marzo 20 2023

Sanctions Weekly Update – Ukraine/Russia Conflict – March 20, 2023


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

Week of March 20, 2023


  • Secretary Yellen Testifies to Congress on Biden Administration Commitment to Sanctions Program: Secretary of the Treasury Janet L. Yellen testified before the Senate Financial Services and General Government Subcommittee on March 22, and before the House Financial Services and General Government Appropriations Committee on March 23. In her testimony, she highlighted the Treasury’s continuous effort to “mount a swift, bold, and enduring response to Russia’s illegal war against Ukraine”, including its implementation of over 2,500 Russia-related sanctions since last February. The Biden administration’s Fiscal Year 2024 Budget also aims to maintain that effort, with $244 million requested for the Office of Terrorism and Financial Intelligence to continue to administer and enforce the sanctions regime and to expand financial intelligence and sanctions-related economic analysis, and another $229 million requested for FinCEN to support its efforts to address deficiencies that illicit actors exploit to evade scrutiny, according to the Secretary. Read more>> and Read more>>
  • Treasury Continues to Sanction UAV Procurement Networks Supplying Russia: On March 21, the Treasury Department’s Office of Foreign Assets Control (OFAC) further sanctioned four entities and three individuals in Iran and Turkey pursuant to Executive Order (E.O.) 13382 for their involvement in the procurement of European-origin engines of unmanned aerial vehicles (UAV) in support of Iran’s UAV and weapons programs. This action follows OFAC’s March 9, 2023 designation of a China-based network in connection with Iran’s UAV procurement efforts, which was said to have helped bypass sanctions and export drones to Russia. Read more>> and Read more>>
  • US Defense and Military Leaders Speak with Ukrainian Counterparts: On March 17, National Security Advisor Jake Sullivan, Secretary of Defense Lloyd J. Austin III, and Chairman of the Joint Chiefs of Staff Gen. Mark A. Milley spoke with Head of the Office of the President Andriy Yermak, Minister of Defence Oleksii Reznikov, and Commander-in-Chief of the Ukrainian Armed Forces Gen. Valerii Zaluzhnyi. The Ukrainian officials provided an update on battlefield conditions and expressed appreciation for the continued provision of US security assistance. The US officials reaffirmed the unwavering support of the US for Ukraine as it defends its sovereignty and territorial integrity. Read more>>
  • Biden Administration Authorizes Additional US Military Assistance for Ukraine: On March 20, the Biden administration authorized the 34th drawdown of US arms and equipment for Ukraine valued at $350 million. The military assistance package includes additional ammunition for US-provided HIMARS and howitzers, ammunition for Bradley Infantry Fighting Vehicles, HARM missiles, anti-tank weapons, riverine boats, and other equipment. Read more>> and Read more>>
  • State Department Submits Annual Human Rights Reports to Congress, Highlights Russian Violations in War: On March 20, the Bureau of Democracy, Human Rights, and Labor (DRL) of the Department of State submits its annual Country Reports on Human Rights Practices to the US Congress in accordance with the Foreign Assistance Act of 1961 and the Trade Act of 1974. The Reports cover internationally recognized individual, civil, political, and worker rights, as set forth in the Universal Declaration of Human Rights and other international agreements, and are submitted on all countries receiving assistance from the US and all United Nations member states. Specifically, the Reports detailed all violations and abuses in relation to Russia’s invasion of Ukraine since February 2022, and highlighted the war as one of the record violations which are appalling in both scale and severity. Read more>>Read more>> and Read more>>
  • Department of Defense Announces that Ukrainians Will Receive US Tanks by Fall: On March 21, the Department of Defense announced that instead of M1A2 Abrams tanks which would take about a year to be delivered to Ukraine, it would instead send M1A1 Abrams tanks from refurbished hulls already in US inventory which would arrive in Ukraine by fall, faster than what was initially expected. The M1A1 Abrams will have “a very similar capability” to the M1A2, according to Pentagon Press Secretary Air Force Brig. Gen. Pat Ryder, but the delivery timelines will be “significantly expedited”. The initial plan announced in January was to use funds from the Ukraine Security Assistance Initiative to procure new tanks from the manufacturer. Read more>>
  • US Department of Justice Allegedly Investigating UBS, Credit Suisse, and Other Banks over Russia Sanctions Evasion: On March 23, Bloomberg reported that the US Department of Justice had issues subpoenas to Credit Suisse, UBS, and major US banks, seeking to understand which bank employees dealt with sanctioned clients and how those clients were vetted over past years, amid questions as to whether financial professionals provided assistance to sanctioned Russian oligarchs. Read more>>
