 individuals in
  Russia and Belarus. The entities and individuals sanctioned are
  said to be of economic and strategic significance to Russia, such
  as Russian companies supplying the Russian military, Russian
  entities involved in nuclear energy and Arctic resource extraction,
  major Russian defence entities including Russia’s largest
  producer of military helicopters and its CEO, as well as senior
  Russian and Belarusian officials. Read more
  ))
• Japan to Ban Used Car Exports to Russia as Part of
  Extra Sanctions: On July 18, Kyodo News reported that
  Japan is set to ban the export of used cars to Russia as part of
  additional economic sanctions on the country over its invasion of
  Ukraine, sources close to the matter said. While Japan has
  prohibited shipments to Russia of luxury vehicles worth more than 6
  million yen ($43,000) since April 2022, sources said the planned
  additional sanctions are also expected to cover cars with gasoline
  or diesel engines exceeding 1,900 cc, as well as electric and
  hybrid vehicles. The move to restrict exports of used Japanese
  cars, which are in high demand in Russia, aims to enforce the
  effectiveness of embargoes on Moscow by keeping in step with EU and
  U.S. measures. Read more
  ))
• IOC Says It Will Not Invite Russia and Belarus to the
  Paris 2024 Olympics: On July 14, the International Olympic
  Committee (IOC) announced that teams from Russia and Belarus will
  not receive formal invitations to participate in the 2024 Olympic
  Games in Paris due to the two nations’ aggression towards
  Ukraine, according to reports. The IOC, however, has yet to decide
  whether to allow individual athletes holding Russian or Belarusian
  passports to participate in the Paris 2024 Olympics, saying that it
  “will take this decision at the appropriate time, at its
  full discretion, and without being bound by the results of previous
  Olympic qualification competitions.” Read more
  ))
• Argentina Rejects Russia-Sourced LNG Cargo, Diverts
  Vessel Back to Sea: On July 19, Bloomberg reported that
  Argentina’s state-run energy company refused to accept a cargo
  of liquefied Russian natural gas it had agreed to buy, forcing the
  tanker back out to sea. Argentina’s economy minister Sergio
  Massa said in a local media interview that officials blocked
  delivery of the fuel “because it violates the contract
  because it’s a sanctioned company,” despite the
  country not adopting any sanctions against Russia. Gunvor Group
  Ltd., the trading house that made the delivery, said the shipment
  of LNG was lawful and transparent, and the transaction
  “complies with all applicable economic sanctions,
  specifically those of the United States and the European
  Union.” Read more
  ))
• Kyrgyzstan Denies Helping Russia Bypass
  Sanctions: On July 20, Kyrgyzstan denied helping its ally
  Moscow circumvent sanctions imposed over its invasion of Ukraine,
  but did not rule out the involvement of private companies,
  according to reports. According to Kyrgyzstan’s security
  agency, neither the state or any state structures or companies are
  involved in the violation of sanctions regime imposed by the West,
  though it admitted that private companies might have violated
  sanctions while “possibly not knowing who the end customer
  and user of their supplied products may be,” adding that
  an investigation has been launched to “establish[] and
  stop[] such activities.” A number of Kyrgyz entities were
  put under sanctions by the U.S.’s OFAC on July 20, 2023, for
  facilitating the flow of controlled foreign-made electronics and
  technology into Russia. Read more
  ))
• South African Official Says BRICS Currency Not on
  August Summit Agenda: On July 20, reports emerged that a
  BRICS currency will not be on the agenda of the bloc’s summit
  in South Africa next month, but Brazil, Russia, India, China, and
  South Africa will continue to switch away from the U.S. dollar,
  according to a South African senior BRICS diplomat. Brazil’s
  President Luiz Inacio Lula de Silva and Russian foreign minister
  Sergei Lavrov are among BRICS leaders that touted the idea of a
  common currency as the bloc aims to challenge the western dominance
  of global finance amid Russia’s sanctions-imposed exile after
  it invaded Ukraine last year, pushing countries, especially
  non-U.S. allies, to seek alternatives to the dollar, but
  India’s foreign minister had said earlier this month that
  currencies would remain “very much a national issue for a
  long time to come.” Read more
  ))
• SLB Announces Halting of All Shipments to
  Russia: On July 14, top oilfield services firm SLB
  announced that it is halting shipments of products and technology
  into Russia from all its operations over an expansion of Western
  sanctions, according to reports. The firm, being the world’s
  largest oil service and equipment provider, had been one of the few
  providers to continue working the country’s oil sector
  following Russia’s invasion of Ukraine, but would now apply the
  Russia ban to all its worldwide operations not limited to the UK,
  US, EU and Canada, “in response to the continued expansion
  of international sanctions.” Read more
  ))
• JP Morgan Says Client Shares in Russia’s Magnit May
  be Missing: On July 13, Reuters reported that JP Morgan
  (JPM) has become the latest major bank struggling to find Russian
  stocks linked to certain client investments. In a published
  investor circular, the Wall Street bank said “it was
  actively seeking to recover” shares in Russian retail
  group Magnit, which underpinned depositary receipts (DRs) JPM had
  issued to investors before Russia’s invasion of Ukraine in
  February 2022. JPM said the shares in question “may be
  missing” after “certain holders”
  cancelled their DRs twice, firstly under a business-as-usual
  process, and again after Moscow introduced laws on mandatory
  conversion of DRs to reduce foreign influence. The shares currently
  unaccounted for are estimated to be less than 1% of the shares held
  in custody at another financial institution, according to the bank.
  Read more
  ))
• Ryanair announces plans for post-war return to
  Ukraine: Low cost airline Ryanair announced on July 20 its
  plans to return to the Ukrainian market within eight weeks of
  Ukrainian air space reopening. It plans to open 75 routes from
  Europe to Ukraine and base up to 30 new Boeing 737 MAX aircraft
  worth over $3 billion at Ukraine’s main airports. Ukrainian
  airspace remains closed to civilian aircraft since the full-scale
  invasion began. Read more
  ))
• South African President: Putin not to attend BRICS
  summit: Russian dictator Vladimir Putin will not attend
  the upcoming BRICS summit and Russia will be represented by Foreign
  Minister Sergey Lavrov, South Africa’s presidential office
  informed on July 19. Putin’s participation at the summit has
  been contentious due to the arrest warrant issued against him by
  the International Criminal Court (ICC). Read more
  ))
• China Imports Record Volumes Of Russian Oil In First
  Half Of 2023: China is importing record volumes of oil
  despite a weak economy as it takes advantage of cheap Russian crude
  to build stockpiles and export refined products. The rise in oil
  imports to record levels this year comes against the backdrop of a
  faltering recovery in the world’s second-largest economy.
  Read more
  ))

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comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein.