US Sanctions | EU Sanctions | UK Sanctions | Russia/Ukraine Sanctions | Other Notable Developments 


  • US Department of the Treasury Sanctions Individuals and Entities due to Alleged Roles in Weapons Transfers between Russia and the Democratic People’s Republic of Korea: On May 16, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Russian individuals and three Russia-based entities after determining they facilitated weapons transfers between Russia and the Democratic People’s Republic of Korea (DPRK). Read more >>
  • US Department of the Treasury Sanctions Nicaragua-Based Russian Institution: On May 15, OFAC sanctioned the Training Center of the Russian Ministry of Internal Affairs in Managua, Nicaragua after determining the Russia-backed training center provided specialized courses for the Nicaraguan National Police (NNP). The NNP was designated by OFAC on March 5, 2020, after OFAC’s determination that the NPP was responsible for or complicit in, or having directly or indirectly engaged in, serious human rights abuse in Nicaragua. Read more >>
  • US Department of the Treasury Sanctions Individuals and Entities for Alleged Sanctions Evasion: On May 14, OFAC designated one Russian individual and three Russia-based companies after determining their involvement in an attempted sanction evasion scheme to unfreeze more than $1.5 billion in shares belonging to a US designated Russian oligarch, Oleg Vladimirovich Deripaska. Read more >>
  • US Department of the Treasury Sanctions Senior Leader of the LockBit Ransomware Group: On May 7, OFAC designated Dmitry Yuryevich Khoroshev, a Russian national and a leader of the Russia-based LockBit group, after determining his role in developing and distributing LockBit ransomware. The US Department of State also issued a reward for up to $10 million for information leading to the arrest and/or conviction of Khoroshev. Read more >> and Read more >>
  • US Department of the Treasury Sanctions Nearly 300 Targets to Limit Russia’s Military Revenue and Material Access and Address Sanctions Evasion: On May 1, the US Department of the Treasury designated almost three hundred individuals and entities to continue its “multilateral campaign to limit the Kremlin’s revenue and access to the material it needs to prosecute its illegal war against Ukraine” and to address allegations of sanctions evasion and circumvention. Read more >>
  • US Announces Significant Military Assistance to Ukraine: On May 24, the US announced a $275 million package of weapons and equipment for Ukraine, which includes ammunition for HIMARS; 155mm and 105mm artillery rounds; Tube-Launched, Optically-Tracked, Wire-Guided missiles; Javelin and AT-4 anti-armor systems; precision aerial munitions; small arms and additional rounds of small arms ammunition and grenades; demolitions munitions; anti-armor mines; tactical vehicles; body armor, Chemical, Biological, Radiological, Nuclear protective equipment; and spare parts, maintenance, and other equipment. Read more >>
  • US and EU Launch Joint Coordination Mechanism on the Western Balkans: On May 23, the US and EU announced a joint US-EU Coordination Mechanism on the Western Balkans – focused exclusively on foreign information manipulation and propaganda by Russia and the People’s Republic of China. Read more >>
  • Secretary of the Treasury Meets with Leaders of German Financial Institutions to Discuss Russian Sanctions: On May 21, Treasury Secretary, Janet L. Yellen, hosted a roundtable with German financial executives to discuss financial sector risks, including Russia sanctions evasion. Secretary Yellen emphasized the need for financial institutions to remain “ambitious to combat sanctions to prevent Russia from procuring sensitive battlefield goods.” Read more >>
  • US Passes Legislation to Prohibit Imports of Uranium Products from Russia: On May 14, President Biden signed H.R. 1043, the Prohibiting Russian Uranium Imports Act, into law. The legislation prohibits the import of Russian uranium products into the US as of August 12, 2024, and enables a waiver process with the Department of Energy, in consultation with the Departments of State and Commerce, through January 1, 2028. Read more >>
  • Secretary of State Travels to Ukraine to Meet with Senior Ukrainian Officials: On May 13, Secretary of State, Antony J. Blinken, traveled to Ukraine for several meetings with senior Ukrainian officials and civil society representatives. Secretary Blinken met with President, Volodymyr Zelenskyy, Prime Minister, Denys Shmyhal, and Foreign Minister, Dmytro Kuleba, to discuss battlefield updates, the impact of new US security and economic assistance, long-term security and other commitments, and ongoing work to bolster Ukraine’s economic recovery. Secretary Blinken also delivered remarks at the Igor Sikorsky Kyiv Polytechnic Institute. Read more >>, Read more >>Read more >> and Read more >>
