A Swiss private banking group agreed to pay about $3.7 million to settle allegations that it violated multiple U.S. sanctions programs, including restrictions against Russia and Cuba. The Office of Foreign Assets Control said EFG International AG, which operates about 40 global subsidiaries, bought and sold securities on behalf of people sanctioned by OFAC.
A U.K. law firm this week warned about sanctions risks tied to property purchases, saying one of its lawyers had to first obtain approval from a U.K. bank before a British-Iranian client could buy property in the U.K.
The Office of Foreign Assets Control on March 13 sanctioned three people in the Bosnian Serb Republic for helping Serb Republic President Milorad Dodik undermine the “peace and stability” of Bosnia and Herzegovina. OFAC said the three people “facilitated Dodik’s efforts to undermine” the Dayton Peace Agreement, the 1995 accords that ended the yearslong Bosnian War, and the “authority” of the Bosnian Constitutional Court.
Rep. Tom Kean Jr., R-N.J., chairman of the House Foreign Affairs Subcommittee on Europe, said March 12 that he's drafting a “tough sanctions bill” to help reduce U.S. reliance on Russian state-owned company Rosatom for nuclear fuel.
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The U.K. on March 8 announced it has extended the deadline for providing additional attestations or itemized ancillary costs under its Russian oil services ban from 28 to 30 days. The change was included as part of the Office of Financial Sanctions Implementation's guidance on the maritime services ban and oil price cap. Under this guidance, OFSI said its attestation process requires different players in the oil supply chain to provide different levels of evidence that the oil they are trading is below the price cap.
Switzerland sanctioned six people and one entity on March 4 for their role in threatening the sovereignty of Moldova, following an EU action listing the same parties. The listed entity is Scutul Poporului, the paramilitary group accused of destabilizing Moldova through violent protests. The individuals are Russian intelligence officers, leaders of Scutul Poporului, Moldovan media executives and political figures.
The German Federal Prosecutor's Office filed charges last month against a German national and a Russian national for illicitly exporting drone parts to Russia, the office announced March 5, according to an unofficial translation.
The Office of Foreign Assets Control last week sanctioned two companies for “advancing Russia’s malign activities” in the Central African Republic, including by providing “material and financial support” to Wagner Group, the sanctioned Russian private military. The designations target CAR-based Bois Rouge SARLU, also known as Wood International Group SARLU, and Russia-based Limited Liability Company Broker Expert.
Governments could eventually require companies to monitor their sensitive semiconductor equipment shipments by using location tracking features, which could help industry better conduct due diligence and improve government export enforcement, said Chris Miller, an expert on semiconductor technology policy and history.