Sanctions Weekly Update – Ukraine/Russia Conflict – January 30, 2023

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

Week of January 30, 2023

I. US SANCTIONS

• Treasury Targets Global Sanctions Evasion Network Supporting Russia’s Military-Industrial Complex: On February 1, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex. This action was taken pursuant to Executive Order (E.O.) 14024. Over the last year, Treasury has sanctioned over 100 individuals and entities engaging in activity to circumvent international sanctions and export controls imposed on Russia. Read more>> and Read more>>
• BIS Adds Seven Iranian Drone Producers to Entity List for Providing Weapons to Russia: On January 31, the Department of Commerce’s Bureau of Industry and Security added seven Iranian drone producers to the Entity List for contributing to the Russian military and defense industrial base through the provision of drones to the Russian military. The rule entered into effect on January 31. Read more>>
• Secretary Yellen Holds Line on Russian Sanctions during South Africa Visit: Axios reported that on January 27, US Treasury Secretary Janet stated that US-led sanctions have impaired Russia's “ability to conduct war” and claimed their military is now scavenging to find crucial replacement parts for battlefield equipment. These comments were made in an interview in in Johannesburg, South Africa, after she warned government officials in Pretoria not to violate US sanctions. Secretary Yellen acknowledged the sanctions have not affected Russia’s currency, but said "our objective with the sanctions is to impair their ability to conduct war." Read more>>
• State Department Engages with Gold Industry to Discuss Sanctions: On January 31, Ambassador James O’Brien, Head of the Office of Sanctions Coordination, led an interagency discussion with leading companies and associations in the gold sector. The meeting focused on the importance of the gold industry’s robust implementation of Russia-focused sanctions and of applying broader due diligence standards, including to Russia-backed actors, such as the Wagner Group, around the globe. Read more>>
• Deputy Secretary Don Graves Publishes Op-Ed on the Efficacy of US Export Controls on Russia: On February 1, Deputy Secretary of Commerce Don Graves published an Op-Ed on War On The Rocks. The Op-Ed discusses the “unprecedented” export controls put in place by Commerce in response to Russia’s war in Ukraine, summarizing the various controls used to counter Russian aggression. Deputy Secretary Graves notes that export controls are growing in strategic importance as a national security tool. The Op-Ed further covers the success of the US sanctions program in statistical terms and stressed the continued need for export controls to counter Russia's influence. Read more>>
• US Prosecutors Investigate Russians’ Art Buys: Bloomberg reported on February 1 that through a series of subpoenas, federal prosecutors in New York are demanding high-end auction houses in the US turn over years of records as they seek to determine if art was smuggled offshore or if proceeds from sales were transferred illegally, according to a person familiar with the investigation. Among those named in the subpoenas are sanctioned Russian tycoons Andrey Melnichenko, Viktor Vekselberg and Roman Abramovich, along with Ukrainian billionaire Ihor Kolomoisky. Read more>>
• Department of State Condemns Russia’s Intensifying Crackdown on Independent Civil Society: On January 27, the Department of State issued a statement condemning the Russian government’s “blows against independent civil society and media”. Specifically, the press release cited the January 25 Moscow court ruling to close the Moscow Helsinki Group, Russia’s oldest human rights organization. Read more>>
• Biden Rejects Sending F-16 Fighters to Ukraine: When asked by reporters outside the White House on January 30 whether the US would be sending F-16 fighter jets to Ukraine, President Joe Biden curtly responded in the negative. The press followed up on this with Principal Deputy Press Secretary Olivia Dalton on January 31, and she noted that she did not “have anything to add to the President’s comments” but that there is likely to be “more security assistance” which shall be announced soon. Read more>> and Read more>>
