The U.K. on Aug. 2 renewed a sanctions license allowing for certain sales, divestments or transfers of "financial instruments" held by the Russian Central Securities Depository. The license now runs through Oct. 12.
The Senate Appropriations Committee is concerned that Chinese Communist Party-backed companies may be “exploiting” the U.S. bankruptcy process to obtain American companies’ sensitive and proprietary information, the panel wrote in a new report accompanying its version of the FY 2025 Financial Services and General Government Appropriations Act.
The Office of Foreign Assets Control renewed two Russia-related general licenses last week that authorize transactions related to debt, equity or currency-conversion. Both licenses were scheduled to expire Aug. 13 but now expire 12:01 a.m. EDT Oct. 12.
The European Commission last week released a set of updated frequently asked questions on its Russia-related sanctions, offering guidance on how it treats "partner countries" in the context of its iron and steel restrictions and export controls.
Sen. Marco Rubio, R-Fla., introduced a bill this week aimed at countering the use of alternative financial systems by China, Russia and other "countries of concern" to evade U.S. sanctions.
The Biden administration continues to consider imposing additional sanctions to reduce China’s export of dual-use goods to Russia’s defense industrial base, a State Department official told a congressional panel July 30.
The Office of Foreign Assets Control this week sanctioned five people and seven entities across mainland China, Hong Kong and Iran for helping to provide key parts to Iran’s missile and drone programs. OFAC said they procure accelerometers, gyroscopes and other components that “serve as key inputs” for Iranian weapons programs, which that country uses to produce drones for Russia and its “proxies” in the Middle East.
The U.S. should start designating Chinese banks under a December executive order that authorizes secondary sanctions on foreign financial institutions that help facilitate Russia-related transactions, a group advocating for democracy in Hong Kong said in a new report this month.
The Biden administration is doing too little to counter China’s material support for Russia’s war machine, the ranking member of the Senate Foreign Relations Committee said July 30.
The EU made its first transfer of seized Russian assets to Ukraine, making available over $1.6 billion, the European Commission announced. The funds are made up of sanctioned Russian Central Bank assets, 90% of which will head to the European Peace Facility and 10% to the Ukraine Facility, which will support Ukrainian defense and reconstruction efforts. The next wave of assets to be sent to Ukraine will take place in March, the commission said.