The EU this week adopted new trade measures to support Ukraine during its war with Russia, including a one-year suspension of certain import duties. The measures, announced May 24, will suspend duties on certain industrial products, fruits, vegetables and other agricultural products. The EU also will stop collection of antidumping duties on Ukrainian imports and suspend the application of the bloc’s common rules for imports for goods originating in the country. The measures will take effect one day after publication in the Official Journal of the EU.
The U.K., in sanctions moves announced May 20, dropped three entries from its Iraq sanctions list and corrected two entries under its Global Anti-Corruption sanctions regime. Under Iraq, the Office of Financial Sanctions Implementation delisted individual Khalaf M M Al-Dulaymi and the entities Midco Financial and Montana Management. Under anti-corruption, OFSI updated information on the entries for Dmitry Vladislavovich Klyuev and Jose Francisco Lopez Centeno, still subjecting them to an asset freeze.
The U.K. Financial Conduct Authority called for reports of sanctions evasion or weaknesses in sanctions controls over registered forms or U.K. listed securities. The FCA in a notice updated May 20 asked for information on insufficient sanctions controls, suspected or known breaches of the sanctions regime and any methods thought to be used by individuals or entities to breach the sanctions regime. Submissions can be made via the FCA Whistleblowing team by filing out a reporting form or reviewing Sup 15 for details on how to issue a report.
Russia will no longer provide natural gas supplies to Finland following its refusal to pay for the fuel in rubles. Natural gas flows from the main pipeline will end May 21, according to a filing from Finnish importer Gasum. Gasum said it will supply natural gas from other sources through the Balticconnector pipeline. Finland joins Poland and Bulgaria in the ranks of countries that have seen Russia turn off access to its natural gas.
The Faroe Islands implemented a Russia sanctions framework May 17 after its parliament authorized the government May 6 to implement sanctions on Russia and Belarus in response to their invasion of Ukraine. The Faroe Islands' sanctions will largely follow those of the EU and other nations that have partnered with the EU in imposing the restrictions, the notice said, according to an unofficial translation. However, the legislation don't impose any export bans on fish products or measures that may harm fisheries agreements with other nations. Also, port closures in the Faroe Islands don't apply to Russian fishing vessels.
The U.K.'s new Strategic Export Licensing Criteria took effect May 19, the Department for International Trade's Export Control Joint Unit said. The updates include the intent to allow the U.K.'s military end-use controls to be applied to a wider array of scenarios and the addition of China to the list of those destinations subject to an arms embargo. Hong Kong and Macau are included in the arms embargo.
The U.K. is launching free trade agreement negotiations with Mexico. Mexican Secretary of Economy Tatiana Clouthier and U.K. International Trade Secretary Anne-Marie Trevelyan met in London May 20 to announce the start of the talks, the Department for International Trade said. The first round of talks will begin in July in Mexico City, followed by a second round in the fall.
The European Union head of trade in the Washington embassy said that the value of the Trade and Technology Council is less in trying to resolve differences in regulatory approaches and more in trying to prevent new barriers to trade.
The EU announced that 10 European countries not in the EU have aligned themselves with the EU's recent decision to add eight individuals and four entities to its North Korea sanctions regime. The countries also imposing the restrictions are North Macedonia, Montenegro, Serbia, Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Norway, Ukraine and Moldova, the European Council said May 19.
The EU General Court in a May 18 judgment rejected an application from Syrian businessman Amer Foz to annul the European Council actions listing and then maintaining his listing on the Syria sanctions list. Subjecting Amer Foz to sanctions due to his family business interests and association with his brother, Samer, whose sanctions listing predates Amer's, is "well founded," the court said.