• USAID Administrator Meets with Mayor of Bucha, Ukraine: On January 31, USAID Administrator Samantha Power met with Anatoliy Fedoruk, the Mayor of the Ukrainian town of Bucha, to discuss USAID’s partnership with the government and people of Ukraine in delivering humanitarian assistance and long-term support. The Administrator outlined USAID support to restart Ukraine’s economic recovery through support for small businesses, energy assistance, and the decades-long effort to help local governments provide quality services to residents. Administrator Power asked the Mayor for recommendations for how USAID and the donor community can further support community-level relief efforts and coordination between Ukraine’s local and national government over the coming weeks and months. Read more>>
• USAID Administrator Meets with Ukrainian Prosecutor General: On February 1, USAID Administrator Samantha Power met with Ukrainian Prosecutor General Andriy Kostin to discuss USAID’s partnership with the government and people of Ukraine to support the documentation, investigation, and prosecution of alleged war crimes and human rights abuses resulting from the Russian invasion of Ukraine. The Administrator and the Prosecutor General discussed USAID’s most recent work such as documenting more than 25,000 instances of alleged war crimes and human rights abuses, delivering training to Ukraine’s judiciary to administer and adjudicate domestic war crimes cases, and providing technical assistance to the Prosecutor General’s Office to promote documentation and evidence collection and raise public awareness of war crimes accountability efforts. They also discussed the need for an international compensation mechanism to register and seek reparations for damage and losses resulting from the war, Ukraine’s progress on judicial reform, and other anti-corruption measures. Read more>> 

II. EU SANCTIONS

• EU Imposes Sanctions against Iran Aircraft Manufacturing Industries Corporation: On 30 January 2023, the Council of the European Union considered that the entity is involved in the development and delivery of Unmanned Aerial Vehicles to Russia and should be added to the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 269/2014. Read more>>
• EU Updated Consolidated Version of Its Guidance on Russian Sanctions: On 1 February 2023, the EU Commission published an updated version of its FAQ on the implementation of Council Regulation No 833/2014 and Council Regulation No 269/2014. Read more>>
• EU Provides Guidance on Medicines and Medical Devices: On 1 February 2023, the Commission updated its FAQ on Medicines and Medical Devices. The Commission’s update concerns two questions on the definition of “medical or pharmaceutical purposes” as well as of “pharmaceutical and medical products.” Read more>>
• EU Provides Guidance on Russian State-Owned Media: On 30 January 2023, the Commission updated its FAQ on Russian state-owned media. The Commission’s update concerns two questions on the sale of listed channels. Read more>>
• EU Talks on Fresh Russian Oil Price Caps Go to the Wire: EU countries failed to strike a deal on a price cap for Russian oil products, with a deadline for settling the price now just days away. Talks between EU ambassadors have been postponed. Read more>>
• EU Prolongs Economic Sanctions over Russia’s Military Aggression against Ukraine: The Council today decided to prolong by six months, until 31 July 2023, the restrictive measures targeting specific sectors of the economy of the Russian Federation. Read more>>
• EU Broadcast Prohibition to Apply against NTV/NTV Mir, Rossiya 1, REN TV, Pervyi Kanal: In a note to the companies concerned, the EU informed them of its intention to apply a broadcasting prohibition against them on February 1^st, in accordance with Regulation (EU) 2022/2474 of 16 December 2022. Read more>>
• Leopards to Ukraine as Germany Agrees to Exports and Re-Exports: The German government has said it will send Leopard 2 tanks to Ukraine and allow allies operating them to re-export theirs to support Kyiv’s war efforts. Read more>>
• EU Human Rights Court Rules on Russian Responsibility in Eastern Ukraine: The European Court of Human Rights published an interim verdict ruling partially admissible Ukraine’s allegations of Russia’s human rights violations in eastern Ukraine, setting a precedent as the first international court to prove Russia’s occupation in Donbas since 2014. Read more>>
• EU Ramps Up Military Support, Doubles Training Mission Targets for Ukraine: The EU plans to double the number of Ukrainian troops it trains to 30,000, the bloc’s chief diplomat, Josep Borrell, announced on Thursday (2 February) as top EU officials were due to meet their Ukrainian government counterparts in Kyiv. Read more>>
• EU Welcomes Japan’s Decision to Strengthen Sanctions against Russia: The EU welcomes Japan’s decision taken today to further align its export controls with those taken by the EU, its allies and partners. Read more>>
