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Ukraine Crisis – Other Notable Developments – Sanctions Update

Mayer Brown
29/06/2022

UPDATE:

June 28, 2022

  • Non-Sanctioned, Wealthy Russians Dock Boats in Dubai: On Tuesday, reports emerged that Vladimir Potanin, considered to be the wealthiest oligarch in Russia, has moved his yacht Nirvana to Dubai, even though he is not yet subject to sanctions. The movements are part of a larger trend of wealthy Russians moving their property to Dubai, a country that has not yet imposed sanctions on Russia. (https://apnews.com/article/russia-ukraine-putin-politics-sports-dc43a9b55778f833efc2efe2990e31ba).

  • Canada Promises $200 Million in Monetary Assistance to Ukraine: During the G7 Summit, Canada announced that it would provide $200 million in loan assistance for Ukraine through the International Monetary Fund. To date, Canada has committed $1.6 billion in loans and $1.3 billion in direct support to Ukraine, including $320 million in humanitarian assistance. (https://www.cbc.ca/news/politics/g7-summit-russia-ukraine-1.6503992).

  • Western Stance on Indian Purchases of Russian Oil Reportedly Softens: During this week’s G7 Summit, India attended as an observer nation. The country, which has markedly increased its purchases of Russian oil, initially received warnings from countries like the US to avoid increases in purchases of Russian oil or face “consequences”, did not face public criticism for its actions at the summit. Prime Minister Narendra Modi defended his decision to purchase cheap energy, saying he spoke for poorer nations making the same choices as India out of economic necessity. (https://www.nytimes.com/2022/06/28/world/asia/india-russia-war.html).

UPDATE:

June 27, 2022

  • White House Previews New Sanctions on Russia, Support for Ukraine: In a Monday statement, the White House announced that various federal agencies will implement the following restrictions on Russia and support measures for Ukraine:

    o   New targeted sanctions, in coordination with G7 partners, to “restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector.”

    o   Explore authority to use revenues collected from tariffs on Russian goods to assist Ukraine.

    o   Efforts to reduce Russian revenues, including a prohibition on new Russian gold imports to the US and the addition of “companies engaging in backfill activities in support of Russia by adding several companies around the world to the [Department of Commerce’s] Entity List.”

    o   New sanctions on private military companies and Russian military units credibly implicated in human rights abuses in Ukraine.

    o   $7.5 billion in assistance to Ukraine in coordination with G7 partners. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/27/fact-sheet-the-united-states-and-g7-to-take-further-action-to-support-ukraine-and-hold-the-russian-federation-accountable/).

  • Key Sanctions Advisor Leaves Administration: On Saturday, Reuters reported that Deputy National Security Advisor Daleep Singh, the primary White House point of contact for sanctions on Russia, has left the administration, taking a job with PGIM Fixed Income, a Wall Street asset manager with $890 billion in assets. Singh had previously taken a leave of absence from his White House position for personal reasons. He will be replaced by former BlackRock strategist Mike Pyle. (https://www.reuters.com/world/us/uss-russia-sanctions-architect-singh-departs-ukraine-war-drags-2022-06-25/).

  • Deputy Treasury Secretary Discusses Sanctions in Turkey: On Saturday, the Treasury Department announced that Deputy Secretary Wally Adeyemo had visited Ankara and Istanbul, Turkey from June 22-24. There, he met with representatives from the Ministry of Foreign Affairs, Ministry of Treasury and Finance, and private banking institutions. He discussed sanctions enforcement, and “all parties expressed a desire to ensure that Turkey is not used as a haven for illicit financing and that the integrity of its banking sector continues to be protected.” (https://home.treasury.gov/news/press-releases/jy0834).

UPDATE:

June 24, 2022

  • G7 to Discuss Russian Oil Price Cap: Western countries are becoming increasingly frustrated that their embargoes on Russian oil have had the counterproductive effect of driving up the global petrol price, meaning that Moscow, which continues to sell oil to countries such as India and China, ends up earning more money for its war chest. As a result, a price cap on Russian oil, which would allow countries to purchase Russian oil only if it was bought below an agreed-upon price, is set to become a popular topic of discussion at the upcoming G7 summit. (https://www.politico.eu/article/g7-to-discuss-russian-oil-price-cap-via-sanctions-relief/).

