The U.K. will implement a new sanctions regime on Haiti as part of its response to that nation's "ongoing political and security challenges," the Office of Financial Sanctions Implementation announced. The regime will take effect Dec. 28, after which OFSI can add individuals or entities responsible for violence and insecurity in the country, "including extremely high levels of gang violence and other criminal activities." In a memorandum, OFSI said the sanctions on individuals and entities will amount to a travel ban, asset freeze and arms embargo. OFSI said the U.K. may also impose trade restrictions, including on military goods and technology.
The U.K. added Ramil Rakhmatulovich Ibatullin to its Russia sanctions regime, the Office of Financial Sanctions Implementation said in a Dec. 9 notice. Ibatullin, the commander of the 90th Tank Division, is now subject to an asset freeze and travel ban. In addition, OFSI corrected three entries for Maxim Loktev, Igor Yegorov and Denis Manturov.
The U.K. opened an eight-week public consultation period ahead of negotiations with South Korea over a free trade agreement, the Department for International Trade announced Dec. 9. The department called on businesses, organizations and individuals to lend their insights on what an effective FTA with South Korea would look like. The new deal will likely include language on "digital trade, enhanced climate provisions and further support for small and medium sized businesses," the DIT said. The consultation period will run until Feb. 2.
The EU last week added eight people to its Democratic Republic of the Congo sanctions regime and extended the restrictions for another year. The eight include a member of the Congolese army, a DRC politician and a Belgian businessman, most of whom are accused of serious human rights violations and abuses for their role in the armed conflict in the DRC, the European Council said. Others were listed for benefiting from the conflict via the illegal exploitation of the natural resources trade. The renewal extends these sanctions until Dec. 12, 2023.
In a flurry of sanctions moves, the U.K. last week added a host of individuals and entities to six different sanctions regimes. The Office of Financial Sanctions Implementation added 10 entries to the Iran (human rights) regime, two to the South Sudan list, one to the Mali restrictions, three to the Myanmar regime, eight to the global human rights sanctions list and five to the global anti-corruption regime.
The Commercial Court of England and Wales is looking for information on insurance policy claims brought by aircraft lessors over the alleged loss of assets leased to Russian airlines since the invasion of Ukraine. While various cases have already been brought before the court, the judicial body seeks to understand the potential total number of actions that may be involved, what the issues might be in broad terms and whether any case management steps should be taken to answer these questions. Interested parties can contact the Commercial Court at comct.listing@justice.gov.uk by Dec. 16.
The EU General Court annulled the sanctions listing of the Kurdistan Workers' Party (PKK) on the EU's terrorism restrictions list, but it dismissed the PKK's challenge to its 2015-2017 and 2019 sanction designations. The General Court in 2018 annulled the PKK's 2014-2017 designations, noting the justification of the initial designation in 2002 was too old to determine if the group's involvement in terrorist activities at the time of that initial designation continued from 2014 to 2017.The European Court of Justice overturned its judgment in 2021, referring the case back to the General Court.
Russia is mulling the prospect of installing a price floor for international oil sales in retaliation for the price cap imposed on Russian oil set by G-7 nations, Bloomberg reported. Moscow is weighing two options: a fixed price for Russian oil or imposing maximum discounts to international benchmarks. There is no information yet about what the exact level may be. One of the unnamed officials told Bloomberg Russia is looking to install a market-based transparent pricing mechanism for oil buyers to respond to the price cap, as Moscow does not want to alienate neutral states. The discount approach would set a "maximum discount of Russian oil to global benchmarks, which the nation’s crude producers will not be allowed to exceed," Bloomberg reported. The discount, along with the other option of a fixed price, would be regularly revised.
The European Securities and Markets Authority (ESMA's) Securities and Markets Stakeholder Group (SMSG) recently released a paper on the geopolitical risks surrounding depositary receipts. The SMSG looked into the effect of both EU and Russian sanctions on DRs and asks for guidance and a harmonized approach from the ESMA and European Commission over how EU citizens can maintain their asset rights in Russian companies.
The EU extended the sanctions listing criteria for designation under the Democratic Republic of the Congo restrictions regime. The criteria now allows "for the application of targeted restrictive measures against natural or legal persons, entities or bodies that sustain, support or benefit from the armed conflict, instability or insecurity in the DRC."