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Last week's major developments in sanctions - August 29th to September 2nd, 2022

Monday, August 29

  • OFSI updated its general guidance to cover the expanded reporting obligations under the UK’s sanctions laws. (Here)

Tuesday, August 30

  • There was no major development on this day.

Wednesday, August 31

  • The United States Departments of Commerce and Justice took action against Lukoil. In particular, the Bureau of Industry and Security of the Department of Commerce, the body in charge of administering the U.S. export controls, issued a Charging Letter to Lukoil regarding its violation of the U.S. export control laws by flying a U.S. made aircraft to Russia. (Here) The Department of Justice announced a seizure warrant against the same aircraft. (Here)

Thursday, September 1

  • There was no major development on this day.

Friday, September 2

  • OFAC amended, and reissued in their entirety, the Cyber-Related Sanctions Regulations, 31 C.F.R. part 578. The new set of regulations has elaborated on the details of the program and has added additional guidances and general licenses. (Here)

  • G7 finances ministers (or equivalents) issued a statement regarding their commitment to the reduction of their independence to Russian oil that is transported by the sea. (Here) The United States Secretary of the Treasury, furthermore, issue a separate statement in the sane topic. (Here) OFAC later announced that it will issue preliminary guidance on the implementation of the price cap in September. (Here)

Recommendation of the week

  • This is for my French-speaking audience: Sous Embargo is a new podcast, in French, that talks about sanctions. Great listen!


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