Rep. Zach Nunn, R-Iowa, said Aug. 21 that the House should take up his Russia sanctions bill if Moscow doesn’t negotiate a peace deal with Ukraine.
The U.K. this week sanctioned several entities and people tied to a Kyrgyzstan-based financial network helping Russia evade sanctions, including through the use of cryptocurrency.
The U.S., the EU and others should pursue tougher enforcement on Chinese companies that continue to supply Russia’s military industrial complex and continue to buy Russian oil, panelists said during an event this week hosted by the Peterson Institute for International Economics. One said the EU should consider automatically sanctioning any Chinese company whose products are found more than once in drones, missiles or other military items used by Russia.
The U.K.’s Office of Financial Sanctions Implementation issued three new FAQs to provide guidance on its Russia-related general license that authorizes certain transactions involving brokerage firms.
Dual U.S. and Russian national Vadim Yermolenko was sentenced to 30 months in prison, and ordered to forfeit $75,547, for his role in a scheme to illegally export controlled dual-use and military items to Russia as part of a Moscow-led sanctions evasion scheme. He pleaded guilty in November to conspiracy to violate the Export Control Reform Act, commit bank fraud and defraud the U.S. (see 2411010047).
Despite co-sponsoring a bill that would impose a wide range of sanctions on Russia and its supporters if Moscow refuses to reach a peace deal with Ukraine, Sen. Tommy Tuberville, R-Ala., said Aug. 19 he is hesitant for Congress to take up the legislation when it returns from its August recess.
The Senate “stands ready” to give President Donald Trump “any economic leverage” he needs to pressure Russia to reach a peace deal with Ukraine, Senate Majority Leader John Thune, R-S.D., said Aug. 18 as Trump was planning to meet with Ukrainian and European leaders at the White House.
The U.S. is holding off on imposing new sanctions against Russia because it believes those measures will undercut any chance of a peace deal between Russia and Ukraine “for the foreseeable future,” Secretary of State Marco Rubio said this week, despite calls from the EU and others to continue strengthening sanctions against Moscow.
The U.K.'s $400,000 fine in July of a British management services firm for violating Russia sanctions (see 2507310042) shows that merely having a sanctions compliance program may not be enough to mitigate a fine, Steptoe said in a client alert.
The Office of Foreign Assets Control this week redesignated Garantex, a virtual currency exchange with operations in Moscow, and sanctioned other companies and people that it said are involved in malicious cyber activities.