  • Deputy Secretary of State Wendy Sherman’s Speaks with Swiss State Secretary: On March 21, Deputy Secretary of State Wendy Sherman spoke with Swiss State Secretary Livia Leu. Deputy Secretary Sherman and State Secretary Leu reaffirmed the strength and depth of the bilateral relationship between the United States and Switzerland, and also discussed their shared support for Ukraine and cooperation on sanctions and information sharing. They also looked forward to the next session of the US-Switzerland Strategic Partnership Dialogue. Read more>>


  • Some EU Member States Want EU to Start Talks on 11th Round of Russia Sanctions: Estonian foreign minister Urmas Reinsalu said EU should start drafting its next round of sanctions on Russia. These should include more Russian oligarchs and "secondary sanctions" against people helping the Kremlin to circumvent existing EU measures, he said. They should include more relatives of Russian VIPs, Finnish foreign minister Pekka Haavisto said. New sanctions should include Moldovan oligarchs helping Russia to destabilise the EU candidate country, Estonia, France, and Romania also said. And they should include Russian nuclear firm Rosatom, Lithuania added.Read more>>
  • The European Commission Has Updated Its Russia Sanctions FAQs on Crypto Assets: On 21 March 2023, the EU updated its FAQ with regards to crypto-assets. Read more>>
  • The European Commission Has Updated Its Russia Sanctions FAQs on Intellectual Property Rights: On 21 March 2023, the EU updated its FAQ with regards to Intellectual Property Rights.Read more>>
  • Hungarian Foreign Minister Slams Russia Sanctions, Vows to Shield Bosnia’s Dodik: Hungarian Foreign Minister Péter Szijjártó criticised the EU’s Russia sanctions as “harmful” on Wednesday, and vowed to protect the Bosnian Serb secessionist leader Milorad Dodik against any sanctions “as long as we are in power in Hungary”. Speaking at an energy panel in Trebinje, southeastern Bosnia-Herzegovina, Szijjártó also said Hungary “does not intend to stop purchasing gas from Russia” and was in contact with Russia’s Gazprom, who he said was respecting its contractual obligations. Read more>>
  • Bulgaria to Seek Exemption from Potential EU Sanctions on Russian Nuclear Sector: Bulgaria's caretaker government said on Wednesday it decided to seek a derogation from a potential EU ban on Russian deliveries of spare parts and materials for the nuclear energy sector. Read more>>
  • Commission Pays a Further EUR 1.5 Billion in Macro-Financial Assistance to Ukraine: The Commission has today paid a second instalment of EUR 1.5 billion under the up to EUR 18 billion Macro-financial Assistance (MFA) ‘Plus' package for Ukraine.Read more>>
  • Commission Approves EUR 1 Billion Finnish Scheme to Support Companies in the Context of Russia's War against Ukraine: The European Commission has approved a EUR 1 billion Finnish scheme to support companies in the context of Russia's war against Ukraine. The scheme was approved under the State aid Temporary Crisis and Transition Framework. Read more>>
  • Commission Approves EUR 100 Million Irish Scheme to Support the Microelectronics-Manufacturing Sector in the Context of Russia's War against Ukraine: The European Commission has approved a EUR 100 million Irish scheme to support the microelectronics-manufacturing sector in the context of Russia's war against Ukraine. The scheme was approved under the State aid Temporary Crisis and Transition Framework.Read more>>
  • Commission Adopts Temporary Crisis and Transition Framework to Further Support Transition Towards Net-Zero Economy: The European Commission has adopted today a new Temporary Crisis and Transition Framework to foster support measures in sectors which are key for the transition to a net-zero economy, in line with the Green Deal Industrial Plan. The new Temporary Crisis and Transition Framework amends and prolongs in part the Temporary Crisis Framework, adopted on 23 March 2022 to enable Member States to support the economy in the context of Russia's war against Ukraine and already amended on 20 July 2022 and 28 October 2022.Read more>>
  • UN’s Secretary General Wants EU to Ease Belarus Sanctions: U.N. Secretary-General António Guterres is flying to Brussels to ensuring that Russian and Belarusian fertilizers reach developing countries despite sanctions against these countries.Read more>>
  • Russian Oil Finds ‘Wide Open’ Back Door to Europe, Critics Say: Middlemen are cashing in as Russian crude finds indirect routes to the European market, politicians and industry insiders allege. Read more>>


  • UK Russia Sanctions List Update: On March 17, 2023, the Foreign, Commonwealth and Development Office updated the UK Sanctions List. The Sanctions List was updated to: a) amend the reasons for listing Igor Makarov; b) remove a duplicate entry for the Minsk Wheel Tractor Plant, and: c) remove Brian McDonald, head of Russia desk for the English language edition of Russia Today. Read more>>
