Category: Sanctions

The UK has escalated its pressure on Vladimir Putin, announcing its largest package of sanctions since May. This new wave targets the Kremlin’s sprawling web of military supply chains and the shadowy mercenary groups doing Moscow’s bidding from Ukraine to Africa. With these measures, the UK aims to choke off Putin’s lifelines, hitting Russia where it hurts most: its ability to sustain the prolonged—and increasingly desperate—war in Ukraine. In a statement that underscored the UK’s determination, Foreign Secretary David Lammy said, “Putin is nearly 1,000 days into a war he thought would only take a few. He will fail, and…

At OCCRP, we strive to shed light on the pressing issues surrounding sanctions and sanctions evasion. We are excited to share the latest stories from OCCRP and its partners, along with our efforts at the Global Anti-Corruption Consortium (GACC) to amplify their impact.‍Key Themes from Our ReportingRecent reporting exposed how: ‍ A Cyprus IntermediaryTogether with OCCRP, our partners from the Belarusian Investigative Center (BIC), Schemes (Ukraine), and Belsat (Belarus), uncovered how a mysterious Cyprus-based company with ties to a former Belarusian official is being paid millions of euros by the Belarusian government to facilitate its trade in potash through Russia’s…

Russian troops involved in the abhorrent use of inhumane chemical weapons on the battlefield in Ukraine have been targeted by new UK sanctions. Russia’s Radiological Chemical and Biological Defence (CBR) troops and their commander have been sanctioned for the deployment of barbaric chemical weapons in UkraineUK calls out Russia’s flagrant violation of the Chemical Weapons Convention (CWC) and urges Russia to immediately cease all such activityaction continues the Foreign Secretary’s personal mission to target the full spectrum of the Kremlin’s malign activity through our arsenal of sanctionsRussian forces have openly admitted to using hazardous chemical weapons on the battlefield, with…

The government is carrying out 37 investigations into UK-linked businesses for potentially breaking Russian oil sanctions – but no fines have been handed out so far, the BBC can reveal.The identities of the businesses are unknown but it is understood some are likely to be maritime insurance firms.The Treasury said it would take action where appropriate, but pointed to the complexity of the cases as a reason they take considerable time.But Sir William Browder, a longstanding critic of Russian President Vladimir Putin, said it was an “embarrassment” that there had not been a single prosecution or fine for companies investigated…

LONDON, Sept 10 (Reuters) – Britain on Tuesday announced a new wave of sanctions, adding seven designations under its Iran sanctions regime and three under its Russia regime.Some of those sanctioned included firms and organisations with ties to the drone industries in Russia and Iran.The announcement came after U.S. Secretary of State Antony Blinken said Russia had received ballistic missiles from Iran and would likely use them in Ukraine within weeks.Alongside that announcement, made during a visit to Britain, Blinken said the U.S. would also impose new sanctions, including on airline Iran Air.France, Germany and Britain strongly condemned Iranian transfers…

The United States imposed new sanctions Friday on more than 400 entities accused of supporting Russia during its war with Ukraine. Announced the day before Ukraine’s Independence Day holiday, the sanctions focus on firms in Russia, Europe, Asia and the Middle East accused of helping Russia avoid U.S. sanctions and enabling its war in Ukraine, according to a Treasury Department press release. The Biden administration also added 123 firms to the U.S. export control list, which requires suppliers to obtain licenses prior to shipping items to the companies listed. Those added Friday included 42 Chinese firms and 63 Russian firms,…

In a civil judgment handed down earlier this week, it was revealed (at paragraph 63) that an individual, David Crisp, was arrested by HMRC on 10 October 2023 and electronic devices were seized. The allegation is that companies managed by Mr Crisp were knowingly exporting perfume to Russia in breach of the UK’s sanctions. As of the date of the judgment, HMRC had confirmed (at paragraph 69) that the criminal investigation remains ongoing but so far no charges have been made and Mr Crisp is no longer on bail. The judgment itself is of note for the Court removing Mr…