• New Actions Brought before EU Courts: Three individuals brought actions before the EU General Court to object their inclusion in EU sanctions lists. Read more>>, Read more>> and Read more>>
• New US-EU Coalition Calls to Sanction Hollywood Star: A group of politicians across the globe are urging the EU to enforce sanctions on ten individuals for supporting the Russian invasion of Ukraine – including US actor Steven Seagal. Read more>>
• EU Officials Pledge Solidarity with Kyiv, Zelenskyy Says Speed Up Sanctions: Ukraine urged the European Union to impose more sanctions on Moscow, as some of the bloc's top officials visited Kyiv in a show of solidarity that offered no quick path to membership during Russia's invasion. Read more>>
• Ukraine to Get Cold Shoulder on Rapid EU Entry: Top EU leaders are traveling to Ukraine this week, but they won’t be bringing promises that the war-torn country can join the bloc anytime soon. Read more>>
• Commission Approves EUR 600 Million Slovak Scheme to Support Its Economy in the Context of Russia's War against Ukraine: The European Commission has approved a EUR 600 million Slovak scheme to support its economy in the context of Russia's war against Ukraine. The scheme was approved under the State aid Temporary Crisis Framework. Read more>>
• Commission Approves EUR 5 Million Italian Measure to Support Tourism Bus Operators in the Context of Russia's War against Ukraine: The European Commission has approved a EUR 5 million Italian measure to support bus operators providing tourist transport services in the context of Russia's war against Ukraine. The scheme was approved under the State Aid Temporary Crisis Framework. Read more>>
• Commission Approves EUR 60 Million Greek Scheme to Support the Primary Agricultural Sector in the Context of Russia's War against Ukraine: The European Commission has approved a EUR 60 million Greek scheme to support the primary agricultural production sector in the context of the Russia's war against Ukraine. The scheme was approved under the State Aid State Temporary Crisis Framework. Read more>>
• Commission Approves Re-Introduction of Romanian Scheme, Including Budget Increase, to Support Companies in the Context of Russia's War against Ukraine: The European Commission has found the re-introduction of a Romanian aid scheme to support companies in the context of Russia's war against Ukraine to be in line with the State Aid Temporary Crisis Framework. Read more>>
• EU Reportedly Bought 600,000 Barrels of Russian Diesel per Day in January: Oil traders increased imports of Russian diesel fuel to the EU against the backdrop of an impending embargo on the supply of petroleum products by sea. According to analysts, the EU bought 600 thousand barrels of Russian diesel per day in January. Several ships with this fuel are sent to Europe and will arrive before February 5, when the embargo on oil products from Russia comes into force. Read more>>
• Danone May Sell Some Russian Assets, with a Buyback Option: Danone is ready to transfer to potential investors control over part of its assets in Russia. The deal could include a buyback option, keeping Danone up to 25% ownership in the business and a seat on the board of directors. Such a scheme may be of interest primarily to financial investors. Read more>>

III. UK SANCTIONS

• UK Court Judgment on the Impact of Sanctions on Litigation: On January 30, 2023, the UK Commercial Court gave a detailed judgment on various aspects of the impact of Russia sanctions on ongoing litigation involving a sanctioned party. Proceedings were brought in 2019 by PJSC National Bank Trust & Bank Otkritie claiming that a number of the defendants conspired with representatives of Bank Okritie to enter into uncommercial transactions by which loans were replaced with worthless loans. The Defendants applied for a stay (and release from undertakings in relation to freezing orders already obtained). Mrs. Justice Cockerill held that the asset freeze prohibitions in UK and EU sanctions do not (on balance) prevent a judgment relating to a pre-existing (i.e. pre-sanctions) claim from being entered for or against a designated person by the Court. OFSI can licence orders for adverse costs (future and existing), the payment of costs orders to a sanctioned party and security for costs to meet such adverse costs orders. Post-judgment interest on costs cannot be licensed. Read more>> and Read more>>
