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Oliver Passmore
Partner | Legal
Jersey
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Oliver Passmore
Partner
Jersey
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Recent months have seen developments in US trade sanctions against Russia, North Korea and Iran that have substantially strengthened and extended measures in respect of trade and financial transactions for US and non-US institutions.
Those dealing directly with individuals, firms or the regimes of the three countries – as well as those with a connection however tangential – should be aware of the specific developments and their reach, whether or not they are based in the US.
The EU has also amended and extended sanctions in respect of Ukraine and extended sanctions against North Korea
Russian Sanctions
1. Restriction on the US President's authority to relax sanctions.
2. Codification of existing Russian sanctions.
3. Tightening of existing sectoral sanctions:
Accordingly as at 28 November 2017 –
4. Imposition of Additional/New Secondary Sanctions, including:
Secondary Sanctions that Apply to Non-US Persons
(Note – some of these may application to activities by US persons that are not necessarily prohibited under US law).
In brief, on 21 September 2017, the US extended its sanctions against North Korea extraterritorially to include certain activities of non-US persons relating to transport, financial institutions and trade.
Of significance is, any person who violates the September 20 Executive Order, whose funds are under the control of a US person will have their account blocked.
Sanctions may also be imposed on any non-US financial institution that, on or after 21 September 2017 knowingly conducts or facilitates:
Any funds originating from, destined for, or passing through a bank account that the US determines is owned or controlled by a North Korean person, or has been used to transfer funds in which a North Korean person has an interest, that come within the US or possession of a US person will be blocked. US persons may not directly or indirectly transfer, pay, export, withdraw or otherwise deal in such funds.
US persons are also prohibited from approving, financing, facilitating or guaranteeing any dealings by a non-US person in funds linked to North Korean accounts.
There are now mandatory blocking sanctions on any person that knowingly contributes to Iran’s ballistic missile program, who are officials, agents or affiliates of the Islamic Revolutionary Guard Corps, or who knowingly supply or support the supply of arms, combat vehicles, etc., to Iran or provide related technical training or services to Iran.
The full list of developments and changes to the existing sanctions regimes is extensive and significantly broadens their scope – anyone with a connection to Iran should seek advice as soon as possible as to whether any of the recent changes have an implication for them.
Ukraine Sanctions
In September 2017, the EU introduced Council Implementing Regulation (EU) 2017/1549 and Council Decision (CFSP) 2017/1561, which amend the sanctions in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (Regulation (EU) No 269/2014).
The changes include the following:
The sanctions were also extended for 6 months until 15 March 2018.
North Korea - related Sanctions
The EU has now adopted Council Regulation (EU) 2017/1548 and Council Decision (CFSP) 2017/1562 extending sanctions against North Korea.
The new legislation amends Regulation (EU) 2017/1509 to impose a total ban on coal iron, iron ore, seafood, lead and lead ore, as well as introducing sanctions to target North Korea’s arms smuggling and ability to access finance from abroad.
The sanctions prohibit EU member states from allowing North Korean nationals to work in their territories and prevent investment from North Korea (via joint ventures and cooperative entities).
Oliver Passmore
Partner | Legal
Jersey
Oliver Passmore
Partner
Jersey
Nick Williams
Partner | Legal
Jersey
Nick Williams
Partner
Jersey
Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
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