The G-7, the EU and Australia officially set a price cap on Russian oil Dec. 5, imposing certain service and shipping restrictions on oil originating in Russia and trading above $60 per barrel. The cap comes into force after months of discussions between the nations, including the announcement of a future cap by the countries in September (see 2209020033), and aims to restrict revenue to Russia as it continues its war in Ukraine.
Switzerland has frozen $7.99 billion in Russian assets out of an existing $49.1 billion marked by the State Secretariat for Economic Affairs, the Swiss Federal Council announced. In addition to the nearly $8 billion, Switzerland has also seized 15 properties. SECO said that after the imposition of the Russian sanctions, 123 individuals or entities reported 7,548 business relationships with sanctioned parties, carrying a value of over $49.1 billion. The Federal Council clarified, though, that this number can "not be equated" with the total amount of funds of Russian origin held in Switzerland because Swiss citizens "are exempt from the ban on deposits and the reporting requirement."
U.S. share of global semiconductor design revenue has declined over the past decade, partly due to export controls and other trade restrictions, the Semiconductor Industry Association and Boston Consulting Group said in a report last week. If the U.S. continues on its path and doesn’t properly tailor its restrictions, U.S. shares of global revenues could drop 10 percentage points over this decade, the report warned.
Grand Prairie, Texas, resident Suhaib Allababidi pleaded guilty Nov. 30 to lying to the government about the origin of his company's products, the U.S. Attorney's Office for the Northern District of Texas announced. The defendant and his company, 2M Solutions, both pleaded guilty to one count of conspiracy to defraud the U.S. The company also pleaded guilty to one count of filing false or misleading export information.
At least three vessels, including a Chinese-owned ship, have illegally exported Venezuelan oil and falsified cargo documents to conceal the oil’s origin, Reuters reported Nov. 30. The ships include the Chinese-owned supertanker Young Yong, sanctioned by the U.S. in November (see 2211030036), which loaded oil in Venezuela last year before sailing to the Chinese port of Qingdao with cargo documents that stated the oil was from Malaysia, the report said.
The Commerce Department’s National Institute of Standards and Technology this week extended until Dec. 12 its comment period as it solicits feedback on certain domestic semiconductor initiatives. NIST, which first requested comments in October, said it’s looking for feedback to “inform the design of, and requirements for, potential Manufacturing USA institutes to strengthen the semiconductor and microelectronics innovation ecosystem, which could include design, fabrication, advanced test, assembly, and packaging capability.” Responses will inform the agency’s “development of funding opportunities for federal assistance to establish Manufacturing USA semiconductor institutes,” a national network of linked manufacturing institutes aimed at bolstering U.S. technology innovation, as envisioned in the Chips and Science Act. Comments were originally due Nov. 28.
DOJ unsealed a 15-count indictment Nov. 29 charging Madison County, Alabama, resident Ray Hunt with conspiring to violate U.S. sanctions on Iran, defrauding the U.S., smuggling goods from the U.S., and submitting false export information, the department announced. Hunt faces a maximum penalty of up to 20 years in prison and a $1 million fine for violating U.S. sanctions against Iran, up to five years for the count of conspiracy, 10 for the smuggling charge and another five for the false information charge.
The U.K.'s Department for Business, Energy and Industrial Strategy on Nov. 21 released guidance on the U.K.'s ban on Russian oil and oil products meant for entry into Britain. The guidance explains how to find the origin of oil imports to the U.K. Other sections of the guidance break down the context for the U.K. sanctions on Russian oil, details of the ban and how the ban on Russian oil and oil products will be enforced.
The Office of Foreign Assets Control this week issued a determination that will prohibit certain shipping services related to Russian oil, and said it will soon announce a price cap on Russian fuel alongside its G-7 partners. The agency also issued a guidance outlining how it plans to implement the price cap -- including compliance requirements for U.S. service providers -- and three related general licenses.
U.K. Prime Minister Rishi Sunak won't "sacrifice quality for speed" when carving out a free trade deal with India, he told reporters before meeting with Indian Prime Minister Narendra Modi Nov. 16, Bloomberg reported. British Trade Minister Greg Hands said in October that the two sides had completed most sections of an agreement. The original anticipated end date for negotiations was the Hindu festival of Diwali -- which began Oct. 24. “No doubt we’ll be talking about it again when we meet this week,” Sunak said. “But I wouldn’t sacrifice quality for speed. And that goes for all trade deals. It’s important that we get them right rather than rush them.”