• Register of UK Property Held Offshore Lists 40 Owners under Sanctions: On February 1, 2023, it was reported that nearly 40 individuals and entities declared as being under sanctions, including three Russian tycoons, hold British property through offshore vehicles, according to an analysis of an official ownership register. Ministers set a deadline of Tuesday night for owners of 32,440 registered overseas organisations to declare their beneficial ownership status or face fines. Just fewer than 20,000 have complied so far. An analysis of registrations revealed that they included three sanctions-hit Russian businessmen, a string of billionaires and several donors to the Conservative party. The new register pierces the opaque ownership structures behind some of the UK’s most expensive properties. It is not illegal for sanctions-hit individuals or entities to hold British assets, whether offshore or otherwise. However, such assets are generally frozen by the government until restrictions are lifted. Read more>>
• OFSI Oil Price Cap to Extend to Refined Products: On February 2, 2023, it was reported that the prohibition on UK ships and services involved in the maritime transportation of Russian oil which came into force on 5 December 2022 will be extended to Russian oil products on 5 February 2023. The oil price caps for refined products will accompany this ‘services ban’ to enable the maritime services sector to continue to transport affordable oil to third countries that need it. As there are different refined oil products with different production costs, sale values, and volumes, OFSI intend to categorise the oil products being targeted with this measure. A wind-down period will be introduced by a General Licence, exempting from the price cap refined oil products loaded onto vessels before 5:01am GMT on 5 February and offloaded before 5:01am GMT on 1 April. To comply with the price cap, entities will have to abide by the relevant part of a 3-tier attestation model and the recordkeeping and reporting requirements listed in the updated guidance and General Licences (which will be available on the OFSI website). Industry must ensure they meet these requirements once the Russian oil products cap comes into effect on Sunday. Read more>>
• HM Treasury to Review Process for Granting Legal Fees Licences to Designated Persons: On January 27, 2023, the Exchequer Secretary to the Treasury James Cartlidge MP said in Parliament that in taking licensing decisions for reasonable professional fees, OFSI scrutinises the reasonableness of costs, including hourly rates and disbursements. OFSI does not consider it appropriate for HM Treasury to decide whether a case has sufficient merit to be permitted to proceed by deciding whether to issue a licence permitting legal fees to be paid. Further, the UK sanctions regulations do not exclude payments for any particular legal services from the licensing regime, which could give rise to issues about access to justice. HM Treasury is now conducting an internal review to decide whether this approach is the right one and whether changes can be made without the Treasury assuming unacceptable legal risk. Read more>>
• Sunak Decides to Accelerate British Support for Ukraine: On January 31, 2023, UK Prime Minister Rishi Sunak said “prolonged stalemate” in Moscow’s conflict with Ukraine “would only benefit Russia” in a cabinet meeting. He reached this conclusion after reviewing the UK’s approach to the conflict since becoming prime minister in October last year, adding that this led him to decide that there was an “opportunity to accelerate" British support for Ukraine. This would give Kyiv the "best chance of success and make the most of the window of opportunity where Russian forces were on the back foot,” he said, according to the readout. This new UK strategy to accelerate support would include greater diplomatic efforts and planning for how to rebuild after the conflict, the prime minister added, according to the readout. Read more>>
• UK Government Promises ‘Confidentiality’ for Putin Allies Fighting Sanctions: On January 30, 2023, it was reported that, responding to a Freedom of Information request, the Foreign Office refused to say which Russian individuals had submitted legal applications to be removed from the sanctions list, which was expanded in the wake of Putin’s invasion of Ukraine. Officials also refused to reveal whether any of those fighting sanctions are being assisted in their legal battles by law firms based in the UK. The Foreign Office said it would be a “breach of confidence” to name the Russians trying to have their sanctions overturned or the law firms representing them. In contrast, appeals against EU sanctions are recorded publicly. Reports say that multiple sanctioned Russians have employed legal teams to fight against the imposition of international sanctions. Read more>>

