International sanctions and export control
-
International sanctions and export control
2022
EU adopts ninth package of sanctions on Russia, UK imposes new financial and trade sanctions on Russia, Norway implements price cap on Russian crude oil
Earlier today, the 16 December 2022, the Council of the EU adopted a new, ninth package of sanctions on Russia. The UK has also adopted new financial and trade sanctions on Russia, and Norway has implemented the price cap policy on Russian crude oil. In addition, both the UK and the US have designated additional entities and individuals.
-
International sanctions and export control, Competition law, Financing, Financial Regulation, Sustainability
2022
Four new partners from 2023
We are pleased to announce that Tine Elisabeth Vigmostad, Elise Johansen, Preben Milde Thorbjørnsen and Andreas K. Lund have been appointed partners in Wikborg Rein from 1. January 2023.
-
Shipping Offshore, Compliance and crisis management, International sanctions and export control
2022
The year of sanctions – some lessons learnt
The massive and unprecedented sanctions imposed against Russia have required significant efforts to manage the risks and impact of sanctions, particularly in view of creative attempts to circumvent by some parties. In this article we explain why you should update your sanctions clause, and how to ensure that it is fit for purpose.
-
International sanctions and export control
2022
European Commission announces ninth package of sanctions on Russia
On 7 December 2022, president of the European Commission Ursula von der Leyen, outlined a proposal for a ninth package of sanctions.
-
International sanctions and export control
2022
Agreement on price cap on Russian crude oil
Today, the fifth of December 2022, the G7 price cap policy for Russian crude oil takes effect. The price cap has been set to 60 dollars per barrel.
-
International sanctions and export control
2022
New EU sanctions regime on Haiti and EU Council adds sanctions violations to list of 'EU crimes'
On 25 November 2022, the EU introduced for the first time a sanction regime on Haiti, aimed in particular at gang leaders and their financiers held responsible for the current security and humanitarian crisis in Haiti. In addition on 28 November 2022, the EU Council adopted a decision to add the violation of restrictive measures to the list of 'EU crimes'.
-
International sanctions and export control
2022
New Russia-related sanctions
In light of Russia's escalating war against and illegal annexation of Ukraine, there have recently been developments to the Norway, UK and US sanctions regimes on Russia, as well as further sanctions designations from the EU, since our last update. In addition, G7 members have updated on the upcoming price cap exemption for the maritime transportation of Russian oil and oil products to third countries.
-
International sanctions and export control
2022
Changes to sanctions regimes on Haiti, Nicaragua and Iran, new export controls on China, and other developments
Below we summarise the developments in EU, UK and US sanctions regimes that are not Russia-related.
-
International sanctions and export control
2022
EU imposes new round of sanctions on Russia
Earlier today, 6 October 2022, the EU adopted another package of sanctions on Russia, in the wake of escalated Russian aggression against Ukraine, and in particular the in particular the organizing of the "sham referenda" and the illegal annexation of Ukrainian regions of Donetsk, Luhansk, Kherson and Zaporizhzhia.
-
International sanctions and export control
2022
Developments in Russia-related sanctions
The recent weeks has seen a high level of activity from EU, US and UK sanctioning authorities, in response to escalated Russian aggression against Ukraine. In this WR Sanctions Alert, we briefly summarize some key developments.
-
Shipping Offshore, International sanctions and export control, International Arbitration, Litigation and Arbitration
2022
MUR Shipping v RTI: "reasonable endeavours" in the age of sanctions
If a contract requires payment in a certain currency and, as a result of sanctions, payment cannot be made in that currency, does the obligation to use "reasonable endeavours" to overcome a force majeure event (such as payment issues relating to sanctions) require payment in a different currency? The English Commercial Court recently held that it does not.
-
Renewable energy and infrastructure, Sustainability, International sanctions and export control, Compliance and crisis management
2022
This is what we will do at Arendalsuka in 2022
New rules for wind power on land, Russia sanctions, and the consequences of the Transparency Act are items on the agenda when Wikborg Rein invites to three events at the country’s largest meeting point for politics and business life.
-
International sanctions and export control
2022
Norway adopts the EU's sixth sanctions package against Russia
Today, on 17 June 2022, Norway adopted additional Russia related sanctions, by largely implementing sanctions equivalent to the EU's sixth sanctions package (which was adopted by the EU on 3 June 2022).
