Displaying items by tag: sanctions

The USA, South Korea, and Japan are proposing a new multinational panel outside the UN to enforce sanctions against North Korea. Russia rejected renewing the UN panel which has monitored sanctions for fifteen years, and China abstained. The new panel, with support from allies like Australia and New Zealand, would aim to continue the UN’s work. Though lacking UN endorsement, it could monitor North Korea more effectively, and could also oversee human rights resolutions on North Korea. US ambassador Thomas-Greenfield is discussing options with South Korea and Japan. Noting that Moscow and Beijing have called for easing sanctions to restart diplomacy and ease humanitarian suffering in the impoverished nation, he urged them to reverse course, and stop rewarding North Korea's bad behaviour.

Guyana's vice-president, Bharrat Jagdeo, has issued a strong warning that his country will defend itself ‘by all and any means’ amid growing concerns that Venezuela's president Nicolás Maduro may attempt to annex a portion of Guyanese territory, particularly the mineral-rich Essequibo region. The current borders were agreed in 1899 after international arbitration. Guyana, a small nation, has historically relied on diplomacy and international law but is now exploring defence cooperation with allies, including the USA. Its army, with only 4,000 active personnel, would potentially face Venezuela's well-equipped, Russian-backed forces of over 350,000. Jagdeo also expressed concerns that the decision by the USA to ease sanctions on Venezuela may have emboldened Maduro in his threats. The border dispute has intensified since oil was discovered off Guyana's coast in 2015. Many believe that Maduro is seeking to shore up support domestically before the elections in 2024. Washington expects him to ensure a ‘free and fair’ vote as part of the sanction relief deal.

The UK has imposed new sanctions on several Chinese firms, accusing them of aiding Russia's military actions in Ukraine. China, strongly opposing these measures, has warned of a 'firm response' to any actions that harm its interests. The British sanctions, part of a broader initiative targeting 46 entities across countries like Belarus, Serbia, Turkey, the UAE, and Uzbekistan, aim to disrupt support for Russia's invasion of Ukraine. Three Chinese companies - Asia Pacific Links, Sinno Electronics, and Xinghua - have been targeted for allegedly supplying restricted goods to Russia. Entities in the UAE involved in the Russian oil trade and a Belarusian defence organisation supporting Russia's military efforts have also been sanctioned. Junior foreign minister Anne-Marie Trevelyan emphasised the sanctions' role in weakening Russia's defence capabilities and curtailing illegal supply chains. This move, in collaboration with G7 and international allies, intensifies pressure on Putin and entities aiding Russia. The total count of UK sanctions now includes over 1,600 individuals and 250 entities.

The USA is easing sanctions on Venezuela after the government and opposition agreed on 17 October to have next year's election monitored by international observers. They also promised to give all candidates access to public and private media, and to guarantee their free and safe movement throughout the country. In addition, the two sides have agreed to update the voter registries, to ensure that the millions of Venezuelans who have emigrated can exercise their right to vote. But the opposition and the government still disagree on whether the agreement allows for the exclusion of opposition frontrunner María Corina Machado. US sanctions will be eased on Venezuela's oil, gas and gold sectors, but other sanctions imposed over the suppression of protests and the erosion of democracy remain in place. Secretary of State Antony Blinken also called for the release of ‘all wrongfully detained US nationals and Venezuelan political prisoners’.

The EU High Representative and the European Commission are willing to step up in the global fight against kleptocrats. A new anti-corruption sanctions regime would supplement the EU’s existing regime covering worldwide corruption, enabling it quickly and flexibly to complement country-specific anti-corruption policies for targeting dishonest individuals. The proposal would bring the EU into line with other regimes such as the Global Magnitsky Act, passed after investigations into tax fraud by Russian officials, which allows the USA to ban visas and freeze assets of corrupt individuals and human rights abusers worldwide. It is now incumbent upon EU member states to adopt the Commission’s proposal without delay.