  • US Announces Significant Military Assistance for Ukraine: On May 10, the US Department of State announced a significant package of weapons and equipment for Ukraine. The $400 million package includes additional air defense munitions for Patriot and National Advanced Surface-to-Air Missile Systems; Stinger anti-aircraft missiles; equipment to integrate Western launchers, missiles, and radars with Ukraine’s systems; additional High Mobility Artillery Rocket Systems and ammunition; 155mm and 105mm artillery rounds; TOW and Javelin missiles and AT-4 anti-armor systems; Precision aerial munitions; High-speed Anti-radiation missiles; Bradley Infantry Fighting Vehicles; M113 Armored Personnel Carriers; Mine Resistant Ambush Protected vehicles; coastal and riverine patrol boats; small arms ammunition and grenades; demolitions munitions; and spare parts. Read more >>
  • US Department of State Condemns Russian Malicious Cyber Activity Targeting EU Members: On May 3, the US Department of State released a statement condemning the malicious cyber activity by Russia’s General Staff Main Intelligence Directorate, also known as APT28, against Germany, Czechia, Lithuania, Poland, Slovakia, and Sweden. Read more >>


  • EU Sets Up New Russia-Specific Sanctions Framework: On May 27, the EU established a new framework for restrictive measures against those responsible for serious human rights violations or abuses, repression of civil society and democratic opposition, and undermining democracy and the rule of law in Russia. The new regime will allow the EU to also target those who provide financial, technical, or material support for, or are otherwise involved in or associated with people and entities committing human rights violations in Russia. The new sanctions regime introduces trade restrictions on exporting equipment, which might be used for internal repression, as well as on equipment, technology or software intended primarily for use in information security and the monitoring or interception of telecommunication. Read more >> and Read more >>
  • EU Lists Two Individuals and One Entity Responsible for Information Manipulation in Russia: On May 27, the EU listed two individuals and one entity responsible for conducting propaganda actions targeted at civil society in the EU and its neighboring countries, distorting and manipulating facts in order to justify and support Russia's war of aggression against Ukraine. The listings include "Voice of Europe", an online media outlet, Artem Marchevskyi, who played a key role in the acquisition of a media brand “Voice of Europe”, and Viktor Medvedchuk, who has promoted policies and actions intended to erode credibility and legitimacy of the Government of Ukraine. Read more >>
  • EU Adopts Rules on Use of Profits Generated from Immobilized Assets of the Central Bank of Russia: On May 21, the EU adopted a set of legal acts ensuring that the net profits stemming from unexpected and extraordinary revenues accruing to central securities depositories (CSDs) in the EU, as a result of the implementation of the EU sanction measures, will be used for further military support to Ukraine, as well as its defence industry capacities and reconstruction. CSDs will have to make a contribution representing 99.7% of net profits on those immobilized assets (although up to 10% may be provisionally retained to comply with statutory capital and risk management requirements). Read more >> and Read more >>
  • European Commission Issues Russian Oil Price Cap Compliance Alert: On May 17, the European Commission issued an alert to warn about circumvention risks in relation to the price caps on crude oil and petroleum products of Russian origin. This concerns Urals as well as the Eastern Siberia Pacific Ocean (ESPO) crudes exported from the eastern coast of Russia. Read more >>
  • European Commission Updates Its Russia Sanctions FAQs on Media: On May 14, the European Commission updated its FAQs on restrictions on Russian State-owned media adopted following Russia’s military aggression against Ukraine. Read more >>
  • EU Broadens the Scope of Its Sanction Measures in View of Iran Military Support of Russia: On May 14, the EU broadened the scope of the EU framework for restrictive measures in view of Iran’s military support of Russia’s war of aggression against Ukraine. The EU will now be able to target persons and entities supplying, selling, or otherwise being involved in transferring Iran’s missiles and UAVs (i) in support of Russia’s war of aggression against Ukraine; (ii) used by armed groups and entities to undermine peace and security in the Middle East and the Red Sea region, or (iii) in breach of United Nations Security Council Resolution 2216 (2015). Read more >> andRead more >>
