On 24 June 2024 the EU Council adopted the 14th package of sanctions against Russia, which includes its first measures targeting Russia’s liquefied natural gas (LNG) sector, further export-related restrictions, sanctioning of vessels and new anti-circumvention measures, such as a requirement for EU companies to undertake best efforts to ensure that non-EU subsidiaries in third countries comply with EU sanctions.
This circular provides an update to the information in Circular 17/23 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela.
This circular highlights recent key developments in the sanctions imposed against Russia by the UK, EU and US.
The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela.
Circular 08/23: EU Sanctions against Russia
04/07/2023
On 23 June 2023 the EU Council adopted the 11th package of economic sanctions against Russia to prevent their circumvention and further erode Russia’s revenues.
On 25 February 2023, the EU adopted its 10th package of sanctions against Russia
Following significant engagement between the International Group and the Government of Turkey, an agreement has now been reached for such ships carrying crude oil cargoes and that will allow Members to continue voyages through Turkish controlled international straits and waters.
Circular 17/22: The Price Cap on Russian Oil
09/12/2022
The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).
EU updated FAQs on 19 Sept and 7 Oct 2022 to clarify transporting certain Russian goods to non-EU countries is not prohibited under Council Regulation (EU) 833/2014.
On 8 April 2022 the EU adopted a fifth package of sanctions on Russia, comprising of several Regulations and Decisions
The European Union announced a significant expansion of sanctions against Russia in light the deteriorating situation in Ukraine on 25 February 2022
Russian banks banned from SWIFT
02/03/2022
The EU, in consultation with the UK, US and Canada have requested SWIFT, the financial messaging system, to disconnect certain Russian banks from using its system, in response to Russia's unprovoked military aggression against Ukraine.