Russia/Ukraine Sanctions Update - Month of July

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

I. US SANCTIONS

• U.S. Department of the Treasury Sanctions Leader and Primary Member of Cyber Army of Russia Reborn: On July 19, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated two individuals after determining their roles in the Russian hacktivist group Cyber Army of Russia Reborn, which conducts cyber operations against U.S. critical infrastructure. The two individuals are the group’s leader and a primary hacker, respectively. Read more >> and Read more >>
• U.S. Department of the Treasury Implements REPO for Ukrainians Act Reporting Requirement: On July 23, as part of implementing the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (the “REPO for Ukrainians Act”), OFAC has issued a new reporting requirement for financial institutions holding Russian sovereign assets. Pursuant to section 104(a) of the REPO for Ukrainians Act, all financial institutions at which Russian sovereign assets are located, and that know or should know of such assets, must provide notice of such assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets, and can do so via OFAC’s new form. Read more >>
• OFAC Issues Guidance on Extension of Statute of Limitations: On July 22, OFAC released guidance addressing questions raised by recent U.S. legislation that extended the statute of limitations for violations of certain sanctions administered by OFAC. The guidance explains that OFAC may now commence an enforcement action for civil violations of International Emergency Economic Powers Act- or Trading with Enemy Act-based sanctions prohibitions within 10 years of the latest date of the violation if such date was after April 24, 2019. Read more >>
• U.S. Announces Significant Military Assistance to Ukraine: On July 11, the U.S. announced a $225 million package of weapons and equipment for Ukraine, which includes a Patriot missile battery, munitions for National Advanced Surface-to-Air Missile Systems; Stinger anti-aircraft missiles; ammunition for High Mobility Artillery Rocket Systems; 155mm and 105mm artillery rounds; Tube-Launched, Optically-Tracked, Wire-Guided missiles and equipment; Javelin and AT-4 anti-armor systems; small arms ammunition; demolitions munitions and equipment; and other ancillary equipment. Read more >>
• President Biden and President Zelenskyy Issue Remarks Following NATO’s Summit: On July 11, US President Biden and Ukrainian President Zelenskyy discussed Ukraine’s efforts against Russia’s invasion and the United States’ recent “historic donation of air defense equipment to Ukraine.” Read more >> and Read more >>
• President Biden Announces Launch of Ukraine Compact: On July 11, President Biden launched the Ukraine Compact, a unified and comprehensive security architecture to support Ukraine, which was endorsed by the leaders of Belgium, Canada, Denmark, Estonia, Finland, France, Germany, Iceland, Italy, Japan, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, and the United Kingdom, the European Council, the European Commission, and the President of Ukraine. Read more >>
• U.S. Department of the Treasury Issues Russia-Related General License: On July 10, OFAC issued General License (“GL”) No. 13J, “Authorizing Certain Administrative Transactions
  Prohibited by Directive 4 under Executive Order 14024.” GL 13J authorizes U.S. persons, or entities owned or controlled, directly or indirectly, by a U.S. person, to pay taxes, fees, or import duties, and purchase or receive permits, licenses, registrations, certifications, or tax refunds to the extent such transactions are prohibited by Directive 4 under Executive Order (“E.O.”) 14024, “Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation,” provided such transactions are ordinarily incident and necessary to the day-to-day operations in the Russian Federation of such U.S. persons or entities, through 12:01 a.m. eastern daylight time, October 9, 2024. Read more >>
• Secretary of State Meets with Ukrainian Foreign Minister: On July 9, Secretary of State, Antony J. Blinken, met with Ukraine’s Foreign Minister, Dmytro Kuleba, on the margins of the Washington NATO Summit. They both discussed ongoing work to bring Ukraine closer to NATO membership, commitment to Ukraine’s ability to defend against Russian aggression now and deter future aggression, and support for reforms necessary for Ukraine’s transatlantic integration. Read more >>
• U.S. Announces Significant Military Assistance for Ukraine: On July 3, the U.S. announced a $150 million package of weapons and equipment for Ukraine, which includes missiles for HAWK air defense systems, ammunition for High Mobility Artillery Rocket Systems, 155mm and 105mm artillery rounds, 81mm mortar rounds, Tube-Launched, Optically-Tracked, Wire-Guided missiles, Javelin and AT-4 anti-armor systems, small arms ammunition and grenades, demolitions equipment and munitions, tactical vehicles to tow and haul equipment, tactical air navigation systems and aircraft support equipment, night vision devices, and spare parts, maintenance, and other field and ancillary equipment. Read more >>
• U.S. Department of the Treasury Adds Secondary Sanctions Designations under Executive Order 14024: On July 3, the U.S. Department of the Treasury, pursuant to E.O. 14024, “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation,” added the following language, “Secondary sanctions risk: See Section 11 of Executive Order 14024,” to many names on OFAC’s Specifically Designated Nationals List and/or OFAC’s Sectoral Sanctions Identifications List. Read more >>

