CUS NEWS REPORT FOR WEEK 23 OF 2024

According to the Council’s Press Release, the new regime will allow the EU to also target those who provide financial, technical, or material support for, or are otherwise involved in or associated with people and entities committing human rights violations in Russia.

Furthermore, the new sanctions regime introduces trade restrictions on exporting equipment, which might be used for internal repression, as well as on equipment, technology or software intended primarily for use in information security and the monitoring or interception of telecommunication.

The Council also decided to list one entity and 19 natural persons under the new regime, including the Federal Penitentiary Service of the Russian Federation, as well as several judges, prosecutors and members of the judiciary.

The designated persons are subject to an asset freeze and EU citizens and companies are forbidden from making funds available to them.

According to experts, the impact to businesses is likely to be most felt as a result of the imposition of the trade-related restrictions. The recitals of the Russia Human Rights Regulation, as well as the Council Decision, acknowledge that there might well be overlaps between items which are controlled under the EU Russia Regulation (Regulation (EU) 833/2014) and the new Russia Human Rights Regulation.

Therefore, the aforementioned experts suggest that it might be important for organisations to assess to what extent any products or activities might also be caught under the new Russia Human Rights Regulation, even in circumstances where they might otherwise be operating under an exception for the purposes of the EU Russia Regulation, as a licence might now be required.

Our Union will examine in close cooperation with ECSA and the Cyprus Authorities whether and / or how the trade restrictions will affect the national laws and / or the shipping industry.

Furthermore, in an interview on the 3^rd June 2024, European Commissioner for Energy, Ms. Kadri Simson, stated that the European Union expects to finalize its 14th sanctions package against Russia in June.

"This 14th [sanctions package] is the first one, where we cover also partially LNG trade and specifically transshipments," Simson said in an interview on the sidelines of the Japan-EU Energy Ministerial Meeting and Hydrogen High-Level Business Forum in Tokyo.

Simson said that the Commission has provided its member states with 'all the necessary data' that the proposal will not impact global markets significantly."It only means that Russia has to use alternative vessels to serve their third country customers that will be more expensive for Russia but otherwise it doesn't withdraw volumes away from global markets," she added.

Related Articles:

• European Council 27/5 - Russia: EU sets up new country-specific framework for restrictive measures against those responsible for human rights violations, and lists 20 persons
• European Council - EU sanctions against Russia
• BakerMcKenzie 5/6 - EU: New EU Sanctions Regime for Russia in relation to Human Rights
• Reuters 3/6 - Proposed EU ban on Russian LNG transhipments pose no problems for Asia, EU commissioner says
• S&P Global 3/6 - EU expects to finalize 14th Russian sanctions including LNG in June: Simson

2. US TREASURY REPORT  

The US Treasury Report for all actions reported is hereby attached.

Related Article:

Attachment 1: US Treasury Report for week 01/06/2024 – 07/06/2024

3. PIRACY REPORT  

The Piracy Report for all actions reported is hereby attached.

Related Article:

Attachment 2: Worldwide Threat to Shipping (WTS) Report, for the period between 08/05/2024 – 05/06/2024

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