-
International sanctions and export control
2022
The UK introduces new enforcement powers for breaches of financial sanctions
New enforcement powers for sanctions breaches and accompanying guidance indicate a strengthening of UK sanctions enforcement going forward. Civil liability for breach of UK sanctions can as of today be imposed on a strict liability basis.
-
International sanctions and export control
2022
Additional Russia-related sanctions from the EU, UK, US and Norway and developments in Russian countermeasures
Since our last update on 21 April 2022, the EU has adopted its sixth Russia related sanctions package, while Norway has aligned its sanctions regime with the EU's fifth sanctions package. Furthermore, the UK and US have introduced additional sanctions, and Russia has developed its countermeasures.
-
International sanctions and export control
2022
Further UK and US sanctions against Russia and developments in Russian countermeasures
Since our last update on 11 April 2022, the UK has introduced new sanctions, the US has designated additional individuals end entities, and Russia has announced developments to its counter-measures. Furthermore, the EU and US have introduced certain exemptions to its sanctions regimes relating to humanitarian activities.
-
Intellectual Property, Technology and digitalisation, International sanctions and export control
2022
Russian countermeasures on intellectual property rights
Russia has announced and implemented several countermeasures against so-called "unfriendly states". Some of these countermeasures involve intellectual property rights (IPR), meaning that entities of so-called "unfriendly states" now face countermeasures limiting the protection of their IPR in Russia. Entities of such states that do not anticipate continuing to do business in Russia can expect to see their intellectual property utilised in Russia without compensation.
-
International sanctions and export control
2022
Increasing US, EU and UK sanctions against Russia; Norwegian alignment with EU sanctions; new Russian countermeasures
Since our previous update on 21 March 2022, the US and UK have implemented additional sanctions in response to Russia's continued military aggression against Ukraine, and Norway has aligned its regime with the latest EU sanctions. Russia has responded with additional countermeasures. We outline the main points of these developments below.
-
International sanctions and export control
2022
Additional US, EU and UK sanctions against Russia
In view of the gravity of the Russian aggression against Ukraine, the US, the EU and the UK have adopted additional sanctions against Russia since our previous update on 5 April 2022.
-
International sanctions and export control
2022
Additional US, EU and UK sanctions against Russia, and new Norwegian sanctions
Since our update on 14 March 2022, the EU, UK and US have announced additional sanctions following Russia's continued military aggression against Ukraine. In addition, Norway has implemented much of the EU sanctions imposed in the recent months.
-
International sanctions and export control
2022
More EU, US and UK sanctions relating to Russia
On 11 March 2022 the EU, US and G7 made a coordinated announcement of additional sanctions against Russia in response to Russia's military aggression against Ukraine.
-
International sanctions and export control
2022
Further EU, UK and US sanctions relating to Russia and Belarus
Since our previous update on 4 March 2022, the EU, UK and US have announced additional sanctions against Russia and Belarus in response to Russia's military aggression against Ukraine.
-
International sanctions and export control
2022
Update on Russian countermeasures against so-called "unfriendly states"
In the last week, Russia has announced and implemented several countermeasures against so-called "unfriendly states", i.e. states that recently have imposed sanctions against Russia in response to Russia's military aggression against Ukraine.
-
International sanctions and export control
2022
Additional EU, UK and US sanctions relating to Russia
In the last 48 hours, the EU, UK and US have announced additional tranches of sanctions against Russia in response to Russia's military aggression against Ukraine.
-
International sanctions and export control
2022
Increasing EU, UK and US sanctions against Russia
Following Russia's continued military aggression towards Ukraine, the EU, UK and US have adopted new sanctions against Russia since our last WR Sanctions Alert on 25 February 2022. We have summarised the main developments below.
-
International sanctions and export control
2022
New host of additional US, UK and EU sanctions against Russia
In the last 48 hours, the US, UK and EU have announced a host of additional sanctions against Russia in response to its military invasion of Ukraine.
-
International sanctions and export control, Internasjonale sanksjoner og eksportkontroll
2022
New wave of US, EU and UK sanctions against Russia
Yesterday, 22 February 2022, the US, UK and EU announced a new wave of sanctions against Russia. These sanctions build on those announced on 21 February 2022 and are a response to Russia's movement of troops across the Ukrainian border.