IV. RUSSIA/UKRAINE SANCTIONS

• Zelenskyy Calls for an Increase in Sanctions against Russia: On February 1, 2023, Zelenskyy called for increased sanctions against Russia, saying that the “terrorist state must feel the price of terror.” Zelensky continued to put pressure on Austrian businesses to “step up” their cooperation with Ukraine and help to rebuild and modernize the country’s energy systems, telling businesses to leave Russia and set up in Ukraine. He also urged individual Austrian companies not to “betray Austrian society,” saying it’s an important issue which will be resolved on the basis of “shared values of freedom, democracy and human rights.” Zelenskyy’s comments come as Austrian President Alexander Van der Bellen visited Kyiv to discuss financial and humanitarian aid for Ukraine. Read more>>
• Zelenskyy Introduces Sanctions against Russian and Belarusian Companies Involved in the Transportation of Troops and Weapons: The President of Ukraine, Volodymyr Zelenskyy, implemented the decision of the National Security and Defense Council to impose sanctions against 3 individuals and 182 legal entities of the Russian Federation and the Republic of Belarus, involved in the transportation of personnel and weapons. The assets of the sanctioned persons, in particular those that they disposed of indirectly through other individuals or legal entities, will be blocked and collected in favor of the state. These include railway wagons, which will now work for the defense and economy of Ukraine. Read more>>
• Ukraine Confiscated Assets of Nine Russians and Yanukovych during War: Since the start of the full-scale incursion, under the Sanctions Act, the state has confiscated the assets of nine Russians and fugitive President Viktor Yanukovych. Among the citizens of the Russian Federation who were deprived of their property are two oligarchs, three rectors of Russian universities, three deputies of the State Duma, as well as one member of the Federation Council of the Russian Federation from Crimea, Olga Kovitidi. Read more>> 
• Goldman Sachs Transferred Privately Held Russian Assets to Former Employees: On January 30, 2023 it was reported that Goldman Sachs agreed a deal last year to transfer a portion of its privately held Russian investments to two of the bank’s former employees, part of their efforts to wind down its operations in the country in the wake of Moscow’s war with Ukraine. Goldman has transferred its ownership stakes in Russian recruitment firm HeadHunter and Cian, a property listing website, to Maxim Klimov and Anton Schreider, according to a person familiar with the matter. The deal gives the former Goldman employees stakes in companies that have remained profitable even as western sanctions against Russia over the war have sparked an exodus of foreign groups and battered markets. Efforts by western banks to exit the Russian market have been complicated by a decree signed by Russian President Vladimir Putin in October, which prohibits 45 foreign banks, including Goldman Sachs, from disposing of their Russian assets without his personal approval. Read more>>
• Russia’s Internal Struggle over Classified Financial Data: On January 29, 2023, it was reported that Russian policymakers are debating whether to declassify more data as the Kremlin’s drive for secrecy leaves even seasoned observers struggling to make sense of the country’s economy. Elvira Nabiullina, Russia’s central bank governor, is leading a push to roll back most of a decision to make reams of economic data classified, taken in the early weeks of last year’s full-scale invasion of Ukraine. The Kremlin, which has yet to approve the initiative, has justified withholding information on a wide range of economic statistics as a necessary defence against Western sanctions. The classified data sets include important indicators such as foreign reserve holdings and export figures. Russian companies are allowed to keep “sensitive” results secret. The debate highlights the extent to which economic data have become part of Russia’s information war accompanying Vladimir Putin’s offensive in Ukraine — and the west’s efforts to slow it down. Read more>>
• Russian Court Fines Amazon's Twitch over Ukraine Content: On January 31, 2023, a Russian court fined streaming service Twitch 4 million roubles ($57,000) for failing to remove what it said were "fakes" about Russia's military campaign in Ukraine, the Interfax news agency reported. Twitch, which is owned by Amazon, did not immediately respond to a request for comment. Moscow has long objected to foreign tech platforms' distribution of content that falls foul of its restrictions, with Russian courts regularly imposing penalties. Read more>>