  • European Commission Clarifies Distribution of Russian Steel Slab Import Quotas under EU Sanctions: On May 27, the European Commission explained that quotas aiming at a gradual reduction of the volume of annual Russian steel slab imports into Europe are managed by the European Commission and the Member States in accordance with the management system for tariff-rate quotas. This means that all companies, from all Member States, have access to those quotas on so-called first-come first-served basis, and thereby access is granted in accordance with the chronological order of dates of acceptance of customs declarations for release for free circulation by relevant Member State’s customs authority. Read more >> and Read more >>
  • EU's General Court Dismissed a Challenge to EU Sanctions Brought by Belavia – Belarusian Airlines AAT: By its judgment of May 29, the General Court dismissed action brought by the Belarusian State-owned national flag carrier airline, Belavia – Belarusian Airlines AAT. The General Court ruled that the carrier is backed by President Alexander Lukashenko and helped to facilitate the illegal transport of migrants from the Middle East into the EU borders. It also concluded that the grounds on which the assessment that the applicant benefits from the Lukashenko regime is based are sufficiently precise and detailed and free from errors of assessment of the facts or errors of law and constitute in themselves a sufficient basis for maintaining Belavia’s name on the lists. Read more >>
  • EU's General Court Annulled the Sanctions Listing of Farkhad Akhmedov: By its judgment of May 29, the General Court annulled the designation of Mr. Farkhad Teimurovich Akhmedov and ruled that the Council made an error of assessment by considering that the applicant was a leading businessperson involved in economic sectors which provided a substantial source of revenue to the Government of the Russian Federation. The General Court held that the Council has not adduced a set of indicia that are sufficiently specific, precise, and consistent to be capable of demonstrating that Mr. Farkhad Ahmedov was a leading businessperson. Read more >>
  • EU's General Court Dismissed a Challenge to EU Sanctions Brought by Russian Direct Investment Fund: By its judgment of May 15, the General Court dismissed action brought by Russian Direct Investment Fund (RDIF), one of the Russia’s sovereign wealth funds established by the Government of the Russian Federation. The General Court held that to impose sanction measures there is no need to require the Council to establish that the applicant is actually involved in activities linked to Russia’s military aggression against Ukraine. The General Court also reaffirmed the Council's broad discretion to impose sanctions on economic sectors, based on their potential to support Russia's war effort. Read more >>
  • EU's General Court Dismissed a Challenge to EU Sanctions Brought by Several Individuals: By its judgment of May 8, the General Court dismissed action brough by Ms. Gulbakhor Ismailova, the sister of Uzbek-Russian billionaire Alisher Usmanov. By its judgment of May 29, 2024, the General Court dismissed action brough by Mr. Alexander Semenovich Vinokurov, a Russian businessman, and confirmed that Mr. Vinokurov was a leading businessperson with business interests in food retail, pharmaceuticals, agriculture, and infrastructure. Read more >> and Read more >>
  • French Customs Office Conducted Raids on a Company that Advertised on the Dark Web a Sanctions Evasion Solution: On May 23-24, the investigative arms of the French Customs Office conducted raids on a company that advertised on the dark web a sanctions evasion solution to circumvent EU sanctions against Russia. The value of the exports is reported to be in the several tens of millions of Euros, and the investigation relates to exports to countries neighboring Russia. Read more >>
  • Baltics, Poland, Finland Sign Pact on Uniform Sanctions Implementation: On May 9, the heads of the customs authorities of Lithuania, Latvia, Estonia, Poland, and Finland have signed an agreement on unifying measures to implement EU sanctions against Russia and Belarus. The customs authorities of the signatory countries will strengthen control on goods subject to export prohibitions and restrictions and apply uniform measures such as requiring the presentation to customs of a document or information, known as the manufacturer’s declaration, issued by the manufacturer of the exported or re-exported goods. The customs authorities will also require other documents that deny the possibility of entry of the goods into Russia or other likelihood of circumvention of sanctions. Read more >>