Standard Chartered on Monday lost a bid to cut from a London lawsuit allegations that it broke U.S. sanctions against Iran in a more widespread way than it has previously admitted. More than 200 investors are suing Standard Chartered at London’s High Court for allegedly untrue statements about its sanctions non-compliance between 2007 and 2019. The lawsuit comes after the London-based bank agreed to pay $1.1 billion in 2019 to U.S. and British authorities over transactions which breached sanctions against Iran and other countries. The 2019 deal extended by two years a 2012 deferred prosecution agreement with Standard Chartered, under…

Since Vladimir Putin’s invasion of Ukraine, the west has imposed thousands of sanctions on Russia, and handed it the dubious distinction of being the most heavily sanctioned country on Earth. Targeting everything from the finances of individuals to the major industries of its economy, international sanctions have aimed to isolate Russian consumers, with major brands such as Apple and McDonald’s ceasing their operations in the country. But two years on, Russia’s economy is showing surprising resilience and is forecast to grow faster than most of the world’s advanced economies, although experts say that it is unsustainable in the long term.…

UK announces 50 new sanctions designations and specifications to degrade Putin’s war machine, in co-ordinated action with G7 partners to support Ukraine.  New targets include ships in Putin’s shadow fleet, institutions at the heart of Russia’s financial system and suppliers supporting Russia’s military production.   These new sanctions, announced while the Prime Minister attends the G7 Leaders Summit in Italy, will bear down on Russia’s ability to fund and equip its war machine and show the UK’s steadfast support for Ukraine. Today’s action includes the UK’s first sanctions targeting vessels in Putin’s shadow fleet, used by Russia to circumvent UK and…

As from 19 May, new rules to harmonise criminal offences and penalties for the violation of EU restrictive measures enter into force. The new rules will ensure that such violations can be criminally investigated and prosecuted in all Member States. They include a list of criminal offences related to the violation and circumvention of EU sanctions, such as for example: failing to freeze assets; breaching travel bans and arms embargoes; providing prohibited or restricted economic and financial services, transferring funds that should be frozen to a third party or providing false information to conceal funds that should be frozen. The…

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced targeted sanctions against multiple individuals and entities involved in Iran’s UAV (Unmanned Aerial Vehicle) program, steel industry, and automobile sector. The sanctions aim to disrupt Iran’s UAV production capabilities, particularly focusing on engine types powering Iran’s Shahed variant UAVs, which were utilized in the April 13 attack on Israel. These actions are directed towards individuals and entities facilitating Iran’s UAV production arm, including Kimia Part Sivan Company (KIPAS) and other Iranian UAV manufacturers. Additionally, OFAC is designating five companies across various jurisdictions involved in supplying component materials…

No fines for sanctions breaches have been levied as a result of the 2022 sanctions against Russia since its full-scale invasion of Ukraine, correspondence from the Foreign, Commonwealth and Development Office (FCDO) reveals. Letter from Minister Trevelyan relating to Russian sanctions, dated 28/03/2024Read the report [HTML]Download the report [PDF 525B]Evidence Session: The situation in Ukraine and the UK’s responseInquiry: Responding to illicit and emerging financeForeign Affairs CommitteeMinister of State at the FCDO, Anne-Marie Trevelyan, writes that she expects Government investigations into potential breaches of the UK’s financial sanctions, imposed on Russian individuals and organisations since the invasion, to come to…

The EU is proposing to sanction companies in mainland China for the first time as part of its latest measures aimed at shutting down loopholes that allow Russia to route military technology via third countries to its weapons factories. Three companies in mainland China, as well as four in Hong Kong and one in India, are on a 91-page document of companies and individuals who EU member states want to add to a growing sanctions list before the second anniversary of Russia’s invasion of Ukraine. As the EU, the UK and US representatives prepare to meet in Brussels on Wednesday,…

