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On 24 April 2025, the UK Government lifted sanctions on specific sectors in Syria, including the financial and energy sector. Sanctions were lifted on 12 entities, including the Syrian Ministry of Defence, Ministry of Interior and media companies. This move was made to help facilitate the rebuilding of Syria following the fall of former President […]
Background to the case Following a fully contested hearing before the German Institution of Arbitration (“DIS”) seeking partial payment under an agreement, on 24 August 2023 the arbitral tribunal ordered the Respondents, Pardus Wealth Limited and Gregory Bryce, to pay the claimant €250,000 by way of debt and €54,271.51 in costs (the “Award”). On 2 […]
The Joint Trustees of Mr Kei’s bankrupt estate in Hong Kong, Bruno Arboit and Li Kin Long Kenny of Kroll (HK) Limited (the “Joint Trustees”), made an application pursuant to the UNICTRAL Model Law on Cross-Border Insolvency (the “Model Law”) as set out in Schedule 1 to the Cross-Border Insolvency Regulations 2006 (the “CBIR”) on […]
Impact of sanctions on China Last month my colleagues, Waleed Tahirkheli, Raymond Xu and I wrote about the impact of UK/EU/US sanctions on China, warning that any retaliatory sanctions made by China could severely impact the world’s economy. It is also important for businesses to consider the introduction of the Regulations on the Implementation of […]
Are Russia and China close allies? In February, following a video call with Russian President Vladimir Putin, Chinese President Xi Jinping described the two countries as “true friends who have been through thick and thin together.” Shortly after, the Kremlin released a statement supporting that narrative and said that together, the two nations served as a “stabilising force”. Despite […]
The recent Supreme Court decision in UniCredit Bank GmbH v RusChemAlliance LLC [2024] UKSC 30 is just one of many cases related to Russian sanctions winding their way through the English courts. In this case, a final anti-suit injunction (ASI) was granted to prohibit RusChemAlliance LLC from bringing legal proceedings in Russia. This was despite […]
United Kingdom: The Largest Sanctions Package Since 2022 The United Kingdom (UK) has issued its largest sanctions package since 2022, targeting 107 additional individuals and businesses to hinder Russia’s war effort, disrupt military supply chains, and cut off financial support to the Kremlin. The UK is also targeting North Korea’s involvement in the conflict, sanctioning […]
If a person, company, or entity is subject to UK financial sanctions under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA), anyone who wishes to continue business dealings with the sanctions target must obtain a licence from the Office of Financial Sanctions Implementation (OFSI). This licence will provide an exception to the prohibition on making […]
How Sanctions Are Increasing Risks for Indian Businesses India’s dependence on Russian oil – accounting for roughly 35% of its crude imports in 2024 – puts its refiners in a precarious position. Regulatory pressure has intensified, particularly concerning compliance with the G7 oil price cap. Previously, Indian companies relied on indirect payment mechanisms, but with […]