• Ukraine Counting on the Extension of Duty-Free Trade with the EU through 2024: The Prime Minister of Ukraine Denis Shmyhal emphasized that integration into the EU Internal Market and further deepening of trade relations is vital for Ukraine's ability to resist Russian aggression. "In particular, it is important to preserve the duty-free import of our goods to the European Union until the end of 2024," said Denys Shmyhal. He also called on the EU to join the rapid reconstruction of Ukraine. Read more>>
• Ryanair Hiring Ukraine Staff in Anticipation of Postwar Operations: Ryanair is hiring significant numbers of Ukrainian pilots and cabin crew so that it will be ready to return to the country when the war with Russia ends, Chief Executive Michael O'Leary said on Monday. "We are very committed to returning to Ukraine as soon as it is safe to do so," said O'Leary, who had said on the eve of the conflict that he was considering basing up to 20 aircraft in the country. Read more>>
• Government Submits Draft Law to Council Regarding OECD Office in Ukraine: At a meeting on January 27, the Cabinet of Ministers of Ukraine supported the draft law on the ratification of the agreement with the Organization for Economic Cooperation and Development (OECD), which will allow the opening of the OECD Office in Ukraine. Ukraine also expects that the Organization will play one of the key roles in the recovery strategy. Read more>>
• Ukraine to Abolish Almost 50% of Business Licenses to Improve Business Environment: The first working group on deregulation proposed to drastically revise the existing regulatory system in Ukraine, to abolish about 47% of the existing licenses and to transfer significant amount of the remaining licenses to online environment. The working group stressed that the existing licensing requirements are either outdated or redundant. Read more>>
• US Plans to Keep Oil Price Cap at $60 until March While Estonia, Lithuania and Poland Push to Lower It to $40–50: The countries referred to the estimates of the International Energy Agency, according to which the average market price for Russian oil was $54 in December and $52 in January. In this regard, the Baltic republics are seeking to limit prices at the level of $40-50. Countries indicated that in December the EU agreed to keep prices at least 5% below the market average. Read more>>

V. OTHER NOTABLE DEVELOPMENTS

• Australia Adds to Russia Sanctions List: On February 1, 2023, in response to the supply of Iranian drones to Russia, Australia has designated several people and entities under its Russia sanctions regimes. Pursuant to the Autonomous Sanctions (Designated Persons and Entities and Declared Persons - Russia and Ukraine) Amendment (No. 1) Instrument 2023, Australia has listed Iranian nationals and Iranian entities Design and Manufacturing of Aircraft Engines (DAMA), Islamic Revolutionary Guard Corps Research and Self-Sufficiency Jihad Organisation (IRGC SSJO), Oje Parvaz Mado Nafar Company and Paravar Pars Company. Read more>> and Read more>>
• Japan Tightens Russia Sanctions after Deadly Missile Strikes in Ukraine: Reuters reported on January 27 that Japan will prohibit shipments of certain products to 49 organizations in Russia that could be used to enhance its military capability, starting on February 3, 2023. The restricted products include water cannons, gas exploration equipment, semiconductor equipment, vaccines, X-ray inspection equipment, explosives, and robots. Japan will also freeze the assets of three entities and 22 individuals in Russia, including aircraft company JSC Irkut Corp, surface-to-air missile maker MMZ Avangard, deputy defence minister Mikhail Mizintsev and justice minister Konstantin Chuychenko, along with 14 pro-Moscow individuals related to the "annexation" of parts of southeastern Ukraine region. Read more>> 
• Iran and Russia Link Banking Systems amid Western Sanctions: On January 30, Reuters reported that Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions. Since the 2018 reimposition of sanctions on Iran, Iran has been disconnected from the Belgium-based SWIFT financial messaging service, and similar limitations have been slapped on some Russian banks since Moscow's invasion of Ukraine. Deputy Governor of Iran's Central Bank, Mohsen Karimi, stated, "about 700 Russian banks and 106 non-Russian banks from 13 different countries will be connected to this system." Read more>> 