The US and the UK have imposed sanctions on four senior Houthi officials for their roles in supporting or directing attacks on commercial shipping in the Red Sea. Those targeted include Houthi defence minister Mohamed Nasser al-Atifi, commander of Houthi naval forces Muhammad Fadl Abd al-Nabi, coastal defence forces chief Muhammad Ali al-Qadiri and Muhammed Ahmad al-Talibi, described as the Houthi forces director of procurement. “The Houthis’ persistent terrorist attacks on merchant vessels and their civilian crews … threaten to disrupt international supply chains and the freedom of navigation, which is critical to global security, stability, and prosperity,” the US…

On 14 December 2023, the UK Government introduced two regulations (The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 and The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023) amending The Russia (Sanctions) (EU Exit) Regulations 2019 to impose further restrictions on goods, technology, and sources of funding that the UK Government considers could support Russia’s war against Ukraine. The majority of the amendments came into force on 15 December 2023; however a number will come into force on 26 December 2023 and 1 January 2024. Separately, on 15 December, the UK also designated Novikombank, which is now…

Companies who are found to be dodging strict trade sanctions, including those imposed since the war in Ukraine, will face tougher penalties with the creation of a new Office of Trade Sanctions Implementation (OTSI). Industry and Economic Security Minister Nusrat Ghani is today [11 December 2023] announcing the creation of a new unit to crack down on companies dodging Russian sanctions. The OTSI will be responsible for the civil enforcement of trade sanctions, including those against Russia. The unit will help businesses comply with sanctions and investigate potential breaches, issuing civil penalties and referring cases to HMRC for criminal enforcement…

Foreign Secretary announces 29 new UK sanctions targeting individuals and entities operating in and supporting Russia’s gold, oil and strategic sectors. new UK sanctions target 29 individuals and entities operating in and supporting Russia’s gold, oil and strategic sectorsthose sanctioned include Russia’s largest gold refiner and international networks propping up Russia’s gold, oil and finance industriesto date the UK has sanctioned over 1,800 individuals, companies, and groups under our Russia sanctions regimeTwenty nine individuals and entities operating in and supporting Russia’s gold and oil sectors have been sanctioned by the UK today [8 November]. New listings include both Russian oligarchs…

WASHINGTON — Today, U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed its third round of sanctions targeting Hamas-affiliated individuals and entities since the October 7 Hamas terrorist attacks on Israel. This action designates key Hamas officials and the mechanisms by which Iran provides support to Hamas and Palestinian Islamic Jihad (PIJ). Today’s designations are coordinated with action by the U.K. and are aimed at protecting the international financial system from abuse by Hamas and their enablers. The U.S. Department of State is concurrently designating a leader of PIJ’s military wing. “The United States will continue to…

As Russian tanks rolled into Ukraine in late February 2022, staff at the Cypriot wing of international auditing giant PwC were rushing to tie up the sale of hundreds of millions of dollars’ worth of assets owned by Russian oligarch Alexey Mordashov. Like other pro-Kremlin billionaires, Mordashov — described by Forbes as Russia’s richest person in 2021 — was at risk of having his European assets frozen if authorities sanctioned him in response to the invasion. At PwC Cyprus, staff exchanged documents marked “URGENT” and “PLEASE APPROVE” as they prepared paperwork to sell Mordashov’s stake in German travel company TUI…

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity. “Following Russia’s invasion of Ukraine, FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued two joint Alerts urging vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade U.S. export controls,” said Acting…

Wise Payments Limited (“Wise”), a UK-based financial services provider, is under scrutiny after an investigation by the UK Office of Financial Sanctions Implementation (OFSI) revealed potential violations of sanctions imposed on Russia. The sanctions in question stem from The Russia (Sanctions) EU Exit Regulations 2019 and are aimed at restricting certain Russian individuals, entities, companies, and their subsidiaries from accessing and using their assets. These measures were put in place in response to Russia’s actions, including its annexation of Crimea and its involvement in conflicts in Eastern Ukraine. The breach in question pertains to a cash withdrawal of £250 made…

