The U.K.'s Office of Financial Sanctions Implementation on Sept. 30 updated its Libya sanctions guidance. The updated page includes amended sections on full and partial asset freezes, the Libyan Investment Authority and Libya Africa Investment Portfolio and ownership and ownership and control. Further, the revised guidance includes a new section on exceptions and licenses. Such exceptions include not requiring a party to obtain a license for a relevant institution crediting a frozen account with interest due on the account, for a relevant institution crediting a frozen account where it gets funds transferred to that institution for crediting to the account and when funds are transferred to a relevant institution for crediting to an account held by a designated party in discharge of an obligation that came up before the party was designated.
The U.K. imposed new sanctions pertaining to Russia's escalation of the conflict in Ukraine by annexing the Donetsk, Luhansk, Kherson and Zaporizhzhiz, the government announced Sept. 30. The new restrictions include bans on export of services and the designation of Elvira Nabiullina, the governor of the Central Bank. The U.K. said Nabiullina "has been instrumental in steering the Russian economy" through the invasion of Ukraine by extending the ruble into Ukrainian lands occupied by Russia.
The U.S. Supreme Court in an Oct. 3 order denied Russian oligarch Oleg Deripaska's petition for certiorari over his sanctions designation. The move comes shortly after he, along with his associates, were charged with conspiring to violate his sanctions listing. The court rejected the cert motion without issuing any further explanation.
The Office of Foreign Assets Control this week sanctioned two people and one business in the Federation of Bosnia and Herzegovina for “enabling divisive and destabilizing activities” in the Western Balkans. The designations target the federation's Prime Minister Fadil Novalic, who “misused pensioner data for the benefit of his own political party.” OFAC also sanctioned Slobodan Stankovic, one of the country’s wealthiest people, and his company Integral Inzenjering A.D. Laktasi, which has been awarded large projects due “to its proximity” to leadership. The agency previously sanctioned Diana Kajmakovic, a state prosecutor in Bosnia and Herzegovina, for corruption (see 2209260025).
Canada last week announced more sanctions against Russia after Moscow held “sham referendums” in an attempt to annex additional Ukrainian territories. The sanctions target 43 Russian oligarchs, “financial elites” and family members, as well as 35 Russian government officials. Canada also imposed restrictions on “certain business dealings,” including investment and export controls, involving the Russian occupied areas of the Kherson and Zaporizhzhia regions.
Australia announced new sanctions Oct. 2 on Russia for its war in Ukraine, including financial sanctions on an additional 28 people. Australia also said its ban on the import, purchase or transfer of Russian gold took effect Sept. 30 (see 2208150009). “These additional sanctions reinforce Australia's strong objection to the actions of President Putin and those carrying out his orders,” said Penny Wong, the country’s foreign affairs minister.
The U.S. could issue new export controls on China, including restrictions on technologies used in high-performance computing and advanced semiconductors, as soon as this week, The New York Times reported Oct. 3. The report calls the new measures “some of the most significant steps taken by the Biden administration to cut off China’s access to advanced semiconductor technology,” adding they may include a “broad expansion” of the foreign direct product rule to cover additional Chinese firms.
If Republicans retake control of the House after the midterm elections in November, the chamber’s Foreign Affairs Committee will initiate a review of the Bureau of Industry and Security and its export control procedures, said Rep. Michael McCaul, R-Texas. McCaul said the review would examine BIS’ progress in restricting emerging and foundational technologies under the Export Control Reform Act and study whether U.S. export control authority should be moved to a different agency.
China voiced its opposition to the U.S.'s recent sanctions move on Iran, a spokesperson for the Ministry of Foreign Affairs said during a regular press conference Sept. 30 in Beijing, according to a transcript provided in English. The Office of Foreign Assets Control on Sept. 29 sanctioned a group of companies that have sold hundreds of millions of dollars' worth of Iranian petrochemicals and petroleum goods to end users in Asia (see 2209290045). The companies included Hong Kong-based Sierra Vista Trading and China-based Zhonggu Storage and Transportation and WS Shipping. The spokesperson said China always stands opposed to unilateral sanctions, and said the country has "conducted normal cooperation with Iran within the framework for international law." The spokesperson said the U.S. must ditch its practice of using sanctions "at every turn" and do more to reimpose the Iran nuclear deal.
Exxon Mobil is urging the Biden administration not to place restrictions on fuel exports, saying the controls would hurt global supply and increase domestic gas prices, The Wall Street Journal reported Sept. 30. In a letter sent to the Energy Department last week, Exxon said fuel exports from the Gulf Coast are “essential to efficiently rebalance markets -- particularly with diverted Russian supplies,” adding that “[r]educing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall.” The energy company said fuel export restrictions won’t help fill tanks in U.S. regions that need more supplies, but would only “create a glut in the Gulf Coast that would lead refineries to cut output," the report said.