Saudi Arabia and Iraq are sending more crude oil to Europe to boost the region's oil refineries in an effort to aid the pivot away from Russian oil. Over 1 million barrels a day of crude oil -- a number that has doubled from a year ago -- has crossed into Europe from the Middle East in the first three weeks of July through a pipeline that crosses Egypt, data compiled by Bloomberg reported July 22. Most of the oil shipments into Europe are from Saudi Arabia, where companies can deliver the oil via the SuMed pipeline or on smaller ships through the Suez Canal. Iraq is sending its oil via the Suez Canal, with 1.2 million barrels a day being shipped toward the canal from the Persian Gulf in the first three weeks of July, Bloomberg said.
The EU dropped Cham Wings Airlines from its Belarus sanctions regime, the European Council announced. The Syrian operator was listed in December for facilitating the transport of migrants to Belarus who sought to enter the EU. "The Council took the decision to delist Cham Wings, as it considered that the restrictive measures brought the desired effect with regards to this entity," an EU spokesperson said, Reuters reported July 20. "According to information presented to the Council, Cham Wings ceased its involvement in the activities for which it was listed."
The U.K. on July 20 signed an economic memorandum of understanding with North Carolina -- the second such agreement of its kind with a U.S. state following the agreement with Indiana, the Department for International Trade announced. The MOU will address "unnecessary barriers to trade, cut costs and slash paperwork so British and North Carolinian businesses can work together more efficiently." The agreement aims to increase growth in green trade, foster collaboration in clean tech and energy infrastructure, and eliminate trade barriers. The U.K. plans to sign similar agreements with Oklahoma and South Carolina, the DIT said.
The U.K. in a pair of financial sanctions notices amended one entry under its Libya sanctions regime and six under its Russian sanctions regime. On the Libya sanctions list, the Office of Financial Sanctions Implementation amended the entry for Abu Zayd Umar Dorda, the director of Libya's external security organization. Under the Russian restrictions list, OFSI amended the entries for individuals Irina Sergeyevna Bubnova, member of the Strategic Culture Foundation; Sergei Sergeivich Ivanov, Alrosa board chairman; and Natalya Petrovna Skorokhodova, member of the Strategic Culture Foundation. OFSI also amended the entries for entities Djeco Group LP, Major LLP and Photon Pro LLP.
Turkey recently lifted export bans on butter and olive oil about five months after imposing restrictions (see 2203170012), the USDA Foreign Agricultural Service said in a July 20 report. The country replaced its butter export ban with a 7,000 metric ton monthly quota for July, August and September; it removed the ban on olive oil but didn't place a quota on it. The country hasn’t yet notified the changes to the World Trade Organization, USDA said.
The U.K. and Israel launched negotiations July 20 for a new trade deal, the U.K.'s Department for International Trade announced. The deal would boost tech firms and services companies, as the talks seek to yield a "modern, revamped trading relationship between two of the world's services superpowers," the DIT said. International Trade Secretary Anne-Marie Trevelyan announced the start of the talks in London, which focused on services trade, a sector that isn't included in the current bilateral free trade agreement between the two countries.
The U.K. released a General License, "Investments in relation to Russia," that permits an individual to directly acquire ownership in Russian land, directly acquire ownership over a business connected with Russia, directly or indirectly establish a joint venture with a Russian individual and open a representative office or branch located in Russia. The license, effective July 19-26, also permits an individual to provide investment services directly related to the mentioned services and also wind down any transactions involving those activities.
The U.K.'s Office of Financial Sanctions Implementation and its National Crime Agency issued a "Red Alert," titled "Financial Sanctions Evasion Typologies: Russian Elites and Enablers." The alert says sanctioned parties are using various techniques to skirt sanctions, including transferring assets to proxies. OFSI and NCA laid out the offenses that can apply to individuals or entities aiding sanctions circumvention. The alert contains a list of "indicators" of sanctions evasion and industry recommendations.
The European Council liberalized trade in seven Moldovan agricultural products in a July 18 regulation, the council announced. The move allows Moldova to "at least" double its exports of tomatoes, garlic, table grapes, apples, cherries, plums and grape juice to the EU tariff-free for one year. The lifting of restrictions is meant to ease the impact of Russia's war in Ukraine on Moldova, whose export industry relies on Ukrainian infrastructure, the council said. Due to the war, Moldova has lost access to Ukrainian, Russian and Belarusian markets, the council said.
The European Commission on July 15 adopted a joint proposal for new measures to uphold the effectiveness of the EU's six sanctions packages against Russia following its invasion of Ukraine, the commission announced. Dubbed the "maintenance and alignment" package, it includes a new import ban on Russian gold, reinforces dual-use and advanced technology export controls, strengthens reporting requirements to shore up asset freezes, clarifies the scope of some sanctions and extends current sanctions until January 2023. “Russia's brutal war against Ukraine continues unabated," EC President Ursula von der Leyen said. "Therefore, we are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023. Moscow must continue to pay a high price for its aggression.”