  • Moldova Prepared to Join EU Sanctions: In a Friday interview with Moldova 1 Television, Moldovan Parliament Speaker Igor Grosu stated that the country, which was recently granted EU candidate status, was ready to join international sanctions on Russia. He stated, “we will show solidarity with the EU, as our status and European aspirations oblige us. Of course, we will join [any new sanctions] meant to stop the military operation… We are seeking to contribute to this [goal] by any diplomatic means.” (https://tass.com/world/1470947).

  • Russia, Afghanistan Sign Trade Agreement: During a visit to St. Petersburg this week, officials from Afghanistan’s Chambers of Commerce and Industries signed an agreement with Russia’s Business Council for Cooperation with Afghanistan calling for expanded trade relations between the two countries. The Afghan signatory, Mohammad Yunus Mohmand, added that a Taliban government delegation will soon visit Moscow to discuss implementation of the deal. (https://www.voanews.com/a/russia-afghanistan-seek-to-enhance-trade-amid-sanctions-/6632146.html).

  • Latin America Sees Influx of Russians: The Financial Times reported on the increased Russian population living in Latin America after Russia’s invasion of Ukraine. The report states, “[t]hey are among hundreds of Russians estimated to have relocated to Latin America in recent months, as a combination of relaxed entry rules and an ambivalence toward western sanctions makes it an increasingly attractive destination.” (https://www.ft.com/content/66de3e08-11ee-4347-8475-6a44432080ba).

UPDATE:

June 23, 2022

  • India Provides Safety Certifications for Sovcomflot: Official data from the Indian government indicates that IRClass, the Indian shipping registry, has provided safety certifications for more than 80 ships managed by SCF Management Services, a subsidiary of Russian shipping company Sovcomflot. The safety certifications are a necessary step, after insurance, to allow for oil deliveries. (https://www.japantimes.co.jp/news/2022/06/23/world/russia-india-oil-haven/).

  • Russian Commodity Trading Companies Leave Switzerland due to Sanctions: Companies specializing in trading Russian commodities are quickly leaving Switzerland, long considered a leader in this business, to the UAE, due to sanctions. Russia’s three largest oil producers are evaluating Dubai as a new home for trading operations, and other firms have already left for the UAE. (https://www.insurancejournal.com/news/international/2022/06/23/673137.htm

UPDATE:

June 17, 2022

  • Norway Joins Sixth EU Sanctions Package: On Friday, Norway announced that it had joined the sixth EU sanctions package on Russia. The country will implement the ban on Russian oil imports on the same timeline as the EU, and expand its sanctions package to include 65 more Russian citizens and 18 more Russian organizations. (https://tass.com/world/1467057).

UPDATE:

June 16, 2022

UPDATE:

June 15, 2022

  • Kazakh Present Commits to Not Violate International Russia Sanctions: In an interview on Russian television, Kazakh President Qasym-Zhomart Toqaev committed to continued work with the Russian government, but added that “sanctions are sanctions” and that “we cannot violate them, especially because we receive warnings about possible so-called secondary sanctions against our economy from the West if we did violate the sanctions.” (https://www.rferl.org/a/kazakhstan-toqaev-sanctions-russia/31899734.html).

  • Serbian President Warns Russian Oil Imports Will End in November: Speaking on Serbian television on Tuesday, Serbian President Aleksandar Vucic urged the Serbian public to prepare for oil shortages this winter, saying “[w]e’ll no longer be able to import Russian oil from November 1 due to the sanctions imposed against Russia, and who knows what other sanctions will be imposed by then?” To date, Serbia, a candidate for EU accession, has resisted calls to impose its own sanctions on Russia. (https://interfax.com/newsroom/top-stories/80175/).

UPDATE:

June 14, 2022

UPDATE:

June 13, 2022

  • Turkey Planning to Host Russian, Ukrainian Delegation on Grain Exports: Turkish President Recep Tayyip Erdogan said on Sunday that he planned to host Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to discuss possible grain export corridors out of Ukraine. (https://tass.com/world/1464095).