-
International sanctions and export control, Internasjonale sanksjoner og eksportkontroll
2022
New US sanctions in response to Russian aggression. EU sanctions to come
Earlier this month, we noted the possibility of increase in US and EU sanctions against Russia, should Russia take aggressive steps towards Ukraine. Yesterday, 21 February, Russia took steps to recognise the so-called Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) regions of eastern Ukraine as independent entities.
-
International sanctions and export control
2022
Potential increase in US and EU sanctions against Russia
As Russia continues its military build-up along the Ukrainian border, both the US and the EU warn of new sanctions that will be used against Russia if it takes aggressive steps. Reportedly, the US and EU are preparing a coordinated response to deter Russian military initiatives towards Ukraine, which they have stated would have "massive consequences" for Russia.
-
International sanctions and export control
2022
New Year Update: New US restrictions on narcotics trafficking, Xinjiang and Cambodia, and expanded EU sanctions framework on Mali
During the weeks leading up to Christmas, the US adopted sanctions and other restrictions relating to narcotics trafficking, Xinjiang forced labour and Cambodia related exports and imports, whilst the EU has established an autonomous sanctions framework on Mali.
-
Asset Management, Financial Regulation, Mergers and Acquisitions, Company Law, Renewable energy and infrastructure, International sanctions and export control, Intellectual Property, Technology and digitalisation, Capital Markets
2021
New Partners in 2022
We are pleased to announce that Snorre Nordmo, Hedvig Bugge Reiersen, Lars Erik Lien, Charlie Pope and Lars Erik Steinkjer have been appointed partners in Wikborg Rein from 1 January 2022.
-
International sanctions and export control
2021
US, UK, Canada and Switzerland further increase sanctions pressure on Belarus
On 9 August 2021, the one year anniversary of the fraudulent presidential elections in Belarus, the US, the UK and Canada all imposed new measures aimed at the Lukashenka regime. Two days later, Switzerland imposed similar measures.
-
International sanctions and export control
2021
EU imposes sectoral sanctions on Belarus, updates on EU's Myanmar/Burma and Libya regimes
Over the course of an eventful week, the EU, the US, the UK and Canada increased the sanctions pressure on Belarus considerably.
-
International sanctions and export control
2021
US makes changes to sanctions on Chinese military companies
On 3 June 2021, President Biden issued a new Executive Order, making important changes to the sanctions regime aimed at companies involved with the Chinese military.
-
International sanctions and export control
2021
UK launches new Global Anti-Corruption sanctions regime
On April 26, 2021, the UK launched a new sanctions regime, aimed at preventing and combatting serious corruption.
-
International sanctions and export control
2021
US imposes new sanctions on Russia
On 15 April 2021, President Biden issued an Executive Order targeting a broad array of individuals and entities deemed by the US to be involved in malign activities directed by the Russian government.
-
International sanctions and export control
2021
US launches new sanctions regime in response to Myanmar (Burmese) coup
In response to the 1 February 2021 coup in Myanmar (Burma), President Biden last week issued an Executive Order imposing sanctions on the Myanmar military.
-
International sanctions and export control
2021
The US prohibits transactions with 8 Chinese software applications
On 5 January 2021, President Trump issued an "Executive Order Addressing the Threat Posed By Applications and Other Software Developed or Controlled By Chinese Companies," taking aim at makers of Chinese software applications.
-
International sanctions and export control
2020
Potential expansions of US sanctions on China, Nord Stream 2/TurkStream pipelines, and Turkey
The US Congress has passed the National Defense Authorisation Act for Fiscal Year 2021 (the "NDAA 2021"), and the annual defense spending bill is now pending President Trump's approval. Below, we briefly outline some key elements of the pending bill from a sanctions perspective.
-
International sanctions and export control
2020
The EU's new global human rights sanctions regime
Yesterday, 7 December 2020, the EU adopted a new global human rights sanctions regime, equipping itself with a framework for targeting serious human violations and abuses.
-
International sanctions and export control
2020
Potential EU sanctions against Turkey in response to situation in Varosha
On 26 November 2020, the European Parliament issued a resolution on the escalating tensions in Varosha, stressing the urgent need for the resumption of talks, and calling for "tough sanctions" on Turkey.