  • Turkey Became Russia’s Pit Stop for Selling Blended Fuel to the EU: Russian oil is reportedly arriving massively to the EU via Turkey as a result of EU sanctions workaround that allows imports of blended fuels into the EU if they are labeled as non-Russian. Between February 2023 and February 2024, Turkey boosted its Russian purchases by 105% compared to the previous 12 months. In that same stretch, Turkey’s fuel exports to the EU jumped by 107%. Read more >>
  • EU Countries Want Assessments on Potential Russian LNG Sanctions: EU countries are currently discussing the next package of sanctions against Russia. EU Member States, including Belgium, Germany and France, have asked European Commission for assessments on whether a ban on LNG transshipments at European ports will hit the Russian economy more than the EU's. However, countries in the South of the EU namely Greece, Cyprus, and Malta, with extensive activity in the shipping sector, do not view this approach in positive terms. Read more >> and Read more >>
  • The Netherlands and France Propose EU Sanctions against Banks that Help Russia: The Netherlands and France are pushing for sanctions from the EU against any financial institution that helps the Russian army acquire goods or technology to make weapons. The two countries hope that a ban like this would powerfully incentivize financial institutions in the Middle East, Turkey, or even China to refrain from making deals to deliver EU-sanctioned goods to Russia. Germany is expected to be against the position as it may not want to risk its close business relationship with China. Read more >>
  • EU Prepares Tariffs on Russian Goods Exempt from Sanctions: The EU is considering levying tariffs on up to €42bn of Russian imports that have been spared by the sanction regime against Russia. EU trade ministers asked the European Commission to draw up a plan to place duties on products that are exempt from the measures, such as food, nuclear fuel, and medicines, with the revenues likely to go to Ukraine. The initiative was put forward by Sweden. The UK, Canada, US, Australia, and New Zealand have already imposed tariffs on many Russian imports. Read more >>
  • EU Seeks to Ban Russian Funding of European Politicians: The EU will propose a ban on Russian funding of political parties, non-governmental organizations, and think-tanks as part of a fresh round of sanctions. The proposal is part of the latest package of sanctions sent to Member States by the European Commission for their approval. The proposals also call for a ban on four media outlets from broadcasting in Europe. It is unclear when the sanctions would be approved by member states as previous packages have required weeks of negotiations. Read more >>
  • Mikhail Fridman Demands Compensation for Sanctions: Mikhail Fridman demanded compensation for sanctions against him over Russia’s invasion of Ukraine after he successfully challenged some of the grounds for the EU restrictions last month. If successful, Mr. Fridman would potentially be entitled to a payout under a 1989 treaty between Belgium, Luxembourg, and the Soviet Union protecting investors’ assets from expropriation and nationalization, as well as any other measures having similar effects. Read more >>


  • UK Government Amends One Entry on the UK Sanctions List under the Russia Regime: On May 30, the UK Government made a correction to the entry for Tatiana Vladimirovna Evtushenkova under the Russia sanctions regime. This individual remains subject to an asset freeze and trust services sanctions. Read more >>
  • UK Government Issues General Licence for “Personal Remittances” Allowing a Person to Make Use of the Retail Banking Services of a Designated Credit or Financial Institution under Certain Conditions: On May 28, OFSI reissued General Licence INT/2024/4761108 under the Russia regime which allows a Person to make use of the retail banking services of a designated Credit or Financial Institution provided that the payments made or received are intended for their personal use, subject to certain conditions. Read more >>
  • UK Government Updates Maritime Services Ban and Oil Price Cap Exception: On May 24, OFSI updated the Oil Price Cap general licence to exclude the supply or delivery of Russian oil by, or provision of relevant services to, “specified ships.” OFSI also updated the Oil Price Cap Guidance in relation to ship specification in Section 4.1 and 4.2 and in relation to extraordinary situations in Section 4.4. Read more >>
