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Sanctions
Sanctions
Singapore Court Rules Against JPMorgan in Trade Sanctions Lawsuit
By Manesh Samtani | 02/10/2023
The Court of Appeal ruled that JPMorgan’s use of a sanctions clause to withhold payment on letters of credit was not contractually justified.
Sanctions
Western Allies Issue Guidance on Russia-related Export Controls
By Mark Johnston | 01/10/2023
E5 countries issue a guidance document for industry and academia on exporting commercial goods that may be subject to Russia sanctions.
Sanctions
UK Imposes New Sanctions Over “Sham Elections” in Ukraine
By Mark Johnston | 01/10/2023
The sanctions are a response to Russia’s attempts one year ago to use “falsified and illegitimate sham referendums” to annex sovereign Ukrainian land.
Sanctions
UK OFSI Updates Russia Sanctions Guidance
By Editors | 29/09/2023
The updated guidance addresses uncertainties regarding funds received from sanctioned banks when neither the sender nor recipient are designated persons.
Sanctions
OFAC Sanctions Procurement Network for Iranian Drones
By Editors | 28/09/2023
The new sanctions target five entities and two individuals based in Iran, China, Hong Kong, Turkey and UAE.
Enforcement
UPDATED – US DOJ Probes Possible Sanctions Violations at Credit Suisse, UBS – Report
By Editors | 28/09/2023
The DOJ has requested information about how Credit Suisse and UBS handled the accounts of sanctioned clients in recent years.
Market Infrastructure
China, EU Agree Measures to Ease Trade Tensions
By Editors | 27/09/2023
The two sides agreed to establish an export controls dialogue mechanism and to set up a new working group on financial regulation, among other measures.
Enforcement
US Court Jails Wildlife Trafficker for Rhino Horn Smuggling
By Mark Johnston | 25/09/2023
A Malaysian citizen who conspired to smuggle rhino horns worth USD 2.1 million has been jailed in the US.
Enforcement
OFAC Penalises 3M and Emigrant Bank for Iran Sanctions Violations
By Editors | 24/09/2023
3M agreed to pay $9.6mn for shipments destined for a customer in Iran. Emigrant Bank agreed to pay about $32,000 for processing transactions for two Iranian residents.
Sanctions
US Sanctions Entities Linked to Iranian Drone Production
By Editors | 23/09/2023
The sanctions target entities in Iran, China, Russia, and Turkey for aiding the production, maintenance, and procurement of drones and military aircraft by Iran.
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