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Regulatory Blog

Binoculars with documents in lenses

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European Commission proposes an “8th package” of sanctions on Russia
On 28 September 2022, the European Commission announced its proposal for a new package of sanctions against Russia, following the referenda organised in the Ukrainian territories occupied by Russia and Russia’s threat to use nuclear weapons.
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 30 September 2022)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
G7 Finance Ministers agree on sanctions imposing a price cap on Russian oil and petroleum products
On 2 September 2022, the G7 Finance Ministers met in Germany and released a statement.
New investments into Russia banned in Bermuda, BVI, and Cayman following UK’s twelfth amendment to the Russia sanctions regime
The Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the Twelfth Amendment) was made on 14 July 2022, laid before Parliament on 18 July 2022, and came into force on 19 July 2022. The Twelfth Amendment was made as subsidiary legislation to the Sanctions and Anti-Money Laundering Act 2018 and it applies in the UK’s Overseas Territories (including Anguilla, Bermuda, the British Virgin Islands, and the Cayman Islands), by virtue of The Russia (Sanctions) (Overseas Territories) Order 2020 and other implementing legislation in the case of Bermuda.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 1 September 2022)
European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here
Cyprus reminds entities about their enhanced sanctions disclosure obligations (and the reporting deadline of 1 September 2022)
On 9 August 2022, the Ministry of Finance published an announcement regarding the obligation of natural and legal entities, as listed in Annex I of Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (Regulation 269/2014) to report funds or financial resources belonging to, owned, held or controlled by them which are located in Cyprus.
EU updates its FAQs on reporting obligation under the oil import restrictions
On 26 July 2022, the European Commission updated its Frequently Asked Questions (FAQs) on Article 3m(3) a&b and 3m(10) of Council Regulations 833/2014 in regards to the reporting obligations under the oil import restrictions that were included to the EU’s sixth package of sanctions against Russia.
Red alert issued in respect of financial sanctions evasion typologies – Russian elites and enablers
On 21 July 2022, the BVI Financial Services Commission (the FSC) issued Industry Circular No. 4 highlighting a “red alert” which has been issued by the UK National Economic Crime Centre (the NECC).
EU adopts “maintenance and alignment” package on its Russia sanctions
On 21 July 2022, the European Council adopted the new measures, under the “maintenance and alignment” package.
EU Council requests EU Parliament’s consent to include the violation of restrictive measures to the list of EU crimes
On 30 June 2022, the EU Council requested the EU Parliament’s agreement in relation to the decision to include the violation of restrictive measures to the list of “EU crimes” included in the Treaty on the Functioning of the European Union.
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