  • UK Government Updates Guidance on Third Country Processed Russian Diamonds Measures: On May 21, the UK Government updated its guidance on third country processed Russian diamonds measures. In particular, the provision of a verification certificate issued by the Federal Public Service Economy at the Diamond Office in Antwerp, Belgium was added as an additional example of documentation demonstrating supply chain history of diamonds processed in third countries. Read more >>
  • UK High Court Issues Judgment in Magomedov v. Transneft: On May 21, the UK High Court granted a continuation of an anti-anti-suit injunction against a Moscow court judgment, pending an English court’s decision about whether England has jurisdiction to decide the underlying dispute. The underlying dispute relates to proceedings brought by Mr. Magomedov and a BVI company he owns in the UK against Transneft for conspiracy to remove Magomedov‘s interest in PJSC Novorossiysk Commercial Sea Port. A Moscow court previously granted Transneft an anti-suit injunction against these proceedings on the basis that US and UK sanctions on Transneft have the effect of limiting Transneft’s access to justice in an English court. Read more >>
  • UK Government Publishes Guidance on Sales Of Oil Tankers to Third Countries under the Russia Regime: On May 21, the ECJU published guidance for parties involved in the sale and brokering of second-hand vessels to third countries. Among other things, the guidance provides information and tools to counter Russian sanctions evasion. Read more >> and Read more >>
  • UK Parliament Debates Russian Sanctions: On May 20 and May 21, the House of Commons and House of Lords debated the efficacy and circumvention of Russian sanctions. Among other things, the UK government stated that it expects the first OFSI monetary penalties in connection with Russia sanctions imposed since February 2022 to be imposed later this year. Read more >> and Read more >>
  • OFSI Extends Russian Travel General Licence: On May 16, the UK Government extended OFSI General Licence INT/2022/1839676, which inter alia authorises UK persons to purchase tickets for flights or rail journeys originating in, or within, Russia, from certain designated persons. The general licence has been extended to 23 May 2026. Read more >>
  • UK Government Updates Financial Sanctions Guidance for Russia: On May 16, the UK Government amended its financial sanctions guidance for its Russia regime to reflect that certain guidance set out therein also applies to the reporting requirements of Regulation 38A of the Belarus Regulations. Read more >>
  • UK Government Adds One Entity to the UK Sanctions List under the Russia Regime: On May 15, the UK Government added Vostochnaya Stevedore Limited Liability Company to the UK sanctions list under the Russia regime. This entity is believed to be involved with the Government of Russia through carrying on business in the Russian transport sector. This entry is now subject to an asset freeze and trust services sanctions. Read more >> and Read more >>
  • The UK Treasury Committee Ongoing Inquiry into the UK’s Financial Sanctions against Russia: On May 14, the Treasury Committee will hold its second oral evidence session in relation to its inquiry as to the effectiveness of UK financial sanctions targeting Russia. Bill Browder, CEO of Hermitage Capital Management and Head of the Global Magnitsky Justice Campaign, is among the experts called to give evidence. The first oral evidence session, which took places on 30 April 2024, involved a panel of experts from Transparency International UK, Royal United Services Institute (RUSI) and Redress. Read more >>
  • UK High Court Holds that Sanctions Did Not Frustrate LCIA Arbitration Agreement: On May 10, in Barclays v. VEB.RF [2024] EWHC 1074 (Comm), the UK High Court determined that sanctions targeting Russia had not frustrated an agreement between Barclays and VEB to use LCIA arbitration (as submitted by VEB). The High Court highlighted “the need for the court to uphold UK sanctions which are part of English law” and acknowledged that VEB started Russian proceedings in breach of the arbitration agreement in order to get around the effect of sanctions. The High Court granted an anti-suit injunction to Barclays against those Russian proceedings. Read more >>
  • UK Government Amends One Entry on the UK Sanctions List under the Russia Regime: On May 8, the UK Government made an amendment to the entry for Said Mikhailovich Gutseriev on the UK sanctions list under the Russia regime. Gutseriev is still subject to an asset freeze and trust services sanctions. Read more >>