II. EU SANCTIONS

• EU Council renews economic sanctions against Russia for a further 6 months: On July 22, the EU Council renewed the EU restrictive measures in view of the Russian Federation's continuing actions destabilising the situation in Ukraine for a further 6 months, until 31 January 2025. The sanctions currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods. In its conclusions dated June 27, 2024, the European Council reiterated its continued support for Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders. Read more >> and Read more >>
• EU Council introduces new EU restrictive measures against Belarus: On June 29, the EU Council adopted restrictive measures targeting the Belarusian economy, in view of the country’s involvement in Russia’s war of aggression against Ukraine. These comprehensive measures aim at mirroring several of the restrictive measures already in place against Russia, and thereby address the issue of circumvention. The restrictions ban trade in certain goods and technologies, including dual-use, advanced and luxury goods, import of gold, diamonds, helium, coal and mineral products, as well as export of goods and technologies for oil refining and the liquefaction of natural gas. The restrictions ban provision of certain services to Belarus, broaden the prohibition of transportation services and mandate the use of “no re-exportation” clause in future export contracts. Read more >> , Read more >> and Read more >>
• The Commission published new FAQs on EU sanctions: The new FAQs on sanctions against Russia issued in July 2024 cover the following sanction topics: provision of services (Article 5n of Council Regulation (EU) No 833/2014); divestment from Russia (Art. 12b of Council Regulation (EU) No 833/2014); ban on cooperation with state-owned enterprises (Article 5aa of Council Regulation (EU) No 833/2014); general application of sanctions; ban on port entry for targeted vessels (Article 3s of Council Regulation 833/2014); sanctions against persons in occupied areas of Ukraine (Council Regulation (EU) 2022/263); “No re-export to Russia” clause (Article 12g of Council Regulation (EU) No 833/2014); chemicals (Articles 5aa and 11 of Council Regulation (EU) No 833/2014 and Council Regulation (EU) No 269/2014); central securities depositories (Articles 5e and 5f of Council Regulation (EU) No 833/2014). The consolidated version of the Commission’s FAQs as of July 24, 2024 is available at the Commission’s website.
• EU Council prolongs EU restrictive measures against Iran: On July 15, the EU Council extended until 27 July 2025 the restrictive measures in view of Iran’s military support for Russia’s war of aggression against Ukraine and for armed groups and entities in the Middle East and the Red Sea region. Existing restrictive measures will continue to be reviewed annually. The sanctions apply to 12 persons and 9 entities which are subject to an asset freeze, and the provision of funds or economic resources, directly or indirectly, to them or for their benefit is prohibited. Read more >> , Read more >> and Read more >>
• EU lists two individuals and four entities for circumventing EU sanctions against Russia: On June 28, the EU Council imposed restrictive measures against two individuals and four entities responsible for circumventing EU sanctions and materially supporting the Russian government. According to the Council’s statement, the sanctioned individuals and entities set up a scheme to sell the sanctioned assets of Oleg Deripaska, as well as participated in illegal weapon trade schemes with the Democratic People’s Republic of Korea (DPRK) in support of the Russian Government. The new listings were made in an effort to counteract circumvention of the EU sanctions. Read more >> , Read more >> and Read more >>
• A number of non-EU states align their sanction policies with the EU Council decisions: The EU High Representative issued statements on the alignment of certain third countries, including candidate countries North Macedonia, Montenegro, Albania, Ukraine and Bosnia and Herzegovina as well as the EFTA countries Iceland, Liechtenstein and Norway, with the EU restrictive measures. The alignment covers the Council decisions >2024/1744 and >2024/1738 dated June 24, 2024. Read more >> and Read more >>
• The European Commission hosts a meeting with Japan, the US and the UK discussing export restriction: On July 10, the European Commission hosted a meeting with counterparts from Japan, the United Kingdom and the United States to discuss ongoing efforts, align and enhance export restriction measures imposed in response to Russia’s illegal invasion of Ukraine. The EU and its partners continue to cooperate on the development on common approaches to export controls and preventing circumvention of the sanction measures by Russia. Read more >>
• EU individual sanctions are challenged before the Court of Justice of the European Union: Russian individuals under sanctions Igor Rotenberg and Alexander Pumpyanskiy are challenging their designation as sanctioned individuals by the EU. The actions were brought before the Court of Justice of the European Union on 22 May 2024 and 26 April 2024 respectively. The claimants refer to the manifest error of assessment by the Council, the breach of the principle of proportionality and the obligation to state rights as the legal ground for annulment of the sanctions. Read more >> and Read more >>
• Germany convicts a couple for supplying drone parts to Russia: In July 2024 the Stuttgart Higher Regional Court delivered a criminal sentence to German-Russian business couple for delivering around 120,000 drone parts to Russia. The drones were installed in Orlan 10 reconnaissance drones, which the Russian armed forces use in their war of aggression against Ukraine. According to the indictment, the electrical components supplied are a common part of this type of drone and are covered by the European Union's Russia embargo. Read more >>
• Germany issues four arrest warrants for sale of luxury cars to Russia: The four main suspects were accused of violating embargo regulations prohibiting to sell luxury goods to Russia. They are alleged to have sold or exported over 170 luxury cars since the end of 2022, despite corresponding sanction regulations. The customs authorities secured around 300,000 Euros in cash and extensive business records and seized five high-priced vehicles. Read more >>
• Lithuania fines a virtual currency operator for the breach of Russian sanctions: For the determined violations of international sanctions the Financial Crime Investigation Service (the FCIS) has imposed a record fine of more than EUR 8.23 million on a company registered in Lithuania as a depository virtual currency wallet operator for violations of international sanctions. The company was found to operate a cryptocurrency platform allowing its customers, mainly from Russia, to carry out transactions in Russian roubles, transferring them to and from Russian banks sanctioned by the European Union. The identities of the company's clients were not properly determined and verified. Read more >>
• Dutch company fined 1.8 million euros for participation in Crimean Bridge construction: In the Netherlands, construction equipment supplier Dieseko Group B.V. was fined nearly 1.8 million euros ($1.9 million) for its involvement in the illegal construction of the Crimean bridge, violating international trade sanctions. From 2015 to 2016, the company sold equipment and provided technical support for the bridge project, despite EU sanctions imposed in 2014 against Russia over the occupation of Crimea. The company pleaded guilty, paid the settlement, and pledged to avoid such violations in the future. Read more >>
• Switzerland opens dozens of Russian sanctions cases: Switzerland has opened investigations into more than 50 cases of possible sanctions violations and has found breaches in 15 of them so far. Since Russia's invasion of Ukraine in February 2022, Switzerland has adopted sanctions similar to those of other Western countries, passing new measures earlier this month. Switzerland said earlier this year it had set up a specialist team to investigate and enforce sanctions that Bern imposed following Moscow's invasion of Ukraine. Read more >>