  • UK Amends Guidance for Critical Energy Supply Licensing for Services under Reg 54C: On March 20, 2023, OFSI released an update to the guidance for the Russia (Sanctions) (EU Exit) Regulations 2019. The guidance on Russia sanctions has been amended in regard to licences that can be granted to permit conduct that would otherwise be prohibited by regulation 54C (i.e. accounting, advertising, architectural, auditing, business and management consulting, engineering, IT consultancy and design and public relations services to a person connected with Russia). The guidance now says a licence may be granted in relation to regulation 54C “if it is necessary for ensuring critical energy supply to any country”. Read more>>
  • OFSI Announces Update to Trust Services Sanctions: On March 21, 2023, OFSI updated its financial sanctions to “close off” UK trust service provides from providing trust services to designated persons. Since 16th December 2022, it has been prohibited by Regulation 18C (trust services) of the Regulations for a person to provide trust services to or for the benefit of a person connected with Russia (unless those trust services were being provided pursuant to an ongoing arrangement immediately prior to that regulation coming into force). On March 21, 2023, the 1730 persons that are currently designated under Regulation 11 (asset freeze) of the Regulations are now also designated under Regulation 18C (trust services). This means that it is now prohibited to provide trust services to or for the benefit of these persons, unless permitted by a licence or there is an applicable exception. To support trust service providers wind down their services in relation to designated persons, OFSI has issued General Licence INT/2023/2589788 that allows 90 calendar days to wind down those services. Read more>>Read more>> and Read more>>
  • UK Russia Sanctions List Update for Trust Services: On March 21, 2023, the Foreign, Commonwealth and Development Office again updated the UK Sanctions List. Notable changes include: 
    • 1730 entries have been amended on the consolidated list to reflect the designations made in respect of trust services sanctions (see above). Additionally, financial sanctions imposed in addition to an asset freeze: Trust services and date trust services sanctions imposed: 21/03/2023 have all been added to the ‘Other information’ field of each entry. 
    • Seven (7) entries have been amended to add Financial sanctions imposed in addition to an asset freeze: Dealing with transferable securities or money-market instruments. Loans and credit arrangements to the ‘Other Information’ field.
    • One entry has also been amended to add Financial sanctions imposed in addition to an asset freeze: Correspondent banking relationships etc. to the ‘Other Information’ field. Read more>>
  • UK Makes Revisions to Russia and Anti-Corruption Sanctions Listings: On March 22, 2023, the Foreign, Commonwealth and Development Office again updated the UK Sanctions List. This list provides details of those designated under the regulations made under the Sanctions and Anti-Money Laundering Act 2018. Notable changes include removing a duplicate entry for Sergey Borisovich Korolev and the statement of reasons for the entry for Alexey Viktorovich Kuzmichev has been updated. Read more>>


  • Putin Makes Surprise Visit to Crimea and Mariupol: On March 18-19, Russian President Vladimir Putin made an unannounced visit to Crimea and Mariupol of Ukraine, one day after the International Criminal Court issued an arrest warrant for the Russian leader over alleged war crimes. In what was called a “surprise visit”, Putin was greeted by the Russian-installed governor of Sevastopol, Mikhail Razvozhayev, and visited a new children’s center and art school. Crimea was seized by Russia from Ukraine in 2014, eight years it launched a full-scale invasion of the country, and Mariupol was one of the Ukrainian cities which saw intense violence during the Russian siege last year, making it a symbol of Ukrainian resistance in the war. Read more>> and Read more>>
  • Russia Turns to Bitcoin and Chinese Yuan to Circumvent Sanctions: On March 23, 2023, in a bid to bypass the economic sanctions imposed by the United States and its allies, Russia announced plans to adopt alternative financial tools, including the use of Bitcoin and the Chinese Yuan. In recent weeks, Russia has seen its financial institutions and key industries targeted by a series of crippling sanctions. In response, the country has been actively seeking ways to mitigate the impact of these restrictions on its economy. The latest strategy involves the increased use of cryptocurrencies, particularly Bitcoin, and the adoption of the Chinese Yuan as an alternative to the US Dollar in bilateral trade. Russia is considering encouraging its businesses to accept Bitcoin for both domestic and international transactions. This move is expected to reduce the country’s reliance on the traditional banking system, which has become increasingly unstable due to the sanctions. By using cryptocurrencies, Russia aims to bypass the restrictions placed on its financial sector, allowing for greater flexibility and resilience in the face of economic challenges. Read more>>
