The Treasury Department published an analysis of the Russian oil price cap last week, saying that sanctions enforcement is “successfully forcing” Russia to sell oil at a discount, although Russian oil export markets have remained stable. The analysis includes data that tracks the price of Russian oil over the last two years and analyzes how the country’s revenue and exports have changed over time.
The Office of Foreign Assets Control last week sanctioned Russian state-owned shipping company and fleet operator Joint Stock Company Sovcomflot along with 14 of its crude oil tankers. Deputy Treasury Secretary said the designation will deal a “huge blow” to Russia’s shadow fleet operations (see 2303230010), which it uses to try to evade the global price cap on Russian oil.
The Bureau of Industry and Security on Feb. 21 completed a round of interagency review for an interim final rule that could clarify export control rules for certain semiconductors and expand a license exception for government end users. The rule, sent for interagency review Jan. 26, could clarify controls on certain “Radiation Hardened Integrated Circuits” and expand License Exception GOV (governments, international organizations, international inspections under the Chemical Weapons Convention, and the International Space Station).
The U.S. announced a new set of sweeping Russia-related export controls and sanctions last week to mark the two-year anniversary of Moscow’s invasion of Ukraine and to respond to Russian opposition figure Alexei Navalny's death in prison. The measures include nearly 100 additions to the Commerce Department’s Entity List, more than 500 sanctions designations by the Treasury and State departments and new government guidance, including a new business advisory to warn companies about Russia-related compliance risks.
The Bureau of Industry and Security added two entities to the Entity List for trying to illegally acquire U.S. items or for being involved in other activities that are “contrary” to U.S. national security and foreign policy, the agency said Feb. 26. The entities are China-based Chengdu Beizhan Electronics and Sandvine Incorporated, which has locations in multiple countries. Effective Feb. 27, the companies are subject to license requirements for all items subject to the Export Administration Regulations, and licenses will be reviewed under a presumption of denial.
Alexis Early, former partner at King & Spalding, has joined Jenner & Block as a partner in the Washington-based national security and crisis practice. Early's practice focuses on sanctions, trade and export controls, anti-money laundering, the Committee on Foreign Investment in the United States and more, the firm said.
The European Council on Feb. 22 added six people and one entity to its Moldova sanctions regime for undermining the sovereignty of Moldova. The entity, Scutul Poporului, has "made repeated attempts" to undermine Moldovoa's government through riots and violent demonstrations, the council said. The other sanctions target the group's leader, media executives and an official "responsible for Russia's covert operations" in Moldova.
The U.K. added 50 entries to its Russia sanctions regime and two entries to its Belarus regime, the Office of Financial Sanctions Implementation announced in a pair of notices this week.
The State Department is offering rewards of up to $15 million for information leading to the arrest or conviction of people with ties to ransomware attacks carried out by LockBit and the group’s key leaders, the agency said this week. The announcement was made alongside new Treasury Department sanctions that designated two Russian nationals for their ties to the Russia-based ransomware group and its cyberattacks (see 2402200033). Since 2020, LockBit has carried out over 2,000 attacks, costing more than $144 million in ransom payments, the State Department said.
Five members of the House Select Committee on China are visiting Taiwan Feb. 22-24 to show support for the democratic country and discuss trade and investment, regional security and other issues with senior Taiwanese leaders and members of civil society, the committee said.