-
International sanctions and export control
2020
New Executive Order prohibits investments in Chinese Military Companies
Amidst escalating tensions in US-China trade relations, President Trump last week issued an Executive Order ("the EO") on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies
-
International sanctions and export control
2020
US amends North Korean Sanctions Regulations, imposes secondary sanctions
Last week, the US Department of the Treasury's Office of Foreign Assets Control amended the North Korea Sanctions Regulations (31 CFR part 510, "the Regulations"). The revised Regulations implement the Treasury-administered provisions of the North Korea Sanctions and Policy Enhancement Act as amended by Countering America's Adversaries Through Sanctions Act and the National Defense Authorization Act for Fiscal Year 2020. The amendments include certain secondary sanctions, and took effect on 10 April 2020.
-
International sanctions and export control
2019
New US sanctions target Russia for use of chemical weapons
The US has imposed new sanctions against Russia for its use of chemical weapons.
-
International sanctions and export control
2020
US imposes secondary sanctions over Nord Stream 2
US imposes secondary sanctions over the Nord Stream 2 pipeline in Europe, currently under construction led by Russian state company Gazprom. The intention is to stop completion of the pipeline.
-
International sanctions and export control
2019
New US (and potential EU) sanctions on Turkey
Turkey's military offensive in north-east Syria has led to new US primary and secondary sanctions from the US and announcements of potential future sanctions from the EU.
-
International sanctions and export control
2019
Companies Transacting with Chinese Shipowners Face New Sanctions Risks
Last week, the Trump Administration imposed sanctions against Chinese entities and individuals that it has determined have been trading in Iranian oil
-
International sanctions and export control
2019
OFAC announces changes in sanctions rules on Cuba
In previous Sanctions Alerts, we have discussed the Trump administration's shift in its sanctions policy against Cuba. Last week, the Department of the Treasury's Office of Foreign Assets Control (OFAC) took additional steps intended to financially isolate the Cuban government.
-
-
-
-
International sanctions and export control
2019
Update: US sanctions on Cuba
Multiple lawsuits filed under Libertad Act
-
Internasjonale sanksjoner og eksportkontroll
2019
US threatens secondary sanctions relating to Nord Stream 2
US threatens secondary sanctions over the European Nord Stream 2 pipeline. Foreign parties involved in the construction could be subject to future US sanctions.
-
International sanctions and export control
2019
Sanctions update regarding Iran
On 24 June 2019, President Trump announced another set of sanctions targeting Iran.
-
International sanctions and export control
2019
Iranian Metal Sanctions Update
• US sanctions now prohibit Norwegian companies and banks from engaging in most transactions in Iran's metal sector. • There are fewer than 60 days left to wind down Iranian metal transactions that began before the sanctions were implemented.
-
International sanctions and export control
2019
Development in US sanctions relating to Venezuela
On 17 April 2019, OFAC designated Banco Central de Venezuela under Executive Order 13850, as amended, for operating within the Venezuelan economy. At the outset, this means that all dealings involving Banco Central de Venezuela, or entities owned 50 % or more by this bank, are prohibited if subject to US jurisdiction.
-
International sanctions and export control
2019
Possible future development in EU sanctions relating to Libya
On 11 April 2019, the High Representative of the EU, Federica Mogherini, made statements that, by some, have been interpreted as a possible warning of further EU sanctions relating to Libya.
-
International sanctions and export control
2019
US will not renew Iran oil exceptions
On 22 April 2019, the US Secretary of State Mike Pompeo announced, somewhat surprisingly, that the US will not renew any of the existing Significant Reduction Exceptions ("SRE"s) that were issued for eight countries on 3 November 2018. The decision aims to "bring Iran’s oil exports to zero", according to the White House, and underscores the US determination to expand and enforce its maximum pressure against Iran.
-
International sanctions and export control
2019
US warns of potential sanctions relating to INSTEX and of sanctions on Iranian oil
US warns of potential secondary sanctions on INSTEX
-
International sanctions and export control
2019
Significant shift in US extraterritorial sanctions against Cuba. US sanctions and EU regulations go head to head
On 17 April 2019, the Trump Administration announced that US nationals will be allowed to file lawsuits against any person or company trafficking in Cuban confiscated property, before US courts. This by activating the long-suspended Title III of the Libertad Act. In his reasoning, the Secretary of State remarked that "Sadly, Cuba’s most prominent export these days is not cigars or rum; it’s oppression." The EU views the decision as contrary to international law and will, according to its High Representative, use the EU Blocking Regulation to prohibit EU persons from complying with it.
-
International sanctions and export control
2019
US prolongs sanctions on South Sudan for 1 year
On 1 April 2019, President Trump declared that the US sanctions in relation to South Sudan will continue for 1 year.