  • Russian Prime Minister Says Unprecedented Western Sanctions Target Ordinary People: On March 23, 2023, Russian Prime Minister Mikhail Mishustin said that Western sanctions against Moscow target ordinary people. Russian Prime Minister Mikhail Mishustin is quoted as saying "At the very beginning, the West tried to assure us that the sanctions were not directed against our citizens. And then there were no illusions about this, but now even a person far from global politics understands that the main goal was the Russian people". He went further to say Moscow was hit by sanctions of unprecedented scale, and the West tried to collapse Russia's financial system by forcing its companies to leave the country and as a result provoke mass unemployment but expects the “pressure on Russia will continue, but the country will soon adapt and transfer to a new path of development.Read more>>
  • Russia Says Gold Hoard Grew as West Imposed Sanctions: On March 22, 2023, Russia’s central bank said its bullion holdings jumped by 1 million ounces over the previous year as it bought gold in the face of Western sanctions. The Bank of Russia said it held 74.9 million ounces of gold at the end of February, unchanged from the previous month but up from 73.9 million a year earlier. That bullion hoard was worth $135.6 billion, it said. Russia’s gold has been shut out of western markets since import bans were put in place by G-7 nations and the European Union last year. Local producers, who previously shipped most of their metal to London, were forced to find new customers in Asia. Over the 12 months through February, the Bank of Russia’s total holdings of foreign exchange and gold dropped to $574 billion from $617 billion. US sanctions imposed on Russia’s foreign exchange reserves have given some institutions a reason to seek alternatives to the dollar. Read more>>
  • Russia Alters Oil Taxes to Capture Bigger Share of Trades above Price Cap: On March 22, 2023, Russia was reported to be overhauling how oil companies are taxed, aiming to bolster state revenues by capturing a bigger share of crude sales that often exceed the G7-imposed price cap on the country’s exports. The planned reforms, first unveiled by President Vladimir Putin late last month, reflect the growing murkiness of the Russian oil market under sanctions and rivalry between the Kremlin and oil producers over potential additional revenue from sales. Western powers have hailed the discounts as evidence their approach to sanctions is working. But the customs data suggests Russian oil producers have been able to secure higher prices for at least some of their exports. Read more>>
  • Russia Will Keep Cutting Oil Output through June 2023: On March 21, 2023, it was reported that Russia plans to continue a 500,000 barrels per day oil production cut until the end of June this year. The global oil market is under unprecedented pressure, citing western energy embargoes against Russia. Russia’s unilateral output cut is in addition to an agreement by OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, to reduce supply. In October 2022, the group agreed on steep output cuts of 2 million bpd from November until the end of 2023 despite calls for increasing output from major consumers. Read more>>
  • Xi Meets with Putin in High-Profile State Visit after Proposing 12-Point Peace Plan: On March 20-22, Chinese President Xi Jinping met with Russian President Vladimir Putin at Moscow in a high-profile state visit. In a joint statement published by the leaders, Russia “reiterates efforts to resume peace talks as soon as possible” and “welcomes China’s willingness to play a constructive role in resolving the Ukraine crisis through political and diplomatic means”. They also called on “the international community to support constructive efforts” towards “responsible dialogue”. China had previously issued its 12-point position paper on the “political resolution of the Ukraine crisis” in February, urging both Russia and Ukraine to agree to a gradual de-escalation leading to a comprehensive ceasefire, but has been reluctant to condemn Moscow over the invasion. According to reports, Xi is also expected to hold a virtual meeting with Ukrainian President Volodymyr Zelenskyy after his visit to Moscow. Read more>>Read more>> and Read more>>
  • Russian State Oil Giant Rosneft Profit Falls after Sanctions: On March 20, 2023, Russian state oil giant Rosneft posted a sharp drop in its annual profit in the wake of Western sanctions against the country. The company announced a net profit of 813 billion rubles ($10.5 billion) for last year, down 7.9% from 2021. Rosneft said "non-monetary factors played a large role in determining the dynamics" of its earnings. Western powers have imposed a raft of sanctions against Russia over the conflict in Ukraine, including a price cap on its crude at the end of 2022. Read more>>