UPDATE:

June 11, 2022

  • Switzerland Adopts Portions of Sixth EU Sanctions Package: On Friday, the Swiss Federal Council announced the adoption of portions of the sixth EU sanctions package on Russia. The restrictions include the oil embargo, SWIFT restrictions, provisions of certain auditing and business consulting services, and bans on advertising in content produced or broadcast by certain Russian media such as Russia Today or Sputnik. The Swiss government will also investigate the consequences of the oil embargo. The Federal Council also announced sanctions on 100 Russian and Belarusian individuals; the list of sanctioned individuals matches the EU’s list of restricted persons. The restrictions entered into force on June 10 at 6pm. (https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-89229.html).

  • Business Exits from Russia Cost Companies $59 Billion: According to a study from Yale released on Friday, global companies have incurred $59 billion in losses due to the suspension of Russian operations. The report looked at the almost 1,000 Western businesses that announced an exit or reduction in Russian operations, and their announced write-downs and losses due to the action. Research into the impact on share price due to withdrawals was mixed. (https://www.wsj.com/articles/business-losses-from-russia-top-59-billion-as-sanctions-hit-11654853400).

  • US Struggling to Convince Non-European Countries to Join Russia Sanctions: The New York Times published an article on Saturday discussing US struggles to convince non-European allies to join in on sanctions on Russia. The article discusses resistance in Gulf nations, Brazil, and South Africa, which have refrained from imposing sanctions on Russia to avoid damage to their home economies. (https://www.nytimes.com/2022/06/11/us/politics/russia-biden-sanctions.html).

UPDATE:

June 9, 2022

UPDATE:

June 8, 2022

UPDATE:

June 7, 2022

  • India Seeks to Increase Russian Oil Imports:  Bloomberg reported Monday that Indian state oil refiners, Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum, and private processors, Reliance Industries and Nayara Energy (partially owned by Russian oil giant Rosneft) are ramping up purchases of heavily discounted Russian crude. Seeking new six month supply contracts, the refiners plan on having cargoes delivered from Rosneft with the sellers handling the shipping and insurance. India’s petroleum imports surged 16 percent in April from last year, and are likely to increase as Europe turns away from Russian suppliers. (https://www.bloomberg.com/news/articles/2022-06-06/india-in-talks-to-increase-russian-oil-imports-from-rosneft).

  • Fiji Turns Over Russian Oligarch’s Yacht to U.S.:  Following the conclusion of an eight week legal battle, a Fijian Court has ruled that Fijian authorities must turn over a $300 million dollar yacht owned by Suleiman Kerimov to U.S. officials. The Court noted that its “decision acknowledges Fiji’s commitment to respecting international mutual assistance requests and Fiji’s international obligations.” (https://www.aljazeera.com/news/2022/6/7/russian-oligarchs-yacht-turned-over-to-us-by-fiji).

  • World Bank President Malpass Says Trouble Ahead for Global Economy:  Bloomberg reported Tuesday that the World Bank slashed its estimate for global growth this year to 2.9 percent due to the surge in energy and food prices, and the challenges to global supply chains caused by the Russian invasion of Ukraine. In the report, Malpass stated, “[t]he world economy is again in danger… It is facing high inflation and slow growth at the same time. Even if a global recession is averted, the pain of stagflation could persist for several years – unless major supply increases are set in motion… For many countries, recession will be hard to avoid.” (https://www.bloomberg.com/news/articles/2022-06-07/stagflation-danger-sees-world-bank-cut-global-growth-outlook?srnd=premium).

UPDATE:

June 6, 2022

  • Rusal Challenges Australian Sanctions in Court: Russian aluminum company Rusal has filed suit in Australian court seeking to take back its 20 percent stake in global mining company Rio Tinto’s Australian affiliate Queensland Alumina Limited. Rio Tinto took full control of the facility, which it previously owned as a joint venture with Rusal, in April, when Australia imposed sanctions on oligarchs Oleg Deripaska and Viktor Vekselberg, who own stakes worth 25.6 percent and 8 percent respectively in Rusal. Australia has not yet sanctioned Rusal directly. (https://www.reuters.com/markets/commodities/russias-rusal-launches-legal-action-against-rio-tinto-over-alumina-refinery-2022-06-05/).

