The EU agreed to a price cap on Russian refined oil products (see 2301180020), the Swedish Presidency of the Euopean Council of the EU said Feb. 3. The cap, which applies from Feb. 5, will be set at $100 per barrel for products that trade at a premium to crude, such as diesel, and $45 per barrel for products that trade at a discount, including fuel oil and naphtha, Reuters reported. The EU will authorize a 55-day transition period for sea-borne Russian oil products bought and loaded before Feb. 5, the report said. The Swedish Presidency called the cap an “important agreement as part of the continued response by EU and partners to the Russian war of aggression against Ukraine.”
The EU updated frequently asked questions pages under its Russia sanctions regime relating to media and medicines and medical devices.
The U.K. extended its antidumping and countervailing duties on continuous filament glass fiber rovings and chopped strands from China, in Jan. 31 notices to put into effect the Trade Remedies Authority's recommendation. The antidumping duties on the goods were extended to run April 26, 2022, to Jan. 30, 2026, and range from 14.5% to 19.9%. The countervailing duties were extended to run Jan. 30, 2021, to Jan. 30, 2026, and range from 4.9% to 10.3%.
The EU said it's ready to impose additional restrictive measures on Myanmar, given the continued "absence of any swift progress on the situation," EU High Representative Josep Borrell said on the second anniversary of the military coup in the Southeast Asian country. Borrell said the EU will pass new sanctions on "those directly responsible for and those abetting the undermining of democracy and the serious human rights violations in the country."
The U.K.'s Office of Financial Sanctions Implementation added two individuals and two entities to its Myanmar sanctions regime, it said in a Jan. 31 notice. OFSI subjected Win Kyaw Kyaw Aung, former director and shareholder of Asia Sun Trading, and Zaw Min Tun, member of Asia Sun Trading, to a travel ban and asset freeze. The agency also imposed sanctions on Asia Sun Trading and Cargo Link.
The U.K.'s Commercial Court in a Jan. 27 judgment let a proceeding involving PJSC National Bank Trust and PJSC Bank Otkritie Financial Corp. be taken to the Court of Appeal, finding it raises key questions of law concerning the impact of the U.K.'s Russia sanctions on ongoing litigation involving a designated party.
The EU added Iran Aircraft Manufacturing Industries to its Russia sanctions regime in a Jan. 30 decision from the European Council. The Iranian drone manufacturer was listed for its alleged involvement in developing unmanned aerial vehicles for Russia's war in Ukraine. The company was designated in 2010 under the Iran nuclear proliferation sanctions.
European countries not in the EU aligned with two recent sanctions decisions made by the bloc. On Dec. 8, the council renewed its existing restrictions pertaining to the Democratic Republic of the Congo for another 12 months. The countries of North Macedonia, Montenegro, Serbia, Albania, Moldova, Bosnia and Herzegovina, Iceland, Liechtenstein and Norway also imposed the decision, the European Council said Jan. 30. The same countries also imposed the EU's move to update the list of individuals and entities subject to the Congo restrictions.
James Cartlidge, the U.K.'s exchequer secretary to the Treasury, told Parliament last week about how the Office of Financial Sanctions Implementation makes its licensing decisions when sanctioned individuals or entities need to pay for legal fees. Cartlidge said that OFSI scrutinizes the reasonableness of the costs, including hourly rates and disbursements, adding that OFSI finds it inappropriate for the Treasury to decide whether a case should proceed by deciding whether to issue a license permitting legal fees to be paid.
The EU has the legal authority to temporarily leverage at least $36.8 billion of Russian central bank assets to aid in the reconstruction of Ukraine, the European Commission Legal Service told member states, according to people familiar with the matter, Bloomberg reported Jan. 26. The legal service said this plan is feasible so long as the assets are not expropriated and other conditions are met, the individuals said. Other conditions include a termination date, focus on liquid assets and intent that the principal and interest would be returned to Russia at some point, Bloomberg reported.