President Joe Biden announced in a speech Feb. 22 that the U.S. will impose a series of sanctions on Russia for its continued aggression against Ukraine. Biden promised sanctions "far beyond what was implemented in 2014," in response to Russian recognition of the Luhansk and Donetsk republics on Feb. 21, which he called a "flagrant violation of international law." According to a Feb. 21 press call, the White House anticipated the possibility and was prepared to respond immediately. A senior administration official noted the measures were in response to "Russia’s recognition gambit" and that they are distinct from "swift and severe economic measures" prepared should Russia "further invade Ukraine."
Ukraine imposed sanctions on Moscow-based broadcasting service Vitrina TV, the National Security and Defence Council of Ukraine said. The council said that the company "provides services for broadcasting Russian TV channels blocked in Ukraine." The restrictive measures will be imposed for a period of five years barring an extension. Further, sanctions were implemented against the Kyiv-based Nasha Praga LLC (Maxi-TV channel), Nash 24 LLC, Nash 365 LLC (Nash TV channel) and these companies' parent firm, Cypriot Demosena Investments. All the newly listed entities will be subject to an asset freeze and restriction of trade operations.
Japan will work with other G-7 countries to impose sanctions against Russia if the country invades Ukraine, Japan Foreign Minister Yoshimasa Hayashi said this week, according to an unofficial translation of his comments. “At this point in time, Japan is strongly demanding a solution through diplomatic negotiations,” Hayashi told reporters during a Feb. 15 news conference. “If an invasion by Russia occurs, Japan should take appropriate measures in cooperation with the G-7 and other international communities according to the actual situation, including imposing sanctions.”
If Russia doesn’t invade Ukraine, the U.S. and allies should still move forward with some sanctions to impose consequences on the Kremlin, experts and former government officials said. Those may include more sanctions against Russian oligarchs, they said, and possibly Nord Stream 2.
The United Kingdom's Office of Financial Sanctions Implementation amended entries under its Syria, Zimbabwe and Russia sanctions regimes. Amendments were made for Zimbabwe Defence Industries under the Zimbabwe list and for former Ukrainian President Viktor Yanukovych under the Russia list. Under the Syria sanctions regime, among 25 entries altered and still subject to asset freezes were those for individuals including Ali Mamluk, former head of the Syrian National Security Bureau, and Hossein Taeb, head of the Islamic Revolutionary Guard Corps Intelligence.
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More than 30 Senate Republicans introduced a bill Feb. 15 that would impose new sanctions against Russia and expedite certain U.S. arms sales as President Vladimir Putin threatens to invade Ukraine. The bill, titled the Never Yielding Europe’s Territory Act, would mandate post-invasion sanctions against the Russian-backed Nord Stream 2 pipeline and various Russian government officials, military leaders, oligarchs and banks. The bill would also impose sanctions on members of Putin’s inner circle regardless of whether an invasion occurs.
Although many companies could be affected by a potential expansion of the U.S. foreign direct product rule if Russia invades Ukraine, the U.S., the United Kingdom and Canada can also deploy other export restrictions that could have significant compliance implications, Baker McKenzie lawyers said. Those controls could range from more strict licensing policies to a complete trade embargo on certain Russian annexed territories.
Important questions still surround the implementation of a potential multilateral sanctions package against Russia, economic and security experts said, including U.S. efforts to enforce an expansion of the foreign-direct product rule. Although details may not yet be clear, a former State Department official warned that new U.S. sanctions against Russia could soon turn strict enough to mirror trade restrictions against Iran.
An amendment to the United Kingdom's Russia sanctions regime expanding the criteria under which individuals and entities can be listed entered into force Feb. 10. The revised regulation allows the U.K. to sanction people who have been involved in destabilizing Ukraine or obtaining a benefit from backing the Russian government, among other things. Parliament defined a person being "involved in obtaining a benefit from or supporting the Government of Russia" as someone running a government-affiliated business, engaging in business of economic significance to the Russian government, carrying on business in a sector of strategic significance to the government or owning or controlling a government-affiliated entity.