UPDATE:

June 4, 2022

  • Sri Lanka Blocks Departure of Russian Plane: On Friday, the Sri Lankan government denied permission for an Aeroflot flight to depart for Moscow from Sri Lanka due to a pending legal dispute between Aeroflot and Celestial Aviation Limited, one of the world’s largest plane-leasing firms. Celestial Aviation is alleging that Aeroflot failed to return the jet it leased to the company. A Sri Lankan court will hold a hearing on the case on June 8. (https://www.rferl.org/a/sri-lanka-detains-russian-plane-over-sanctions/31882481.html).

  • Survey Reports Over Half of Japanese Firms Struggling with Impact of Russia Sanctions: On Sunday, credit research firm Teikoku Databank released a survey indicating that 50.8 percent of respondents, mostly Japanese corporations, were having difficulty in sourcing raw materials for their business, and 66.7 percent were experiencing a surge in prices. Reports attributed these difficulties to restrictions on trade with Russia. The research indicated that the wood and bamboo wholesale industry was particularly hard hit, with 88.3 percent of wood construction companies and 83.6 percent of wood and bamboo wholesalers reporting difficulties getting adequate stock. (https://english.kyodonews.net/news/2022/06/262f87f8e1fe-majority-of-japanese-firms-struggle-to-get-materials-amid-war-in-ukraine.html).

     

UPDATE:

June 3, 2022

  • Kazakhstan Changes Name of Oil Exports to Avoid Appearance of Russian ConnectionReuters reported Friday that the Kazakhstan Energy Ministry is changing the name of the oil it exports via Russian seaports to Kazakhstan Export Blend Crude Oil (KEBCO). The change will be effected Monday, June 5, and comes in large part from the fact that Kazakh oil shipments – some 20% of which are routed through Russian sea ports – have been repeatedly mistaken for Russian barrels, and subject to sanctions as a consequence. One trader noted that, “It’s a necessary measure, so that our oil is not sanctioned, while its name clearly shows the country of origin in the documents. Otherwise we have problems opening letters of credit.” (https://www.reuters.com/business/energy/exclusive-kazakhstan-renames-its-export-oil-avoid-russia-sanctions-risk-2022-06-03/).

UPDATE:

June 2, 2022

  • Taiwan Bans Exports of High-Tech Commodities to Russia and Belarus: On Wednesday, Taiwan’s Ministry of Economic Affairs announced a list of technology-related commodities, such as microprocessors or microcircuits meeting certain performance criteria, that are banned from export to either Russia or Belarus. (https://www.digitimes.com/news/a20220530PD204.html).

UPDATE:

June 1, 2022

  • Russian Yachts and Money Head to the Middle East: Bloomberg reported Wednesday that the United Arab Emirates, Turkey, and Israel have emerged as go-to destinations for Russian oligarchs seeking a home for their fortunes and flotillas. The UAE and Turkey have served as a transit point for funds at risk of being frozen by the U.S.-led sanctions regime. Cryptocurrency, shell companies, blind trusts, family members and lawyers have all been utilized by sanctioned individuals to avoid the sanctions to great effect. The failure to follow Washington’s lead has led the Biden Administration to consider imposing secondary sanctions on Russian oil, exposing any country or business violating U.S. sanctions to severe economic punishment. (https://www.bloomberg.com/news/features/2022-06-01/billionaire-russians-yachts-and-money-flow-where-us-influence-has-waned).

UPDATE:

May 31, 2022

  • Taiwan Pledges an Additional $4 Million to Ukraine: Taiwanese Foreign Minister Joseph Wu pledged an addition $4 million to Ukraine to help rebuild infrastructureimpacted by Russia’s invasion. Taiwan will donate $2 million specifically to Kharkiv and $500,000 each to Chernihiv, Mykolaiev, Sumy, and Zaporizhzhia. (https://focustaiwan.tw/politics/202205310026).

  • OPEC Explores Suspending Russian Participation in Oil Production Deal: The Wall Street Journal reported on Tuesday that some members of OPEC are considering exempting Russia from its oil-production targets. This would allow Saudi Arabia, the United Arab Emirates, and other members to increase production but would allow Russia to be quota-free which could have unintended future consequences. (https://www.wsj.com/articles/opec-weighs-suspending-russia-from-oil-production-deal-11654019943).