III. UK SANCTIONS

• UK Government extends General Licence for Continuation of Business of Evraz Plc’s North American Subsidiaries: On July 25, the UK Government extended General Licence INT/2022/1710676. The general licence authorises certain activities relating to the subsidiaries of Evraz Plc’s North American Subsidiaries. The general licence now expires at 23:59 on 31 March 2025. Read more >>
• OFSI publishes seven new FAQs on UK financial sanctions: On July 19, the UK Office of Financial Sanctions Implementation (OFSI) issued seven new FAQs. Six relate to the trust services ban under the Russia regime; one relates to a general licence for inter alia the sale, divestment and transfer of financial instruments held by the National Security Depository. Read more >>
• UK designates 11 ships under the Russia sanctions regime: On July 18, the UK specified 11 ships under the Russia sanctions regime. According to the FCDO, these sanctions target the Russian shadow fleet which attempts to undermine sanctions in support of the Russian oil trade. Read more >> and Read more >>
• OFSI amends its Russia Financial Sanctions Guidance: On July 16, OFSI amended section 9.6 of its Russia Financial Sanctions Guidance, setting out that OFSI may issue a licence under the trust services restrictions for: (i) extraordinary situation, (ii) humanitarian assistance activity, (iii) medical goods or services, (iv) production or distribution of food to the civilian population, (v) diplomatic missions, (vi) safety and soundness of a firm, (vii) financial regulation, (viii) financial stability, and (ix) unauthorised unit trust schemes. Read more >>
• UK House of Commons Library publishes research briefing on post-conflict reconstruction assistance to Ukraine: On July 15, the UK House of Commons Library published a research briefing on post-conflict reconstruction assistance to Ukraine. The briefing notes, among other things, that while sanctions have not been imposed on nations for continuing to trade with Russia, the United States and allies have increasingly targeted nations and organisations allegedly assisting Russia (such as Belarus, Iran, North Korea and China) in conducting the war in Ukraine or in evading sanctions. The briefing also considers the use of sanctioned Russian assets to pay for reconstruction in Ukraine, noting that this topic will be examined in greater detail in further research briefing titled ‘Sanctions, international law and seizing Russian assets.’ Read more >> and Read more >>
• UK Court further considers ownership and control test and voting rights in insolvency proceedings: On July 10, in Hellard & others v OJSC Rossiysky Kredit Bank (in liquidation) & others the UK High Court considered an application made by trustees in bankruptcy in relation to whether inter alia (i) certain Russian entities in liquidation were owned or controlled by a designated person; and (ii) if they were, whether those Russian entities could lawfully vote at meetings of the creditors’ committee in the context of the ongoing liquidation. Following consideration of the decisions in Mints and Litasco, the Court considered that the concept of “control” can be broken down into (i) de jure control; (ii) actual present de jure control; (iii) potential future de jure control; and (iv) potential future de facto control. On the facts presented, the Court found there was no evidence of present or future de jure control, nor of actual present de facto control, and that there would be “no easy way” for designated persons to exercise potential future de facto control. The Court also considered that the UK Russia Regulations do not prevent the counting of creditor votes (or the exercise of rights to vote at the creditor committee) in a bankruptcy by a person caught under Regulation 7(4) of the UK Russia Regulations the context of statutory insolvency proceedings. Read more >>
• UK Court orders interim removal of company director for breaching Russia sanctions: On July 5, in Garofalo v Crisp & Ors, the UK High Court ordered at an interim stage the removal of a company director after finding that there was a strong prima facie case that he knowingly violated UK sanctions by exporting luxury goods to Russia. Read more >>
• National Crime Agency (NCA) starts forfeiture proceedings against Russian businessman Petr Aven for suspected breaches of UK's Russian sanctions regime: On July 4, it was reported that the NCA applied earlier this year for a forfeiture order for £1.1 million from Russian billionaire Peter Aven, who, according the to the NCA has “been involved in supporting the Government of Russia” during its war in Ukraine. The NCA claims that the funds represent the “proceeds of crime” and allege that Mr Aven moved the funds in violation of sanctions. A hearing has been scheduled for July 29, 2024, at the Westminster Magistrates’ Court to hear the NCA’s application. Read more >> and Read more >>
• UK issues General Licence relating to transactions in financial instruments held at the National Settlement Depository (NSD): On July 3, the UK issued General Licence INT/2024/4919848, which authorises any activity reasonably necessary to sell, divest or transaction certain financial instruments held at the NSD and the payment of safe keeping fees, subject to certain conditions. The General Licence expires on August 13, 2024. Read more >>