The Financial Conduct Authority (FCA) has continued to see financial crime issues across the wholesale insurance market, buoyed by Russia sanctions, the regulator said on Wednesday. In a letter to wholesale insurance CEOs, Matt Brewis, FCA director of insurance supervision, policy & competition – consumers & competition, said: “We continue to see financial crime problems across the wholesale insurance market, particularly due to the rapid imposition of sanctions from the war in Ukraine. “Wholesale insurance firms have an increased risk of financial crime due to the international nature of business and increased exposure to politically exposed persons.” The regulator zoned…

A billionaire and close ally of Roman Abramovich has failed in his attempt to overturn UK sanctions, ending a challenge that had been seen as a crucial test of the government’s response to Russia’s invasion of Ukraine. The high court in London on Friday rejected the effort by Eugene Shvidler to have the sanctions on him declared unlawful. Shvidler’s lawyers immediately said he would appeal. The UK government imposed sanctions on Shvidler in March 2022, a month after Vladimir Putin ordered the full-scale invasion of Ukraine. The UK government targeted Russia-linked oligarchs and officials as part of its effort to…

While everyone is watching the latest drama unfold in the Black Sea, mysterious shipping journeys are taking place in the Caspian Sea. The massive lake—the world’s largest—is bordered by Kazakhstan, Turkmenistan, Azerbaijan, Russia, and Iran. And these days, the ocean-like sea is the scene of enormous volumes of hush-hush shipping involving primarily Russian and Iranian vessels. The past three months have each seen more than 600 AIS gaps by Russian-flagged vessels alone, up from just over 100 per month during the same period last year. (AIS is the automatic identification system, which virtually all commercial vessels are obliged to use;…

The U.K. government expanded Thursday the penalties imposed on individuals and entities linked to the Russian regime, declaring that they may no longer access legal expertise within Britain for economic benefit. In an effort to further deter Russia’s elite and powerful from contributing to President Vladimir Putin’s war chest, the U.K. declared that, going forward, wealthy Russian individuals and entities can no longer seek legal advice as a means to circumvent sanctions or otherwise conduct business.As Putin’s full-scale invasion of Ukraine has raged on for almost 18 months now, the British government has cracked down with 19 billion pounds (US$24…

Just hours after Kyrgyzstan’s head of national security declared on Thursday that no company in his country has violated U.S. sanctions against Russia, the U.S. Treasury announced sanctions against four Kyrgyz firms for doing exactly that. “Neither the Kyrgyz state itself, nor any state structures and companies are involved in the violation of the regime of compliance with the sanctions restrictions imposed by the United States and Western countries in relation to Russia,” said Kamchybek Tashiev, the deputy head of the Cabinet of Ministers and the head of the State Committee for National Security in the morning.“Entities based in the…

The £5.3m sale of a 12-bedroom mansion in Surrey involved in a case of alleged banking fraud is heading for the high court in a bid by lawyers to send some of the proceeds to one of Russia’s state-controlled banks. Lawyers believe some of the money can be transferred to one of Vladimir Putin’s state-controlled banks, the National Bank Trust, without any breach of sanctions. They are seeking a court order to allow the transfer. Ministers now face questions over why the bank has escaped sanctions to date, with a former boss at the bank claiming the money could be…

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Swedbank AS (Latvia) (“Swedbank Latvia”), a subsidiary of Swedbank AB (publ), headquartered in Stockholm, Sweden. Swedbank Latvia has agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC’s Crimea sanctions. Throughout 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. correspondent banks. The settlement amount reflects OFAC’s determination that Swedbank Latvia’s apparent violations were not voluntarily self-disclosed…

Russia’s invasion of Ukraine and the subsequent sanctions that the U.S., European Union (EU) and other countries imposed against Russia in the wake of this act of aggression have been the focus of worldwide media attention since February 2022. In this installment of our Four Questions column, ACAMS Today speaks to George Voloshin, CAMS, CGSS, ACAMS’ global subject-matter expert (SME) on anti-financial crime (AFC), about potential scenarios for the Russian war. Voloshin, who specializes in sanctions, also discusses such topics as the effectiveness of the sanctions imposed against Russia, Russia’s complicated relationship with China and developments AFC professionals should look…