The U.K.’s latest package of Russia sanctions (see 2502240056) featured the country’s first use of recently expanded designation powers that have “secondary sanctions-like effects,” Steptoe said in a client alert. The powers -- which allow the U.K. government to designate people and entities for providing financial services, making funds available to or facilitating other activities of certain parties with ties to Russia -- were used to target Kyrgyzstan-based OJSC Keremet Bank, which was accused of providing financial services to people in the Russian financial sector. The designation means U.K. credit and financial institutions are blocked from “establishing or continuing correspondent banking relationships” or processing payments with Keremet.
The Financial Action Task Force recently updated its list of jurisdictions with “deficiencies” in combating terrorism financing, weapons proliferation and other sanctions-related issues, the Financial Crimes Enforcement Network said Feb. 26. The FATF added Laos and Nepal to its list of "Jurisdictions Under Increased Monitoring" and removed the Philippines from it. The FATF’s list of "High-Risk Jurisdictions Subject to a Call for Action" remains the same and still lists Iran, North Korea and Myanmar.
Thailand on Feb. 27 returned to China at least 40 Uyghurs that had been detained in Thailand for years, despite calls from the U.S. officials not to do so and threats of possible sanctions by lawmakers.
Instead of prematurely lifting sanctions against Russia, the U.S. should look to close sanctions loopholes, double down on enforcement and continue coordinating the restrictions with allies, Charles Lichfield, deputy director of the Atlantic Council’s GeoEconomics Center, said in an analysis published by the think tank this week.
The U.K. removed one entry from its Russia sanctions list on Feb. 26, the Office of Financial Sanctions Implementation said in a notice. Francois Mauron, a Swiss national, was removed after originally being sanctioned for working as a director for an entity conducting business in the Russian energy sector.
Australia this week issued another round of Russia-related sanctions, following similar moves by the EU, the U.K. and Canada to mark three years since Russia’s invasion of Ukraine.
President Donald Trump on Feb. 26 said he is reversing certain sanctions relief provided to Venezuela by the Biden administration as part of an “oil transaction agreement” signed in November 2022. That date was when the Office of Foreign Assets Control granted U.S. oil company Chevron a general license to resume certain oil activities in Venezuela, which was intended to support the newly restarted negotiations between Venezuelan leader Nicolas Maduro’s regime and the country’s opposition party (see 2211280042).
The Office of Foreign Assets Control this week sanctioned six companies based in mainland China and Hong Kong that have helped to supply drone parts to sanctioned Iranian firms. OFAC said the companies “facilitate the purchase and shipment of key unmanned aerial vehicle components to Pishtazan Kavosh Gostar Boshra, sanctioned in 2019, and its subsidiary Narin Sepehr Mobin Isatis, which supply Iran’s UAV and ballistic missile programs.
The U.N. Security Council last week removed Lionel Dumont from its ISIL (Da’esh) and al-Qaida sanctions list. Dumont, a French national, was originally sanctioned for his ties to terrorism. The U.N. didn’t release more information.
Canada issued a new round of Russia-related sanctions this week, designating 76 people and entities that are either supporting Russia's military industrial base, are members of the Russian government or have other ties to the country’s war against Ukraine. The sanctions, announced by Prime Minister Justin Trudeau’s office and detailed by Global Affairs Canada, also target 109 vessels that have moved “hydrocarbons” and other goods to earn revenue for Russia’s military and 92 oil tankers transferring Russian oil to third countries.