  • Business Costs Soar on Impact of Russia Sanctions: On March 21, Reuters reported that according to a market survey conducted last year, insurance and compliance costs for transport companies are set to stay high after Western countries imposed trade restrictions on Russia with the prospect of broader sanctions putting more pressure on global trade. “The risk of non-compliance is serious as custodial sentences and large fines are a constant threat”, said Jonathan Moss, DWF’s global head of transport sector, further citing notable rises in insurance premiums in aviation, marine, energy, political risk and cyber security. Read more>>
  • Russia Adds 23 British Nationals to UK “Stop List”: March 17, the Russian Ministry of Foreign Affairs has announced the addition of 23 people to the British “stop list”, banning them from entry to Russia because of British involvement in providing aid to Ukraine. The list of barred British nationals includes the management of Zinc Network Corporation, as represented by CEO Robert Elliott, Executive Director Scott Brown and Executive Director of Research and Strategy Louis Brooke. Read more>>
  • IMF and Ukrainian Authorities Reach Staff-Level Agreement on Facility Arrangement: On March 21, the International Monetary Fund (IMF) announced that it has reached a staff-level agreement with the Ukrainian authorities on a set of macroeconomic and financial policies that would be supported by a new 48-month Extended Fund Facility (EFF) Arrangement. According to the IMF, the EFF, with requested access of SDR 11.6 billion (about US$15.6 billion), aims to support the Ukrainian authorities anchor policies that sustain fiscal, external, price and financial stability, and support the ongoing gradual economic recovery, while promoting long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession. Read more>> and Read more>>
  • IMF Executive Board Concludes Changes to the Fund’s Financing Assurances Policy to Provide Loans to States in High Uncertainty: The Executive Board of the International Monetary Fund approved changes to the Fund’s financing assurances policy. The changes apply in situations of exceptionally high uncertainty, involving exogenous shocks that are beyond the control of country authorities. In such situations the Fund can provide emergency financing to meet urgent Balance of Payments needs of members, provided certain safeguards are met. It is claimed that the change of the rules will allow IMF to issue credit facilities to Ukraine. Read more>>
  • Ukraine Added 300 Individuals and 121 Legal Entities to the Sanctions List: On 17 March Ukraine extended sanctions to 300 new individuals and 121 legal entities. Read more>>
  • ICC Issues Arrest Warrants for Putin, Russian Official Tied to Kidnapping of Ukrainian Children: The International Criminal Court (ICC) has issued arrest warrants for Russian President Vladimir Putin and Maria Lvova-Belova, the Russian official allegedly overseeing the forced deportations of Ukrainian children to Russia. In its statement, the ICC writes that it believes Putin “bears individual criminal responsibility” as the leader of Russia for the war crimes committed against Ukrainian children. By estimates, more than 16,000 children were forcibly removed from Ukraine since the start of the full-scale invasion. Russia withdrew from the ICC in 2016 following its criticism of Russia's illegal annexation of Crimea. Read more>>
  • International Criminal Court to Open Office in Ukraine: Ukraine's Prosecutor General Andrii Kostin and the Registrar of the Hague-based International Criminal Court (ICC) Peter Lewis signed an agreement on opening the ICC's office in Ukraine on March 23. Kostin called the document "another step towards ensuring full responsibility for international crimes." The ICC issued arrest warrants on March 17 for Russian dictator Putin and Maria Lvova-Belova, the Russian official overseeing the forced deportations of more than 16,000 Ukrainian children to Russia. Read more>>
  • Ukrainian Parliament Adopted the Bill for the Prevention of the Sanction Avoidance in the First Reading: The Bill is aimed at creation of the state register of sanctions and development of the procedure of nationalization of the assets belonging to sanctioned individuals and entities by court. Currently Ukraine applies sanctions to more than 2500 people. Read more>>
  • Ukraine Included Raiffeisen Bank International into the List of International Sponsors of the War: Ukrainian National Agency for the Prevention of Corruption added the Austrian group Raiffeisen Bank International to the list of international war sponsors. The reason for listing was the fact that the bank continued to work in Russia, being one of the few European banks that continue to operate in this market. The bank has been operating in Russia since 1996 and is included in the list of systemically important Russian banks. It provided credit holidays and preferential loans to the Russian military staff participating in war. Read more>>
