Sophie Armstrong

2 months ago | mdpi.com | Katharine Fletcher |Lorna Cameron |Sophie Armstrong |Meg Challinor |Abigale Kennedy

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Jan 14, 2025 | sanctionsnews.bakermckenzie.com | Paul Amberg |Ben Smith |Lise S. Test |Sophie Armstrong

On 10 January 2025, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the UK’s Office of Financial Sanctions Implementation (“OFSI”) announced the designations of two major Russian oil companies, PJSC Surgutneftegas and Gazprom Neft. The US and the UK have introduced new general licenses to permit limited activity relating to these entities, detailed further below.

Jan 10, 2025 | sanctionsnews.bakermckenzie.com | Ben Smith |Andrew Rose |Tatiana Kalaji |Sophie Armstrong

On 8 January 2025, the UK Government announced the forthcoming launch of a new sanctions regime targeting irregular migration and organised immigration crime, expected to come into force in 2025. The UK Government explained, in an 8 January press release, that this new sanctions regime is designed to target organised immigration networks operated and utilised by people smugglers, with the goal of deterring smugglers and stemming their financial flows at their source.

Sep 13, 2024 | sanctionsnews.bakermckenzie.com | Tristan J. Grimmer |Andrew Rose |Sophie Armstrong

On 12 September, the UK Government announced new powers for the civil enforcement of trade sanctions pursuant to the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024, the “Trade Enforcement Regulations“). From 10 October 2024, the Government will be able to impose penalties of up to GBP 1 million or 50% of the value of breaches of trade sanctions (whichever is greater) in relation to certain breaches of UK trade sanctions.

Nov 1, 2023 | sanctionsnews.bakermckenzie.com | Sophie Armstrong |Nicola Russell

The EU has published an update to its list of goods regarded as “economically critical” to Russia. Amongst these are hydraulic power engines and motors, concrete or mortar mixers, and machinery for public works. The amended list can be found here.