IV. RUSSIA/UKRAINE SANCTIONS

• Russian newspaper claims that Russia has become the top global wheat exporter despite sanctions: On July 23, Akio Shibata, President of the Natural Resource Research Institute in Russia, claimed that Western sanctions could not challenge Russia’s leadership in the global wheat market. Shibata stated that “Western sanctions interfere with overseas supplies of its agricultural produce but compared to the level of 2021-2022, the country’s share in global wheat trading gained eight percentage points and now stands at 25% of total global exports”. By way of reasoning, he suggested that Russia’s supplies of wheat “prevent the dramatic price hike [in the global wheat market]. It is much more difficult in a sense to out Russia from wheat trading than even from oil and natural gas markets.” Read more >>
• Russia threatens to take ‘tit-for-tat’ measures if the West confiscates Russian assets: On July 18, Russian Foreign Ministry Spokeswoman Maria Zakharova said at a briefing that "in case of confiscation, as we regard it, theft of assets, we will be guided by the principle of reciprocity. But in this case, it will be just a tit-for-tat, symmetrical one - it doesn’t matter how it will be called and formed - but it will be a retaliatory measure." Read more >>
• Russia still able to sell liquefied natural gas (LNG) despite new EU sanctions: On July 17, Russian Deputy Prime Minister Alexander Novak confirmed that despite Europe’s latest sanctions, imposed on June 24, 2024, Russia can still sell its LNG to other customers. Novak claimed that the sanctions that the West has been imposing on Russia since 2014, eventually lead to economic growth by spurring import substitution. Read more >>
• Ukraine imposes stricter sanctions on Russian oil giant, halting Russian oil exports to Hungary: On July 16, Hungarian Foreign Minister Peter Szijjarto announced that on the basis of the “new legal situation in Ukraine” caused by stricter sanctions being imposed by Ukraine, Lukoil would not be making deliveries to Hungary for the time being. Szijjarto said that a legal solution was being sought as “Russian oil is important from the perspective of [Hungary’s] energy security". Fitch Ratings reported in May that Hungarian energy firm MOL plans to use around 40% of non-Russian crude oil this year and estimates full replacement will be possible from 2026. Read more >>
• Russian newspaper reports that the UN cannot work with Russian companies for humanitarian purposes due to sanctions: On July 1, Russian news agency TASS reported that UN humanitarian agencies are constrained in their ability to cooperate with Russian companies due to Western sanctions imposed on them. A spokesperson of one of the largest Russian suppliers of goods and services to the World Food Programme (WFP) informed TASS that if the sanctions are expanded over time, it will "actually block Russian participation in WFP food aid programs.” Read more >>
• Bulgaria takes Gazprom to court over halted supplies: Bulgaria's state-owned gas supplier Bulgargaz is taking Gazprom to court and seeking millions of euros in damages over the Russian company's cut off supplies after its invasion of Ukraine. Bulgaria, which was almost totally dependent on Russia for its gas, and Poland were the first EU countries that saw their supplies halted after refusing to pay for the gas in rubles as demanded by Moscow in response to Western sanctions. Read more >>
• Russia-linked buyers amass LNG ‘dark fleet’: Buyers with suspected links to Russia have begun amassing dozens of vessels capable of carrying liquefied natural gas, in moves that suggest Moscow is expanding its “dark fleet” of energy tankers. Shipping industry insiders say a clutch of previously unknown companies, largely registered in the United Arab Emirates, have rapidly acquired LNG vessels over the past year. Although Russian LNG sales are less affected by western sanctions than oil, Moscow has been preparing for restrictions to tighten. Read more >>
• Europe Agrees to New Crackdown on Russian Oil Tanker ‘Shadow Fleet’: UK Prime Minister Keir Starmer announced a crackdown on Russia’s so-called shadow fleet of oil tankers used to skirt international sanctions, saying 44 European nations had endorsed the plan at a meeting of the European Political Community hosted in Britain. The joint “call to action” — first reported earlier in the week by Bloomberg — aims to disrupt the fleet of around 600 vessels which Western countries say are used by Moscow to transport some 1.7 million barrels of oil per day. Read more >>