• Russian Gas Supply Hit Pushes India's GAIL to Scout for Long-Term LNG: GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on January 30. India's largest gas distributor reported a 93 percent decline in its Q4 2022 net profit as it transmitted less gas locally due to a reduction in liquefied natural gas (LNG) supply from a deal with Gazprom Marketing and Singapore (GMTS). GAIL is in talks with Abu Dhabi National Oil Co (ADNOC) and many other parties to source gas. Read more>>
• Australia and France to Supply Artillery Shells to Ukraine: On January 30, Australia and France announced an agreement to join forces to produce thousands of artillery shells to help Ukraine push Russian forces out of its country. Australian and French officials stated that several thousand 155 millimeter artillery shells will be manufactured jointly by French arms supplier Nexter, while Australia will supply gunpowder. The first supplies are expected to be delivered to Ukraine by the end of April. Read more>> 
• Russia Sidesteps Western Punishments, with Help from Friends: On January 31, the New York Times reported that Armenia, Turkey, China, Belarus, Kazakhstan and Kyrgyzstan are assisting Russia by providing them many products Western countries have tried to cut off through sanctions. Further, fewer than 9 percent of companies based on EU and G7 nations had divested from any one of their Russian subsidiaries. Maritime tracking firms have seen a surge in activity by shipping fleets that may be helping Russia to export its energy, apparently bypassing Western restrictions on those sales. Read more>> 
• IOC Rules Out Allowing Russian Athletes to Compete under National Flag: On January 31, 2023, the International Olympic Committee (IOC) press service announced they will not allow Russian athletes to participate in international competitions with their national flag and anthem. “The sanctions against the Russian and Belarusian State and Governments are not negotiable. They have been unanimously confirmed by the recent Olympic Summit meeting on 9 December 2022. They are: No international sports events being organised or supported by an IF or NOC in Russia or Belarus. No flag, anthem, colours or any other identifications whatsoever of these countries being displayed at any sports event or meeting, including the entire venue," an IOC spokesperson said. Read more>> 
• IOC Recommendations On Russian Athletes Do Not Apply to Paris Olympics: On February 2, 2023, the IOC’s press service reported that recommendations for the return of Russian and Belarusian athletes only apply to competitions in Asia and do not apply to the Olympic Games. "No decision has been taken on the participation of athletes with a Russian or Belarusian passport at the Olympic Games Paris 2024. The topic under discussion is about their participation in international competitions in Asia in the forthcoming summer sport season. In none of the documents published by the IOC will you find a reference to the Olympic Games Paris 2024 for athletes with a Russian or Belarusian passport," the statement said. Read more>> 
• Russian Oligarch Alexander Abramov's Ties to New Zealand Posed Risk to Sanctions: RNZ reported on February 1 that a New Zealand police intelligence report showed that Russian oligarch Alexander Abramov's links to New Zealand were considered a threat to the integrity of overseas sanctions against his business partner Roman Abramovich. He and Abramovich are both billionaire co-heads of the steel company Evraz, which has been accused of supplying raw materials to build Russian tanks. Abramov's assets in New Zealand include a $41 million retreat in Helena Bay, Northland, including guest villas, a gym, sauna, massage room, a 25-metre heated swimming pool and a library, situated on 320 hectares of farmland and native forest. Read more>>
• Mongolia Reels from Impact of Russian Sanctions: On January 30, 2023, it was reported that Mongolia’s Prime Minister Luvsannamsrain Oyun-Erdene reported that the West’s anti-Russian sanctions have hurt Mongolia’s economy, claiming financial damage including the loss of airline revenues and difficulty in importing necessary supplies from Russia. Almost a year on from Russia’s invasion of Ukraine and the subsequent imposition of wide-ranging sanctions by the US and its allies on Moscow, the landlocked democracy of just 3.3 million people sandwiched between Russia and China is still reeling from the impact. Oyun-Erdene added that the punitive measures amounted to “a double sanction on Mongolia even though it is not our fault”. The collateral damage ranges from complications in paying Russian companies on which Oyun-Erdene says Mongolia is “wholly dependent” for fuel, to the loss of revenues from airlines that once flew over the country. Read more>>