-
International sanctions and export control
2019
EU Council extends sanctions on human rights violations in Iran
This week, the Council of the EU extended its restrictive measures responding to serious human rights violations in Iran.
-
International sanctions and export control
2019
US extends sanctions on Somalia for 1 year
On 10 April 2019, President Trump extended the US sanctions relating to Somalia for 1 year.
-
International sanctions and export control
2019
US considers Venezuela secondary sanctions
Previously, we have informed of developments to the US primary sanctions on Venezuela. This week, the US indicated that also secondary sanctions might be on their way.
-
International sanctions and export control
2019
US prolongs sanctions on South Sudan for 1 year
On 1 April 2019, President Trump declared that the US sanctions in relation to South Sudan will continue for 1 year.
-
International sanctions and export control
2019
EU extends sanctions regimes on Egypt and on Bosnia and Herzegovina for 1 year
The EU has extended its sanctions against Egypt for 1 year until 22 March 2020.
-
International sanctions and export control
2019
We are launching WR Sanctions Alerts
We aim to provide you with a quick and timely update on the latest developments in respect of EU, US, UN and Norwegian trade and economic sanctions against countries/regimes.
-
International sanctions and export control
2019
US renews legal basis for sanctions against Iran
On 12 March 2019, the US renewed the legal basis for its sanctions against Iran.
-
International sanctions and export control
2019
US issues updated General License 7A in relation to sanctions against Venezuela
Last week, we informed that OFAC had issued General Licences 3D and 9C relating to certain Venezuelan bonds and Petroleos de Venezuela S.A. ("PdVSA") securities. Yesterday, OFAC issued yet another General Licence relating to US sanctions against Venezuela.
-
International sanctions and export control
2019
Updated General Licenses in relation to the US Sanctions against Venezuela
Previously, the US President has issued various Executive Orders ("EO"s) to stop the human rights abuses and antidemocratic actions of the regime of Venezuelan President Nicolas Maduro. Various General Licenses, issued by OFAC, do however provide exemptions from the EO provisions in order to minimize the impact on the Venezuelan people and US interests.
-
International sanctions and export control
2018
EU renews its Russia sectoral sanctions
On 21 December 2018, the EU decided to extend its Russia-related sectoral sanctions and export controls for another six months, until 31 July 2019.
-
International sanctions and export control
2018
New US sanctions against Nicaragua
On 20 December 2018, President Trump signed into law the Nicaragua Human Rights and Anticorruption Act of 2018. Being quite limited in scope, the Act instructs the US to oppose international loans and financial or technical assistance to the Nicaraguan government for projects in Nicaragua, unless the loans are sought for the purposes of addressing basic human needs or promoting democracy in Nicaragua.
-
International sanctions and export control
2018
EU lifts Eritrea sanctions
On the 10th of December, the EU terminated its sanctions regime against Eritrea.
-
International sanctions and export control
2018
Norway lifts Eritrea sanctions
Earlier this month, we informed that the UN has lifted its sanctions against Eritrea after nine years as a consequence of the improved political and military situation in the country.
-
International sanctions and export control, Compliance and crisis management
2018
What Do President Trump's Iran Threats Mean for Norwegian Companies?
At last month's State of the Union address, President Trump called on Congress to "address the fundamental flaws in the terrible Iran nuclear deal". Trump has been attacking the deal, formally known as the Joint Comprehensive Plan of Action (the "JCPOA"), since he began campaigning for the presidency. But this latest statement, made at one of Washington's most important political events and coming on the heels of Trump's January 12 threat to withdraw from the JCPOA, suggests that the president may be closer to taking action. If Trump does decide to end US participation in the JCPOA, how will he do it? And what will this mean for Norwegian companies considering business in Iran?
-
International sanctions and export control, Compliance and crisis management
2018
Considerations for Norwegian Companies after the US Withdrawal from the Iran Nuclear Deal
On May 8, President Donald Trump announced that the United States would withdraw from the Iran nuclear deal, otherwise known as the Joint Comprehensive Plan of Action ("JCPOA"), and re-impose the sanctions that the US had lifted under the deal. This will have important ramifications for Norwegian companies as the United States will quickly revert to the sanctions regime that existed before the JCPOA.
-
International sanctions and export control
2018
UN lifts Eritrea sanctions
On 14 November 2018, the UN Security Council adopted resolution 2444 (2018) terminating all UN restrictive measures against Eritrea with immediate effect.