• Russia bans entry of individuals from the UK, Japan to the country: The Russian Foreign Ministry has expanded sanctions against British nationals, adding 15 people to the list. The list includes top managers of defense industry companies, including BAE Systems PLC and Pearson Engineering Limited, experts and journalists. All of them were banned from entering Russia. The restrictions apply to representatives of British private security companies, as well as some Japanese nationals, including car manufacturer Toyota and an online messenger Viber. Read more >>
• Russia Blocks Dozens of EU Media Outlets in ‘Retaliatory Move’: Moscow will block access to 81 European media outlets in retaliation to the EU’s ban against four Kremlin-funded news organizations. Among those impacted by the ban are the French news agency AFP, the German weekly Der Spiegel and the European edition of Politico. Earlier in June, Brussels suspended the broadcasting activities of the state-run RIA Novosti news agency, the pro-government newspapers Izvestia and Rossiiskaya Gazeta, as well as the news website Voice of Europe. Read more >>
• Hungary facing fuel crisis as Ukraine imposed a partial ban on Russian oil passing through its territory: Kyiv last month-imposed sanctions blocking the transit of pipeline crude sold by Moscow’s largest private oil firm, Lukoil, to Central Europe — partially negating an exemption to sanctions set up by the European Union to give Russian-reliant countries extra time to wean off supplies. But the move is sparking fears of supply shortages in Budapest, which relies on Russia for 70 percent of its oil imports. The sanctions, which force Kyiv's pipeline operator UkrTransNafta to reject applications for Lukoil-contracted oil to pass through Druzhba, so far don’t target other Russian oil firms that continue to ship crude via Ukraine, including Rosneft and Tatneft. Read more >>
• Euroclear announces first tranche of income from Russian assets to Ukraine: The Belgian Euroclear holds about €200 billion in frozen Russian assets. In June, the EU agreed on using the profits from these assets for Ukraine. The first tranche of EUR1.55 billion will be transferred to the EU fund by the end of July. Read more >>
• Russian court partially upholds class action lawsuit by Russian investors against Clearstream: The Moscow Arbitration Court has partially satisfied a class action lawsuit filed by Russian private investors against the Luxembourg depository Clearstream. Investors demanded about 200 million rubles in compensation for the value of assets blocked in 2022 and the recovery of accrued but not received amounts on them. In total, more than 100 claims have been filed in Russian arbitration courts against Euroclear and Luxembourg Clearstream for hundreds of billions of rubles. Read more >>
• Bank of China Halts Payments with Sanctioned Russian Lenders: The Russian division of the Bank of China has suspended operations with Russian lenders sanctioned by the United States in order to avoid being hit with secondary sanctions. The report comes two weeks after the U.S. widened sanctions against Russia to include targeting foreign financial institutions that continue to do business with any individuals or entities sanctioned by Washington. Read more >>
• Russia, China find payments workaround as US sanctions net widens: Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin's Chinese visit in May has helped ensure the two countries have payment alternatives for now. Trade between Russia and China ballooned to a record $240 billion in 2023. The workaround, which involves smaller, regional banks that can for the time being fly below the U.S. sanctions radar, shows how Moscow and Beijing are having to take increasingly complex steps to ensure bilateral payments continue to be made. Read more >>
• Antigua and Barbuda sold an arrested yacht belonging to Russian billionaire Andrei Guryev at auction: The arrested superyacht Alfa Nero, which is linked to Russian billionaire Andrei Guryev, has been sold to a new owner for $40 million. It is alleged that the new owner is European and will most likely put the vessel on the charter market. Guryev was sanctioned in 2022 and denied owning the vessel. Read more >>

