The U.K. released three general licenses pertaining to its Russian sanctions regime. The first, "Wind Down of Positions Involving Rosbank," allows until July 30 an individual or entity to wind down any transactions to which it is a party involving Rosbank or a subsidiary. Such action includes closing out of any positions, repaying loans, withdrawing deposits and closing accounts. The next license, "Wind down positions involving National Bank of Belarus," allows an individual to give financial services for winding down any "derivatives, repurchase, and reverse purchase transactions" entered into before July 5 with the National Bank of Belarus, Ministry of Finance of Belarus and those individuals listed under the Belarus sanctions regime. The last license, "Transferable securities, money market instruments, loans and credit arrangements," permits a seven-day wind down period for category C loans and transferable securities and money market instruments under the Belarus sanctions regime.
The U.K. on July 4 amended its Russian sanctions guidance page on prohibitions on insurance and reinsurance services for aviation and space goods to an individual or entity connected with Russia or for use in Russia. The Office of Financial Sanctions Implementation said the "provision of insurance and reinsurance services in respect of a satellite where the only nexus with Russia is that it is orbiting over Russia, or broadcasting to Russia (and where the insurance and reinsurance services will not be provided to a person connected with Russia), would likewise not come within the scope of these prohibitions."
The European Council on June 30 requested the consent of the European Parliament to add the violation of restrictive measures to the list of "EU Crimes" laid out in the Treaty on the Functioning of the EU, the council said. The move is intended to crack down on the circumvention on the EU's many sanctions regimes, most notably Russia restrictions made following the invasion of Ukraine. With EU member states having different definitions of what constitutes a violation of the EU's sanctions regimes, the council said that greater effort is needed to harmonize sanctions enforcement.
The U.K. is keeping holdover safeguards on five categories of steel products despite the tariffs violating Britain's World Trade Organization commitments, U.K. International Trade Secretary Anne-Marie Trevelyan said in a June 29 speech to the House of Commons. When the U.K. left the EU, it kept its safeguards covering 19 categories of steel. Throughout 2021, the Trade Remedies Authority reviewed the measures, recommending the government remove safeguards on nine of those categories. In June 2021, the U.K. said it would extend the safeguards on 10 product categories for three years and remove them on four of the remaining nine, extending the safeguards for one year on the other five. The TRA then carried out additional analysis, leading to Trevelyan calling for the continuation of the tariffs on the five steel categories for another two years, until June 30, 2024.
The European Council on June 29 decided to create an anti-money laundering authority (AMLA) to further crack down on terrorism financing and money laundering. The new authority will "contribute to the harmonisation and coordination of supervisory practices in the financial and non-financial sectors, the direct supervision of high-risk and cross-border financial entities and the coordination of financial intelligence units," the council said. The new agency will monitor certain credit and financial institutions that the EU deems risky.
The U.K. Parliament's Foreign Affairs Committee released a report June 30 critical of Britain's role in the global financial system as a "hub for illicit finance," particularly in light of the war in Ukraine. Russian assets are continuously laundered through the U.K. to finance President Vladimir Putin's war, the committee said. London's standing as a magnet for global finance presents a grave national security risk, the committee said. The report assesses "consequences of the complacency of successive Governments towards illicit finance and the adequacy of the current Government's response."
The U.K. placed a new restriction on the Russian economy June 29, banning Russia from accessing British trust services, the Foreign, Commonwealth & Development Office announced. Implementing the ban alongside new individual and entity asset freezes, the U.K. will prevent any individual or business from accessing trust services to manage assets.
The EU General Court on June 27 dismissed an application from sanctioned Russian billionaire Alisher Usmanov for interim measures, according to an unofficial translation. The court ruled his application didn't show urgency or serious irreparable harm because Usmanov only discussed his damages that stemmed from the financial viability of three subsidiaries of USM Holding. Usmanov has a 49% share of the subsidiaries and thus does not control them, the court pointed out. As such, the applicant failed to show a direct causal link between the subsidiaries' finances and his placement, made in February, on the EU's Russian sanctions list.
The EU appointed one new judge, reappointed four and filled two vacancies, the European Council announced June 29.
The EU on June 29 floated the idea of banning the sale of flavored heated tobacco products as part of a broader plan to fight cancer, The Associated Press reported June 29. The European Commission laid out the proposal amid a 10% bump in sales of these goods in more than five member nations. Heated tobacco products now make up over 2.5% of total sales of tobacco products throughout the EU. The ban would cover devices that use heated tobacco to make emissions containing nicotine that is then inhaled by the user, including some but not all vaping devices.