The Trump administration is working on plans to possibly give Russia sanctions relief as the U.S. works to negotiate an end to Moscow’s war with Ukraine, Reuters reported March 3. The White House ordered the State and Treasury departments to draft a list of sanctions that could be “eased,” the report said, and that U.S. officials could use to discuss with Russian representatives in talks with Moscow in the coming days. The agencies are writing a proposal to lift sanctions on “select entities and individuals, including some Russian oligarchs,” the report said. The White House didn’t immediately respond to a request for comment.
The Office of Foreign Assets Control soon will issue guidance about winding down Venezuela-related licenses after President Donald Trump said last week that he plans to reverse certain sanctions relief given to the country under the Biden administration (see 2502260056).
The U.K. corrected one entry on its Russia sanctions list and amended one entry on its Global Anti-Corruption sanctions list, the Office of Financial Sanctions Implementation said. Under Russia, OFSI corrected the listing for OJSC Keremet Bank, changing the ZIP code for the bank in Kyrgyzstan. Under the anti-corruption regime, the agency amended the listing for Teodoro Nguema Obiang Mangue to reflect that Mangue was listed for engaging in bribery while serving as vice president of Equatorial Guinea.
The U.K.’s latest package of Russia sanctions (see 2502240056) featured the country’s first use of recently expanded designation powers that have “secondary sanctions-like effects,” Steptoe said in a client alert. The powers -- which allow the U.K. government to designate people and entities for providing financial services, making funds available to or facilitating other activities of certain parties with ties to Russia -- were used to target Kyrgyzstan-based OJSC Keremet Bank, which was accused of providing financial services to people in the Russian financial sector. The designation means U.K. credit and financial institutions are blocked from “establishing or continuing correspondent banking relationships” or processing payments with Keremet.
The Financial Action Task Force recently updated its list of jurisdictions with “deficiencies” in combating terrorism financing, weapons proliferation and other sanctions-related issues, the Financial Crimes Enforcement Network said Feb. 26. The FATF added Laos and Nepal to its list of "Jurisdictions Under Increased Monitoring" and removed the Philippines from it. The FATF’s list of "High-Risk Jurisdictions Subject to a Call for Action" remains the same and still lists Iran, North Korea and Myanmar.
Thailand on Feb. 27 returned to China at least 40 Uyghurs that had been detained in Thailand for years, despite calls from the U.S. officials not to do so and threats of possible sanctions by lawmakers.
Instead of prematurely lifting sanctions against Russia, the U.S. should look to close sanctions loopholes, double down on enforcement and continue coordinating the restrictions with allies, Charles Lichfield, deputy director of the Atlantic Council’s GeoEconomics Center, said in an analysis published by the think tank this week.
The U.K. removed one entry from its Russia sanctions list on Feb. 26, the Office of Financial Sanctions Implementation said in a notice. Francois Mauron, a Swiss national, was removed after originally being sanctioned for working as a director for an entity conducting business in the Russian energy sector.
Australia this week issued another round of Russia-related sanctions, following similar moves by the EU, the U.K. and Canada to mark three years since Russia’s invasion of Ukraine.
President Donald Trump on Feb. 26 said he is reversing certain sanctions relief provided to Venezuela by the Biden administration as part of an “oil transaction agreement” signed in November 2022. That date was when the Office of Foreign Assets Control granted U.S. oil company Chevron a general license to resume certain oil activities in Venezuela, which was intended to support the newly restarted negotiations between Venezuelan leader Nicolas Maduro’s regime and the country’s opposition party (see 2211280042).