  • UK High Court Assesses that Asset Freeze Restrictions are Engaged Where a Company Is Proved (Rather Than Suspected) To Be Owned or Controlled by a Designated Person: On May 3, in Vneshprombank v. Bedzhamov [2024] EWHC 1048 (Ch), the UK High Court considered an application for a declaration as to whether there is reasonable cause to suspect that A1 LLC is owned or controlled by a designated person. A1 LLC was sold to an employee around the time its previous shareholders (Mikhail Fridman, German Khan and Alexey Kuzmichev) were designated as UK assets freeze targets. As a matter of construction, the Court found that the UK Regulations are not engaged where there is reasonable ground to suspect that an entity is owned or controlled by a designated person, and that, for the UK Regulations to be engaged ownership and/or control must be proven as a matter of fact. Although the application by Bedzhamov was ultimately dismissed, the Court did state [at 125] that, were the test “reasonable cause to suspect”, it would be met on the facts of the case. Read more >>
  • UK Government Amends One Entry on the UK Sanctions List under the Russia Regime: On May 5, the UK Government made a correction to the entry for Sarvar Ismailov under the Russia sanctions regime. This individual remains subject to an asset freeze and trust services sanctions and the entry now includes passport details. Read more >>
  • HMRC Updates Notice to Exporters Reporting Compound Settlement Offers to UK Exporters: On May 1, the ECJU updated the notice to exporters 2024/08 to reflect that, between January and March 2024, HMRC issued settlement offers to seven UK companies, rather than the six that was originally reported in the notice. These settlements were in relation to a breach of licence conditions in relation to the export of military goods; the unlicensed exports of military goods controlled by The Export Control Order 2008; and the unlicenced exports of dual use goods controlled by Retained Regulation 428/2009. HMRC has seen an increase over the last 12 months in the number of voluntary disclosures relating to: unlicenced exports; incorrect licence usage; and breach of licence conditions. Read more >>
  • HMRC Updates Notice to Exporters Reporting a Compound Settlement of over £1 Million Relating to Export of Goods in Breach of Russia Sanctions: On May 1, the ECJU updated Notice to Exporters 2024/07 to remove details of a compound settlement which was previously reported by the notice to have been issued in March 2024 worth £1,058,781.79 in relation to the export of goods in breach of The Russia (Sanctions) (EU Exit) Regulations 2019. The details of the compound settlement provided in the original notice were incorrect. The notice still contains information about the status of UK-Russia trade sanctions, goods and technology sanctions and the new Economic Deterrence Initiative. Read more >>
  • UK Government Updates Guidance on Russian Import Sanctions: On April 30, the UK Government updated its guidance on the Russian iron and steel import ban, adding Norway as a partner country. At the same time, the UK also updated its monitoring and enforcement guidance on Russian diamonds and iron and steel inter alia encouraging all parts of the supply chain for third country processed imports to the UK to undertake the necessary due diligence to ensure that sanctions are not being circumvented directly or indirectly. Read more >> and Read more >>
  • UK House of Lords Debates Russia Sanctions, Seizure and Secondary Sanctions: On April 25, the UK House of Lords debated the potential review of sanctions against Russian individuals in light of President Putin’s re-election and the continuing war in Ukraine. The House of Lords considered inter alia evidence that most Russian exports exceed the price cap, the potential need for more targeted action and the importance of tackling the circumvention of sanctions. Read more >>
  • OFSI Issues New Legal Services General Licence under the Russia Regulations: On April 26, OFSI issued General Licence INT/2024/4671884, replacing General Licence INT/2023/3744968, with effect from April 29, 2024. At the same time, OFSI also issued 37 FAQs in connection with the General Licence. The General Licence authorises certain payments connected with the provision of legal services to a designated person subject to certain conditions. The general licence expires on October 28, 2024. Read more >> and Read more >>
  • HMRC Issues Compound Settlement Offers to Six UK Exporters: On April 25, the ECJU issued a notice to exporters reporting that, between January and March 2024, HMRC issued settlement offers to six UK companies. These settlements were in relation to a breach of licence conditions in relation to the export of military goods; the unlicensed exports of military goods controlled by The Export Control Order 2008; and the unlicenced exports of dual use goods controlled by Retained Regulation 428/2009. HMRC has seen an increase over the last 12 months in the number of voluntary disclosures relating to: unlicenced exports; incorrect licence usage; and breach of licence conditions. Read more >>