V. OTHER NOTABLE DEVELOPMENTS

• Japan Announces Protest Against Russia’s Entry Ban on Japanese Business Leaders: On July 24, Japan released that it has protested Russia’s announcement that it was permanently banning thirteen Japanese citizens, mostly business leaders of prominent companies including Toyota Motor Corp., in retaliation for Tokyo’s sanctions over the Russian invasion of Ukraine. Read more >>
• Canada Denies Request by Daughters of Russian Tycoon to be Removed from Canada’s Sanctions List: On July 18, Canada Foreign Affairs Minister, Mélanie Joly, rejected the appeals of Larisa and Ekaterina Fridman, daughters of Russian banking tycoon Mikhail Fridman, to be removed from Canada’s sanctions list. Read more >>
• Switzerland Opens Investigations into More than Fifty Cases of Possible Russia Sanctions Violations: On July 17, Switzerland announced it opened investigations into more than fifty cases of possible sanctions violations and has found breaches in fifteen of them so far relating to Switzerland’s sanctions against Russia’s invasion of Ukraine. Read more >>
• New Zealand Designates Russian and Iranian Individuals and Entities due to Support of Russia’s Illegal Invasion: On July 12, New Zealand designated seven individuals and twelve entities after determining that they provided material or strategic support, including the production and supply of drones, for Russia’s illegal invasion of Ukraine. Read more >>
• Switzerland Expands Sanctions Against Russia: On July 9, Switzerland announced it was expanding its sanctions against Russia on sixty-nine individuals and eighty-six entities to include additional measures recently adopted by the European Union against Moscow over its ongoing aggression against Ukraine. Read more >>