The U.K.'s Russian Elites, Proxies and Oligarchs Task Force has blocked or frozen over $30 billion in sanctioned Russian assets, the Office of Financial Sanctions Implementation announced. The task force has frozen or seized sanctioned individuals' "high-value goods," and restricted sanctioned individuals' access to the international financial system, OFSI said. Through coordination between REPO Task Force members, around $300 billion of Russian Central Bank assets have been frozen, various yachts and other vessels controlled by sanctioned Russians detained and access to the global financial system cut off.
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.
British Prime Minister Boris Johnson said it's reasonable to shield the U.K. steel industry with tariffs that mirror those found in other European countries, Bloomberg reported. Responding to Sunday Telegraph reports that he is ready to skirt World Trade Organization rules to impose new tariffs, Johnson said June 26 at the Group of Seven summit that tariffs could help alleviate hard times for the steel industry due to high energy prices. “We need British steel to be provided with much cheaper energy and cheap electricity for its blast furnaces,” Johnson said. “But until we can fix that, I think it is reasonable for UK steel to have the same protections that other European, absolutely every other European steel economy does.”
CBP wants to develop incentives for green trade, possibly by reviewing authorized economic operator programs, and said that its initial green trade strategy, published June 28, is not the limit of its aspirations. "The goal is to identify incentives that aim to reduce carbon emissions, encourage the use of eco-friendly modes of transport, and support adoption of technologies and practices with positive environmental impacts. Incentives would encourage green trade practices while avoiding negative impacts on the flow of legitimate cargo," the strategy says.
The U.K. this month released two new open general export licenses, each with the aim of allowing the "simplified export of a range of dual-use and military equipment to India," the Department for International Trade announced. One license, "Dual-Use Items India," permits the export of various items listed in the regulation's annex. The license doesn't authorize exports of items that the secretary of state has told the exporter are intended for use in connection with chemical, biological or nuclear weapons, for a military end-use and the purchasing country is subject to an arms embargo, or for use as parts of military items listed in the national military list.
The U.K. and India wrapped up their fourth round of negotiations on a free trade agreement, the U.K.'s Department for International Trade announced June 27. The talks advanced draft treaty text "across the majority of chapters," and included 71 separate sessions over 20 policy areas. The next negotiation session will be in July in New Delhi.
The European Commission has undertaken a study of the economic impact of EU sanctions, which the commission said is "insufficiently understood." The study, which seeks feedback by July 1, will "provide a review and critical evaluation of the existing research related to the topic of the study," create a detailed methodology for looking at the economic impact of the EU sanctions and test this methodology on various selected case studies to show its usefulness. The commission will look at the consequences of the sanctions for listed individuals and entities, third country economies under which listed individuals and entities are linked, EU economic operators' business choices, and trade and investments between the EU and third countries.
Kazakhstan recently extended its wheat flour export restrictions until Sept. 30, USDA’s Foreign Agricultural Service said in a report last week. Kazakhstan also added 550,000 metric tons of wheat to the original 1 million metric ton quota, and 370,000 metric tons of wheat flour to the original 300,000 metric tons quota. The country first imposed the restrictions, which were set to expire June 15 (see 2204290010), to ensure domestic “food security” amid Russia’s war in Ukraine.
The U.K. appointed a new trade commissioner to Africa, the Department for International Trade announced June 23. John Humphrey joins a team of nine trade commissioners who boost Britain's trade and investment relationships. Humphrey previously served as group chief executive at Kent HoldCo and as chief executive and accounting officer of the U.K. Hydrographic Office.
The U.K. suspended the collection of antidumping duties on electric bicycles from China made by certain companies, the Department for International Trade announced June 23. Duties will no longer be collected for Jinhua Otmar Technology and Jinhua Seno Technology, the DIT said. The suspension applies to goods imported under commodity codes 87 11 60 10 00 and 87 11 60 90 10.