A Wagner mercenaries Serbian-language video showing Serb volunteers training to fight alongside Russian troops in Ukraine has outraged Serbia's president Vucic. He said, ‘Why do you, Wagner, call Serbians when you know it is against our rules?’ So far, Serbia has prioritised Russian friendship over ambitions to join the EU, but now Belgrade lawyers and anti-war groups have filed criminal complaints against Russia’s ambassador and Serbia's state security and information agency for recruiting Serbians for Wagner. Vucic said, ‘Serbia’s path is towards the West, not towards invading Ukraine. Serbia consistently voted in favour of resolutions at the UN, condemning Russian hostility.’ That stance does not impress MEPs because Serbia refuses to impose sanctions on Russia. MEPs have called for ending Serbia membership negotiations until they agree to sanctions and forego cheap Gazprom gas from Russia.

Russia's gas pipeline to Europe did not reopen, as promised, on 3 September. Gazprom said it could close indefinitely. This is no coincidence. Russia's state-controlled gas giant announced the indefinite halt to gas flows through Europe’s key energy artery hours after leading western finance ministers escalated sanctions on Russian oil. Gazprom's official reason is that an oil leak has been found and the pipeline cannot work without German imports of technology, which are now subject to sanctions. Many believe this is an attempt to blackmail Europe over supplies. This is a very serious development. Even during the height of the Cold War, Russia kept supplies of its gas flowing into Europe. However, this cut-off - and the pointed attempt by Gazprom to blame the German energy giant Siemens for the malfunction - is the culmination of decades of dysfunction in the energy relationship between the two countries.

With fears that the war in Ukraine could push global energy prices even higher, Washington recently met Venezuelan president Nicolás Maduro to discuss conditions for repealing the crippling US sanctions in place against his country. Washington, which broke off relations in 2019 over Maduro’s rigged elections and crackdowns on opposition protests, is reportedly demanding free and fair presidential elections and extensive reforms to the Venezuelan oil sector. Maduro, for his part, wants an end to the sanctions and to be readmitted to the SWIFT global financial platform. Venezuela is a close ally and partner of Russia. Some members of Congress have criticised any effort to rekindle relations, saying that efforts to isolate Putin should not boost other authoritarian leaders. Aside from the political whiplash of resuming oil trade, Venezuela’s oil fields have long suffered from mismanagement. Some industry analysts say it could be slow to increase supply. See

There are several individuals being sanctioned by other nations but not by the UK. Oleg Deripaska was sanctioned by America for money laundering, ordering the murder of a business rival, illegally wiretapping government officials, extortion, racketeering and bribing government officials. He owns 45% of an aluminium company listed on the London Stock Exchange, and former Conservative energy minister Lord Barker is its executive chairman. The Russian state-owned VTB bank was suspended from the Stock Exchange but Andrey Kostin, president of the bank, is not sanctioned. Victor Zolotov, also on the EU's list but not UK's, leads Russia's national guard. His family is one of the richest in Russia in the real estate sector, with property portfolios in the UK. Pro-Kremlin billionaire Alisher Usmanov founded Russian-based USM which owns major iron, steel and copper suppliers and a telecommunications company, and has commercial ties to Everton Football Club (which has suspended its sponsorship contracts with USM).

It was announced on 2 March that Roman Abramovich wishes to sell Chelsea Football Club. He says he will donate the proceeds from the sale to a foundation ‘for the benefit of all victims of the Ukraine war.’ Swiss billionaire Hansjorg Wyss was given the chance to buy Chelsea. MP Chris Bryant revealed that Abramovich is selling his UK home and another flat, telling the House of Commons that he is ‘terrified of being sanctioned’. He is owed £1.5billion by Chelsea after buying it in a £140m deal in 2003, but he will not ask for any of the loans to be repaid; the sale will not be fast-tracked but will follow due process. Onlookers say that although Abramovich may want to sell Chelsea, he may not be allowed to; it depends on what the Government decides to do in the coming days and weeks. If his assets are frozen, he cannot do anything. His company Evraz continues to trade on the stock market: see