In this episode Rachel Wolcott and Lindsey Rogerson discuss the state of play with various sanctions regimes. Following Russia’s invasion of Ukraine in 2022, the United States, European Union, United Kingdom and others imposed sanctions and Russian sanctions are still the big story as the war passed its third anniversary in February.
The return of Donald Trump to the White House caused initial uncertainty, but this month saw the US renew its Russian sanctions package. The discussion looks at how the US, UK and EU have evolved their Russian sanctions, including a close look at two cases in the UK –involving respectively Dmitriii Ovsiannikov and Mikhail Fridman – to gauge how sanctions enforcement is working.
The conversation then moves on to consider how sanctions are increasingly being intermingled with tariffs and other trade barriers, examining both the US action against Canada and Mexico over fentanyl trafficking and China’s recent update to its anti-foreign sanctions law. And covers where compliance teams can turn for guidance when navigating the sanctions quagmire.
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Links:
Firms failing to grasp domestic payments’ sanctions risk: https://www.compliancecorylated.com/news/firms-failing-to-grasp-domestic-payments-sanctions-risk/
Sanctions complexity, tough US trade policy boosts risk for fund managers
https://www.compliancecorylated.com/news/sanctions-complexity-us-trade-policy-risk-fund-managers/
Evolving UK people smuggling policy requires new approach from financial crime teams
NCA press release on Dmitriii Ovsiannikov https://www.nationalcrimeagency.gov.uk/news/nca-secures-first-convictions-for-breach-of-uk-sanctions#:~:text=Dmitrii%20Ovsiannikov%2C%20the%20former%20Russia,breaching%20the%20UK's%20Russia%20sanctions.
OFSI fine of Herbert Smith Freehills https://ofsi.blog.gov.uk/2025/04/04/hsf-moscow-penalty-key-lessons-for-industry/
US renews Russia sanctions https://www.govinfo.gov/content/pkg/FR-2025-04-14/pdf/2025-06399.pdf
US lifts sanctions on Karina Rotenberg https://www.occrp.org/en/news/us-lifts-sanctions-on-wife-of-russian-oligarch-boris-rotenberg
US removes sanctions on Tornado cash https://ofac.treasury.gov/recent-actions/20250402
