05 Dec 2022
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.
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.
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:
We will continue to monitor these developments and welcome any queries which you may have as to the impact on your businesses.
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.
Chris Bailey
Partner
T: +65 6622 9685 M: +65 9248 1428 Email Chris | Vcard Office: Singapore
Jonathan Cripps
Partner
T: +44 20 7809 2084 M: +44 7885 101 285 Email Jonathan | Vcard Office: London
Sue Millar
Partner
T: + 44 20 7809 2329 M: + 44 7825 625 898 Email Sue | Vcard Office: London
Stephen Ashley
Of counsel
T: +44 20 7809 2362 M: Email Stephen | Vcard Office: London