UPDATE:

May 30, 2022

  •  South African Coal Miners Struggle to Take Advantage of Russia Sanctions Due to Infrastructure Failures: Despite the increased demand of Russian fuel in Europe, South Africa’s coal industry is unable to meet demand because of copper cable theft and train shortages causing issued for Transnet, South Africa’s state freight operator, which is unable to meet contractual obligations for volumes of coal shipments.  (https://www.ft.com/content/2c97f4d6-5712-4d46-bb38-d774d2619a9e).

  • UAE Hosts Sanctioned Oligarchs’ Yachts: On Monday, The Financial Times reported that sanctioned oligarch Andrey Melnichenko has parked his Motor Yacht A in the UAE to avoid Western sanctions. Melnichenko’s other yacht, Sailing Yacht A, has already been impounded by Italian authorities. The Financial Times describes the situation as a “symbolic reminder of the Gulf monarchy’s ambivalence towards Western sanctions.” (https://www.ft.com/content/0b4d7171-f632-4901-aafe-e283a732a1a9).

     

UPDATE:

May 29, 2022

  • Serbia Announces Three-Year Gas Deal with Russia: On Sunday, Serbian President Aleksandar Vucic announced that Serbia had agreed to a new three-year gas deal with Russian President Vladimir Putin. He did not reveal the payment details of the deal. Serbia’s 10-year gas supply contract with Gazprom was set to expire on May 31; Serbia is a candidate for EU membership that has thus far refrained from sanctioning Russia, despite pressure from the bloc to do so. (https://www.reuters.com/world/europe/serbias-vucic-says-agreed-3-year-gas-supply-contract-with-putin-2022-05-29/).

UPDATE:

May 27, 2022

  • Fijian Court Sides with US on Yacht Seizure Case, Appeal Expected: On Friday, appeals courts in Fiji dismissed an appeal by Feizal Haniff, who represented the company that legally owns the Amadea yacht, to prevent the yacht’s seizure by US authorities under sanctions law. The yacht’s true beneficial owner, and the US’s ability to identify them, was the subject of the dispute. The ruling does not go into effect for seven days, which will give time for attorneys to file appeals. (https://abcnews.go.com/Business/wireStory/us-wins-latest-legal-battle-seize-russian-yacht-85014573).

UPDATE:

May 26, 2022

  • Grain Shortages Having “Significant Impact” on Certain African Countries: Speaking before a Congressional panel on Thursday, Gen. Christopher Cavoli, commander of US Army Europe-Africa, stated that, on a recent trip to Kenya, he observed shortages of grain due to the war in Ukraine. He stated “there was a significant impact there already. We know that in other countries such as Tunisia, the prices have skyrocketed for basic foodstuffs. So there is food insecurity in Africa that is being provoked by the shortage of grain.” He added that European countries are working to improve access to ports for Ukrainian goods, as well. (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-05-26-22/h_ab6933f09983d9daeb2c2629795481de).

UPDATE:

May 25, 2022

  • Credit Suisse’s Ties to Wealthy Russians Hindering Business: On Wednesday, Bloomberg published a profile on Babak Dastmaltschi, a Credit Suisse executive known for attracting business of wealthy Russian clients. $33 billion of the private wealth Credit Suisse manages belongs to wealthy Russian individuals, 50 percent more than UBS. Though the company had some difficulties in 2014 after Russia annexed Crimea, the current wave of sanctions is proving more disruptive, with hundreds of millions in client money frozen and all business with Russian clients essentially halted. (https://www.bloomberg.com/news/features/2022-05-25/credit-suisse-forced-away-from-russia-tycoon-billions-over-war-sanctions).

  • US, UK, EU Launch War Crime Investigation Coordination Group: On Wednesday, the EU, US, and UK announced the creation of the Atrocity Crimes Advisory Group (“ACA”), a multilateral effort to support the Ukrainian prosecutor general in its investigations and prosecutions of war crimes. ACA staff include senior war crimes prosecutors that will provide strategic advice to Ukrainian prosecutors, and mobile staff increase investigation capacity. (https://www.state.gov/creation-of-atrocity-crimes-advisory-group-for-ukraine/).

