Sanctions Monthly Update – October 12, 2022

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Course Duration: 9 minutes
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In this month’s Sanctions update, Peter Piatetsky, CEO and Co-Founder, Castellum.AI covers recent sanctions designations, global regulatory changes, and sanctions enforcement.

Russia has once again dominated sanctions developments. In the beginning of the September, G7 members announced a price cap on Russian oil, and the details are still being negotiated. Russia’s declaration of annexation of 4 Ukrainian regions has resulted in new sanctions designations.

There is increased pressure, particularly by the US, to target sanctions and export control evasion.

Key topics covered in the update are:

  • The price cap set by G7 implemented for all Russian crude
  • Sanctions Compliance Guidance for Instant Payment Systems issued by Office of Foreign Assets Control (OFAC)
  • General licenses, sanctions enforcement and new designations issued by OFAC
  • Development of European Union’s 8th package of sanctions against Russia
  • UK’s new sanctions and Frequently Asked Questions (FAQs) for Russia
  • New guidance issued by the Philippines’ central bank on Targeted Financial Sanctions Implementation
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