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

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  • OFAC and State Impose Additional Russia
    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
    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
    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
    : 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
    : 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


  • EU Foreign Affairs Chief Proposes Weapons Fund For
    : 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
    : 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
    : 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


  • UK Law Society Parliamentary Briefing on Legal Services
    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

    • 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
    • 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
    • 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;
    • the EU restrictions only apply to advice provided to the
      Russian Government or to Russia-based entities. Read
  • 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.
  • 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
      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
    • 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


  • 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
    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
    Read more
  • Kyrgyzstan Denies Helping Russia Bypass
    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
    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
    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
    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
    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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Detained Shipments Exceeding $1.3 Billion In UFLPA’s First Year

Crowell & Moring

A year following the commencement of the UFPLA (Uyghur Forced Labor Prevention Act) in June 2022, Customs and Border Protection (CBP) has apprehended nearly 4,300 shipments subject to UFLPA review or enforcement actions, with a combined value exceeding $1.3 billion.


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