UPDATE:

May 24, 2022

  • South African President Warns of Harm to “Bystander Countries” in Russia/Ukraine Conflict: Speaking during a joint appearance with German Chancellor Olaf Scholz, South African President Cyril Ramaphosa said that “bystander countries” that have not imposed sanctions on Russia as a result of the conflict are nevertheless feeling the policy’s impact, saying, “Even those countries that are either bystanders or not part of the conflict are also going to suffer from the sanctions that have been imposed against Russia.” (https://www.aljazeera.com/economy/2022/5/24/update-2-s-africas-ramaphosa-russia-sanctions-hurt-bystander-countries).

UPDATE:

May 23, 2022

UPDATE:

May 22, 2022

  • Several Nations Walk Out of Russia’s Address at APEC Meeting: Representatives from the US, Canada, New Zealand, Japan, and Australia reportedly walked out of Russia’s opening remarks at Saturday’s APEC meeting. Diplomats at the meeting added that the countries that walked out were seeking “stronger language on Russia’s war” in the group’s final statement to be issued on May 22. (https://www.rferl.org/a/apec-us-walkout-russian/31861229.html).

UPDATE:

May 20, 2022

  • G7 Commits $19.8 Billion in Ukraine Assistance, Reiterates Sanctions Support: At the close of the G7 Finance Ministers meeting on Friday, the participants released a joint statement committing $19.8 billion in assistance to Ukraine. This allocation includes $9.5 billion in recently announced commitments leading up to the meeting this week. The statement also reads “We remain committed to fully implementing and enforcing our economic and financial sanctions and remain vigilant against sanctions evasion, circumvention and backfilling. We welcome the ongoing work of the multilateral Russian Elites, Proxies and Oligarchs Task Force.” (https://home.treasury.gov/news/press-releases/jy0797).

  • Canada Announces New $250 Million Loan for Ukraine, New Sanctions: Speaking from the G7 Finance Ministers’ Meeting in Germany on Friday, Canadian Finance Minister Chrystia Freeland announced a new $250 million loan to Ukraine. She also expressed support for Canada’s recently announced sanctions, including the ones detailed in the preceding point and the addition of 14 more names to Canada’s asset freeze list, and legislation that would seize sanctioned Russian assets in Canada and use them to pay for Ukraine reconstruction. (https://www.cbc.ca/news/politics/canada-ukraine-loan-sanctions-1.6461089).  

UPDATE:

May 19, 2022

  • Chinese Government Pushes Officials to Avoid Overseas Investment due to Russia Sanctions:The Wall Street Journal reported on Thursday that the Chinese Communist Party issued an internal notice in March that would ban further promotion of ministerial-level officials that hold, either directly or indirectly through spouses and children, any real estate abroad or shares in entities registered overseas. Sources familiar with the matter said that the international sanctions regime on Russia prompted the decision. It is unclear whether this notice applies retroactively, though some family members of senior officials have sold their shares in overseas companies recently. (https://www.wsj.com/articles/china-insists-party-elites-shed-overseas-assets-eyeing-western-sanctions-on-russia-11652956787).

  • G7 Finance Ministers Commit to $18.4 Billion in Financial Assistance to Ukraine: On Thursday, the Finance Ministers and Central Bank Governors of G7 member states agreed to $18.4 billion in assistance to help Ukraine pay its bills, according to a draft communique obtained by Reuters. The draft comes as countries like Japan and Germany announced additional financial assistance to Ukraine in the form of loans. (https://www.reuters.com/world/money-ukraine-top-g7-agenda-inflation-food-concern-2022-05-19/).