  • HMRC Issues Compound Settlement of over £1 Million Relating to Export of Goods in Breach of Russia Sanctions: On April 25, the ECJU published Notice to Exporters 2024/07 announcing a compound settlement issued in March 2024 worth £1,058,781.79 in relation to the export of goods in breach of The Russia (Sanctions) (EU Exit) Regulations 2019. Over £20 billion of UK-Russia bilateral trade (2021 figures) is now under full or partial sanction. There has been a 94% fall in Russian imports into the UK and a 74% fall in UK exports to Russia. Read more >>


  • Russia’s Seaborne Crude Exports Drop Ahead of OPEC+ Meeting: On June 2, there will be an OPEC+ virtual meeting and Russia’s crude exports have declined for three consecutive weeks leading up to this. It is reported that “increased shipments from Russia’s Pacific ports could not compensate for reduced volumes from the Black Sea and the Arctic.” Read more >>
  • Ukraine Designates 68 Russian Entities and 2 Russian Individuals: On May 22, pursuant to Presidential Decree No 340/2024, Ukraine sanctioned 68 Russian entities and 2 Russian individuals, including NTV Plus, The First Channel, World Network, Zvezda, TNT Network, Petersburg, Ren TV, TV and Radio Company Krym TV, Izvestia and Moskovsky Komsomolets. Some of the listed persons have been under sanctions earlier, the Decree renews sanctions against them for 10 years. The designated entities and individuals are subject to a range of restrictive measures. Read more >>
  • Ukraine Calls on Partners to Further Tighten Pressure on Russia: On May 3, Prime Minister of Ukraine, Denys Shmyhal, emphasised during a Cabinet session that Ukraine requires increased pressure on Russia; the involvement of new states in the sanctions coalition; and punishment of those who facilitate the circumvention of sanctions. Shmyhal reflected on a number of recent “critical sanctions initiatives” such as extended measures introduced by the EU Council for violating the sovereignty and territorial integrity of Ukraine and the US and UK embargo on imports of Russian aluminum, copper, and nickel. Read more >>
  • Russia Makes More Money from Its Oil and Gas Industry in the Past Three Months Than in Any Comparable Period since the Early Days of the Ukraine Invasion: In the three months leading to April 2024, Russia made a monthly average of 1.2 trillion rubles (£10.4bn) from its oil and gas revenues, the highest three-month average since April 2022. Following the UK, US and EU banning the import of crude oil and refined products from Russia and the price cap introduced by G7 nations, Russia has managed to export just as much oil as it did before. Russia is reported to be operating a “dark fleet” of ships carrying Russian oil which are not obeying the sanctions. Russian oil now mainly goes to China, India, and Turkey. Read more >> and Read more >>
  • Russian Natural-gas Giant Gazprom Unable to Substitute for the European Market It Has Lost: In mid-2022, Russian natural-gas giant Gazprom cut off gas supplies to Europe to create political and economic problems for EU countries. Gazprom’s revenue fell by 41 percent in the first half of 2023 and in the first quarter of 2024, Gazprom has reported a net loss of almost $7 billion in 2023, marking its first annual loss in more than 20 years. Data published by Reuters suggests that Russia is most likely selling gas to China at a significant loss and that Russian gas supplies to China may not become profitable for the foreseeable future. Read more >>
  • Russia’s State-owned Oil Tanker Company Renames Oil Tankers Hit by US Sanctions: Russia’s Sovcomflot has been renaming some of its ships after cities in the country following sanctions by the US. At least four tankers are believed to have changed their names and reflagged to Russia from Gabon. The effect of changing the names of the tankers is distancing the tankers from listings on sanctions databases. However, the tankers remain identifiable by their registered numbers with the International Maritime Organization. Read more >>
  • Estonian President Signs Bill on Confiscation of Russian Assets: On May 30, 2024, Alar Karis, President of Estonia, has signed into law the bill which enables Estonia to use Russian assets frozen under sanctions to compensate Ukraine for damage caused by the war. Karis said that under the new law, only the property of those "whose connection with the commission or facilitation of an unlawful act is established and sufficiently proven" can be confiscated and used to compensate for damages. The Estonian president added that the law should be interpreted as saying that those who took an active part in Russia’s military aggression or violated the rules and customs of war will have their property confiscated. Read more >>