  • Russian Prime-Minister Acknowledged Violation of the WTO Rules by Russia But Stated that It Is Not Leaving the Organization: During its Parliament speech the Russian Prime-Minister Mikhail Mishustin stated that Russia has violated the rules of the World Trade Organizations for years by now: “ We have been making whatever decisions we want for ten years now. Today, if you like, we have in fact not fulfilled these obligations for a long time. We introduce counter-sanctions, ban the import of raw materials for the agro-industrial complex and many, many things". At the same time, Mikhail Mishustin stated that “even in the current conditions of severe sanctions pressure, WTO membership has advantages, while it does not tie Russia's hands”. Read more>>
  • Russian Court Freezes Volkswagen Assets in Russia: A Russian court on Monday froze all Volkswagen assets in Russia, in the latest obstacle to the German carmaker's year-long efforts to wind down its Russian operations. Volkswagen, along with other foreign carmakers, suspended operations in Russia last year and has been trying to sell its Russian assets, including its flagship plant in the city of Kaluga. Russian auto manufacturer GAZ, which was contracted to produce Volkswagen vehicles at its factory in Nizhny Novgorod, sought to halt any sale as part of a lawsuit after Volkswagen terminated the production agreement in August. In court filings, GAZ said Volkswagen's attempts to exit the Russian market put its own interests at risk and it is seeking 15.6 billion roubles ($201.3 million) in damages over the terminated contract. Read more>>


  • Australia Sanctions Iranian Individuals and Entity for Supplying Drones to Russia: On March 20, the Australian government announced that it is joining its partners to impose sanctions on thirteen Iranian individuals and one Iranian entity involved in the production and supply of drones to Russia. According to a press statement by Minister of Foreign Affairs Penny Wong, Iranian-made drones have been used by Russia to target Ukrainian civilians and civilian infrastructure, and the listing demonstrates that there will be consequences for those who provide material support to Russia. Read more>> and Read more>>
  • Japan Prime Minister Makes Unannounced Visit to Ukraine, Meets with Zelenskyy: On March 21, Japanese Prime Minister Fumio Kishida made an unannounced visit to Kyiv ahead of a Group of Seven summit he will host in May, and vowed alongside Ukrainian President Volodymyr Zelenskyy to keep supporting Ukraine against Russia’s invasion. Despite Japan holding the G-7 presidency this year, prior to this visit, Kishida had been the sole G-7 leader yet to visit Ukraine following Russia's invasion of the country in February 2022. In a post-meeting press conference, Kishida said that he had invited Zelenskyy to participate online in the G-7 summit in Hiroshima, while promising to supply $30 million worth of nonlethal equipment to Ukraine through a NATO fund. Read more>> and Read more>>
  • NATO Secretary General Launches Annual Report for 2022: On March 21, the Secretary General of the North Atlantic Treaty Organization (NATO) Jens Stoltenberg launched his annual report for 2022, covering all aspects of NATO’s work over the past year. Specifically, he praised the “steely resistance of the Ukrainian people” and the “unprecedented support for Ukraine” by the NATO Allies. He added that since Russia’s annexation of Crimea in 2014, NATO has implemented the largest reinforcement of its collective defense in a generation, and NATO Allies have provided Ukraine with significant support, including advanced weapons systems and ammunition. It also seeks to maintain support for Ukraine against Russia’s aggression by “agreeing new capability targets for the production of battle-decisive ammunition and engaging with industry to ramp up production”. Read more>> and Read more>>
  • Turkey Draws Up a List of Goods Banned for Export to Russia: Turkey has stopped the transit of goods subject to Western sanctions since March 1 and distributed a list of prohibited goods among its companies. It is stated that Turkey gave the European Commission verbal guarantees that from the beginning of March, goods subject to European, American or British sanctions, or those subject to export control measures, will not be sent to Russia. Read more>>
  • Kazakhstan Poised to Intensify Vetting of Re-exports to Russia: On March 22, 2023, Kazakh traders were reported to have been helping fill Russian demand for high-tech consumer goods and other items hard to obtain under Western sanctions. However, in a fresh attempt to avoid getting stung for enabling Russia to circumvent Western-imposed sanctions, Kazakhstan will from next month introduce an online system designed to track all goods entering and exiting the country. The system, which is reportedly due to come into effect from April 1, appears to be the most concerted effort to date by Kazakhstan to demonstrate compliance with Western efforts to isolate Russia’s economy in reprisal for the ongoing invasion of Ukraine. A Kazakhstan government official was reported as saying “Our government has repeatedly and very clearly stated that Kazakhstan does not apply any sanctions and restrictions in trade with Russia. However, it will not allow the circumvention of Western sanctions and will not become a platform for such circumvention”. Read more>>

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