The U.K. announced even more import sanctions on Russia following its invasion of Ukraine, adding to the list of goods facing higher tariffs or outright bans, the Department for International Trade announced. The new restrictions include bans on silver, wood products and on high-end Russian products, including caviar, the DIT said. Tariffs will also be upped by 35% on nearly $169 million worth of goods from Russia and Belarus, including diamonds and rubber.
The U.K.'s Office of Financial Sanctions Implementation added 26 entries to its Russia sanctions regime and amended another 30 in yet another sanctions move against Russia following its invasion of Ukraine. The listed individuals include military officials, businessmen and relatives of listed individuals, such as Oleg Belozyorov, chief executive of Russian Railways; Nikolay Bodanovsky, a Russian army officer; Igor Korotchenko, chairman of the Russian Defense Ministry Public Council; and Boris Obnosov, executive at Tactical Missiles Corp.
Although the EU-U.S. Trade and Technology Council is helping to foster important cooperation, it may be unintentionally leaving out other vital trade partners on a range of key issues, including export controls, said Mary Lovely, a senior fellow with the Peterson Institute for International Economics. She said the TTC may be emphasizing the U.S.-EU relationship too much when the two sides should be doing more to convince other countries to adopt similar sanctions and export restrictions against Russia.
The Bureau of Industry and Security on April 21 suspended the export privileges of another Russian airline for violating U.S. export controls against Russia. The agency issued a 180-day temporary denial order for Moscow-based cargo aircraft carrier Aviastar, which will limit the airline’s ability to deliver goods to Russia’s military, BIS said. Aviastar will be barred from participating in transactions with items subject to the Export Administration Regulations.
The Office of Foreign Assets Control on April 20 issued guidance for holders of credit cards issued by sanctioned Russian financial institutions. The agency said U.S. operators of credit card systems are blocked from processing transactions involving certain sanctioned foreign financial institutions unless exempt by OFAC. Foreign operators of credit card systems whose payment cards are issued by sanctioned banks also risk violating U.S. sanctions if they allow those cards to be used in the U.S., OFAC said.
The Office of Foreign Assets Control on April 20 sanctioned more than 40 people and entities -- including Russian commercial bank Transkapitalbank -- for operating a sanctions evasion network. The agency also issued two new general licenses authorizing certain transactions with the bank and sanctioned a range of companies for operating in Russia’s virtual currency mining industry.
The Bureau of Industry and Security on April 21 suspended the export privileges of another Russian airline for violating U.S. export controls against Russia. The agency issued a 180-day temporary denial order for Moscow-based cargo aircraft carrier Aviastar, BIS said in an emailed news release, adding that the order will “hinder” the airline’s ability to deliver military cargo to Russia. Aviastar will be barred from participating in transactions with items subject to the Export Administration Regulations. BIS earlier this month issued temporary denial orders for Russian airlines Aeroflot, Azur Air and UTair.
The U.K.'s more than $3.5 million fine of an unnamed British company over illegal exports of military goods (see 2204040020) lacks transparency, U.K. law firm Macfarlanes said in an April 19 post. The U.K.'s enforcement agency hasn't released any information about the violations that led to the fine despite it being the "largest penalty ever for breach of U.K. arms controls," the firm said.
The Office of Foreign Assets Control issued Russia-related General License 27, which allows certain transactions by nongovernmental organizations involving Russia. The license authorizes activities in support of humanitarian projects, democracy building initiatives, education, non-commercial development projects and environmental and natural resource protection in both Russia and Ukraine.
Companies operating in Hong Kong should carefully monitor their transactions to make sure they’re not exposing themselves to Russia-related trade restrictions, which could lead to secondary sanctions, said Hong Kong-based law firm King & Wood. The recent string of international sanctions is “unprecedented” and effects are being felt “by businesses worldwide, including those in jurisdictions such as Hong Kong which has not issued any unilateral sanctions,” the firm said in an April 8 alert.