  • The Russian Court Partially Satisfied the Claim for the Withdrawal of €239 Million from Deutsche Bank: The Russian court partially satisfied the lawsuit of the Russian company "RusHimalians", which demanded to withdraw more than 238 million euros from the German Deutsche Bank for the alleged non-fulfillment of the agreement on bank guarantees during the construction of the plant in Ust-Lug. Earlier in May, a St. Petersburg court seized Deutsche Bank's assets worth 238.6 million euros, including property and funds in its accounts in Russia. Read more >>
  • Russian Court Seizes 463 Million Euros of UniCredit Assets: The St. Petersburg Arbitration Court has ordered the seizure of UniCredit's assets, accounts, and property, as well as shares in two subsidiaries, as part of a lawsuit over a suspended gas project involving the Italian bank. UniCredit is the second largest European bank in Russia, after Austria's Raiffeisen Bank. The bank was one of the guarantor lenders under the contract for the construction of a gas processing plant in Russia with Germany's Linde, which was terminated due to Western sanctions. Read more >>
  • Russian Firms Turn to Crypto for China Commodities Trade: Russian commodities firms struggling to execute financial transactions with Chinese counterparts have started tapping a new method for settling deals — stablecoins. At least two top metals producers, both of which are unsanctioned, have begun to use Tether Holdings Ltd.’s stablecoin and some other cryptocurrencies to settle some of their cross-border transactions with mostly Chinese clients and suppliers. Read more >>
  • Russia Allows Rostelecom's Structure to Buy Nokia's Stake in a Joint Venture: Russian President Vladimir Putin authorized Rostelecom's structure to acquire Nokia's stake in their joint venture RTK-Network Technologies. Rostelecom and Nokia established a joint venture in Russia in September 2019, it was engaged in the production of software and equipment for communication networks. As Rostelecom specified, the Finnish company was ready to invest up to RUB 10 bln in the project. Read more >>
  • Putin Signs Decree Allowing for Seizure of US Property in Russia: On May 23, 2024, Russian President Vladimir Putin signed a decree that allows Moscow to take control of US property as compensation for any seizure of frozen Russian assets in the United States. In response to Western sanctions, Moscow moved the assets of many foreign investors to special accounts that cannot be transferred outside Russia without the Kremlin’s approval. The decree instructs Russia’s state commission on monitoring foreign investment to determine the types of US property a Russian rights holder could seek to confiscate through the court as “compensation” for assets frozen in the United States. Read more >>
  • Russian Foreign Ministry Spokesperson Threatens an “Inevitable Proportionate Response” to London’s “Unfriendly Actions”: On May 8, Foreign Ministry Spokesperson Maria Zakharova commented on what she described as hostile steps by the British government against Russia. The spokesperson has accused the British authorities of using “blatant lies to justify the anti-Russian measures announced on May 8”; “drowning in Russophobia”; and staging disinformation campaigns to “disrupt the Russian-Ukrainian negotiations and launch a pre-prepared package of anti-Russian sanctions of the West”. Read more >>


  • South Korea and Japan Announce Sanctions against Russian Procurement of Weapons from the DPRK: On May 24, South Korea and Japan announced a series of sanctions applied to individuals, organizations, and ships after determining their involvement in the procurement of weapons from the DPRK for Russia. Read more >>
  • Canada Announces Additional Sanctions Relating to the Transportation of Weapons from the DPRK to Russia: On May 21, Canada announced sanctions on two individuals and six entities after determining their facilitation of illegal transportation of weapons, including ballistic missiles, from the DPRK to Russia. Read more >>
  • New Zealand Announces New Package of Sanctions against Russia Military Assistance: On May 16, New Zealand announced a new package of sanctions against twenty-eight individuals and fourteen entities after determining their involvement in the transfer or provision of military assistance to Russia. Read more >>

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