UPDATE:

May 18, 2022

  • Australia Imposes More Sanctions on Russian and Belarusian “Purveyors of Propaganda” and Security Groups: On Wednesday, Australian Foreign Minister Marise Payne announced new sanctions on 11 individuals and 12 entities in Belarus and Russia described as “purveyors of propaganda” and “political and security figures.” The sanctioned entities include Russian private security firm Wagener and Belarusian defense companies Industrial-Commercial Private Unitary Enterprise Minotor-Service and OJSC KB Radar-Managing Company of Radar Systems Holding. The sanctioned individuals include Aleksandr Chupriyan, acting Minister of Emergencies for the Russian Federation; Sergei Korolyov, First Deputy Director of Russia’s Federal Security Service (“FSB”); Nikolay Bogdanovsky, First Deputy Chief of the General Staff of the Armed Forces of Russia; and Illia Kyva, a pro-Russian former member of the Ukrainian Parliament. Australia has separately “listed for sanctions” on the Russian Imperialist Movement. (https://www.foreignminister.gov.au/minister/marise-payne/media-release/further-russia-and-belarus-sanctions).

  •  IFIs Release Action Plan to Counter Food Insecurity: On Wednesday, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development, the International Monetary Fund, and the World Bank Group released a plan to combat food security after the Russian invasion of Ukraine. The plan has six goals: supporting vulnerable populations, promoting open trade, mitigating fertilizer shortages, supporting food production, investing in climate-resilient agriculture, and coordination among the group. (https://home.treasury.gov/system/files/136/IFI_Action_Plan.pdf).

UPDATE:

May 17, 2022

UPDATE:

May 16, 2022

  • Canadian Ambassador to Ukraine States that 2014 Sanctions No Deterrent to “Not Rational” Putin: In an interview on Canadian television, Canada’s Ambassador to Ukraine, Larisa Galadza, stated that Russian President Vladimir Putin’s actions leading up to the war in Ukraine were not “rational,” and that, even with sanctions imposed on Russia in 2014 as a result of its annexation of Crimea, she did not think “there was anyone who could stop Putin doing what Putin did.” (https://www.cbc.ca/news/politics/putin-irrational-canada-ambassador-finland-nato-1.6454081).

  • Japan Says Energy Projects in Russia in Accord with Sanctions Policy: During an interview on Sunday, Japanese Deputy Chief Cabinet Secretary Seiji Kihara defended the country’s decision to maintain oil and liquefied natural gas investment projects in Russia, saying, “if we give up our stakes and Russia gets them… [energy imports could be] more costly” for Japan in the long term. He noted that stopping investment would mean that entities that are not sanctioning Russia would reap the benefit of the investment. When asked about restriction on gas imports, Kihara said Japan will “think about how to deal with it when it becomes necessary.” (https://english.kyodonews.net/news/2022/05/e11e09f86c85-japan-says-sakhalin-energy-projects-do-not-contradict-russia-sanctions.html).

  • China Responds to G7 Call to Not Undermine Sanctions: On Monday, Chinese Foreign Ministry Spokesman Zhao Lijian responded to a question on the G7’s call that China should not help Russia avoid sanctions regimes. He stated at a press briefing, “China has always solved problems while maintaining an independent position… We are completely opposed to unilateral sanctions that ignore international law and the UN role.” (https://tass.com/world/1451391).

UPDATE:

May 15, 2022

  • G7 Commits to More Sanctions, Urges China to Not Assist Russia: In a statement released Saturday at the close of a three-day G7 foreign ministers meeting in Germany, participants expressed their commitment to “broaden our sanctions measures to include sectors on which Russia has a particular dependence” without providing specifics on what those sectors might be. The leaders noted the looming food crisis as a result of reduced Ukrainian grain exports and promised to “accelerate a coordinated multilateral response to preserve global food security.” Finally, the group also urged China to not assist Russia in its invasion, stating China should “desist from engaging in information manipulation, disinformation and other means to legitimize Russia’s war of aggression against Ukraine.” (https://www.auswaertiges-amt.de/en/newsroom/news/g7-russias-war-aginst-ukaine/2531268).  

UPDATE:

May 13, 2022

  • Canada Does Not Rule Out Sanctions on Putin’s Alleged Girlfriend: Speaking on Thursday, Canadian Foreign Minister Melanie Joly said that Canada had not ruled out sanctions on President Putin’s alleged girlfriend Alina Kabaeva. She said that Canada would move in lockstep with its allies; a draft of the EU’s sixth sanctions package includes Kabaeva’s name on the list, and, as mentioned above, Kabaeva was sanctioned by the UK today. (https://globalnews.ca/news/8829388/putin-girlfriend-alina-kabaeva-canada-sanctions/).

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