Last week, the UK designated Russia's largest oil companies Lukoil and Rosneft on the asset freeze list. Last night, the US followed suit, designating both entities on the SDN list. Today, the EU adopted its 19th sanctions package, targeting the Russian shadow fleet and LNG exports.

Navigating today’s complex risk picture in shipbuilding projects necessitates both contract and risk management, and an understanding of compliance risks affecting the project throughout its lifespan. In this article we will highlight the key elements for owners and other stakeholders to keep in mind.

The Norwegian Consumer Authority (Forbrukertilsynet) has closed a case against Equinor following a complaint from Greenpeace Nordic, which alleged breaches of the Transparency Act over links to Israel’s Delek Group. The Consumer Authority concluded that any alleged human rights violations related to Delek Group fell outside Equinor’s due diligence obligations under the Act and dismissed the complaint.

In this sanctions alert, we seek to summarise some recent developments relating to US and EU sanctions.

The EU today adopted the 15th package of sanctions against Russia. We include a key summary of these new measures as well as further updates on recent developments relating to Norwegian, EU, UK and US sanctions.

The Norwegian Consumer Authority has on 25 September 2024 issued what appears to be the first infringement penalty for a failure to comply with the Norwegian Transparency Act. For not responding to two information requests on time, the Authority has imposed a penalty on a retail company of 450,000 NOK.

The Norwegian Ministry of Foreign Affairs recently announced significant amendments to the Export Control Regulations and introduced a new Annex of additional controlled goods. Additionally, several EU Member States have imposed unilateral export controls, and we note that the EU Dual-Use List has recently been updated.

Sanksjoner og eksportkontroll

Utenlandske direkteinvesteringer og nasjonal sikkerhet

Foretaksstraff

ESG, compliance og risikostyring

Karbonfangst og -lagring (CCS)

Ansvarlig næringsliv og menneskerettigheter

Granskning og krisehåndtering

Forsvar og sikkerhet

Kontraktsrett og entreprise

Tvisteløsning

Offshore

Specialist Counsel

Håkon arbeider med tvisteløsning, kontraktsrett og compliance. Han har omfattende erfaring med sanksjoner og eksportkontrollregelverket, anti-korrupsjon, næringsliv og menneskerettigheter, samt sikkerhetslovgivning. Han bistår med generell rådgivning, i transaksjoner, myndighetskontakt og oppdrag som forsvarer for selskaper, særlig i saker som gjelder spørsmål om brudd på sanksjoner.
 
Håkon har også betydelig erfaring med komplekse prosjekter i energisektoren. Tidligere har Håkon jobbet som internadvokat i Equinor. I denne rollen håndterte han kontraktsforhandlinger og tvister, bistod i granskninger, og hadde rollen som compliance officer for konsernets forretningsområde for prosjekter, boreoperasjoner og anskaffelser globalt.

Bergen

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Håkon arbeider med tvisteløsning, kontraktsrett og compliance. Han har omfattende erfaring med sanksjoner og eksportkontrollregelverket, anti-korrupsjon, næringsliv og menneskerettigheter, samt sikkerhetslovgivning.

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Artikler på wr.no

EU adopts 19th sanctions package; UK and US target oil majors Lukoil and Rosneft

Managing compliance risks in shipbuilding projects

Transparency Act Complaint over Palestinian Rights Violations Dismissed by the Norwegian Consumer Authority

Updates on latest sanctions developments in the Iranian and Venezuelan sanctions programmes

The EU's 15th package adopted today and latest developments in the EU, UK and US Russia sanctions programmes

First infringement penalty for failing to comply with the Transparency Act – and it bites!