In this December edition of Arbitration insights from Singapore, Singapore-based international arbitration partner Chris Bailey and our dedicated sanctions team examine recent developments in the EU's and UK's sanctions against Russia.
Lead article: Latest UK sanctions against Russia targeting crude oil and petroleum products - Effective 5 December 2022
In this edition, we examine with our dedicated sanctions team, partner Sue Millar and counsel Stephen Ashley, the 16th amendment to the UK's sanctions against Russia, the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations"), which comes into force on 5 December 2022 (the "16th Amendment").
The 16th Amendment will prohibit the import into the UK of Russian crude oil and petroleum products listed in Schedule 3F of the Regulations, and related technical and financial assistance or brokering services; and the supply or delivery by ship Russian oil and oil products falling within commodity code 2709.
We also set out what to expect from the forthcoming Russian oil price cap exception and what it may mean in practice for those impacted; and consider whether Office of Financial Sanctions Implementation's powers to impose penalties as described in the 16th Amendment exceed the authority conferred on it by the UK Parliament. Click here for the full article.
Other developments: Analysis of the EU's and UK's sanctions against Russia
Our sanctions specialists have been closely monitoring developments in the EU's and UK's sanctions against Russia. By way of example, over the last six months, we have reported on, amongst numerous others, the following:
- The Economic Crime (Transparency and Enforcement) Act which received Royal Asset on 15 March 2022. Included were amendments to the UK's sanctions framework under the Sanctions and Anti-Money Laundering Act 2018 ("SAMLA") which are intended to expedite the imposition of sanctions and reduce the resources required to react quickly to developments. Click here for the article.
- The 'sixth package' of sanctions adopted by the EU on 3 June 2022 in response to Russia's invasion of Ukraine, primarily through Regulation (EU) 2022/879, which amended Regulation (EU) No 833/2014. Included was the addition of the UK and South Korea to the list of 'partner countries' in Annex VIII of Regulation 833/2014, which previously included only the USA (from 25 February 2022) and Japan (from 8 April 2022). Click here for the article.
- The ban which came into force on 21 July 2022 on services exports to any "person connected with Russia" which the UK Government stated "will mean that Russia's businesses can no longer benefit from the UK's world class accountancy, management consultancy, and PR services" through the 14th Amendment to the Regulations (the "14th Amendment"). Click here for the article.
We will continue to monitor these developments and welcome any queries which you may have as to the impact on your businesses.
Decarbonisation strategy: Latest thought leadership from Stephenson Harwood
With the latest UK sanctions against Russia targeting crude oil and petroleum products, this newsletter provides an opportunity to shine a light on the firm's decarbonisation practice which forms a central component of our new global strategy.
Recent thought leadership includes the head of decarbonisation, partner Jonathan Cripps, commenting on the main takeaways from the 27th United Nations Climate Conference which ended on 20 November. Click here for the article. We also released our fifth hydrogen quarterly insight which includes coverage of the firm's hydrogen team speaking at the Hydrogen Decade Summit conference in London in October 2022. Click here for the article.