The countries behind the Russian oil price cap on Feb. 16 released changes to the cap's attestation model in a bid to "strengthen the compliance regime and reduce routes for circumvention," the U.K.'s Office of Financial Sanctions Implementation announced. The changes require per-voyage attestations and itemized ancillary cost information on request.

The European Council on Feb. 12 told central securities depositories that hold more than $1.07 million in assets from the Central Bank of Russia that they "must account [for] extraordinary cash balances accumulating due to EU restrictive measures separately." The depositories also must keep the related revenues separate, the council said, adding that the depositories are barred from "disposing of the ensuing net profits."

The U.K.'s Office of Financial Sanctions Implementation in 2024 is transitioning to a new "Sanctions Digital Guidance" format instead of its usual PDF guidance, the agency announced in a Feb. 13 blog post. The switch will allow for greater navigation, responsiveness, accessibility and compatibility, making the guidance available on any device, OFSI said. The transition will happen "throughout 2024," and during this time, interested parties will find sanctions guidance as a mix of digital and legacy PDFs. The agency kicked off the transition by making its general guidance available through the digital platform.

The U.K. on Feb. 12 added four Israeli citizens to its Global Human Rights sanctions regime. The Office of Financial Sanctions Implementation added Zvi Bar Yosef, Ely Federman, Yinon Levy and Moshe Sharvit for committing human rights abuses against Palestinian individuals in the West Bank.

EU members last week postponed a vote on new rules that could require companies to conduct specific due diligence on their supply chains to address various environmental and social concerns, including forced labor risks.

The U.K.’s Office of Financial Sanctions Implementation this week amended a listing under its Russia restrictions list. The agency revised the listing for Vladimir Olegovich Potanin to show that he is sanctioned for conducting business in the Russian financial services and extractives sectors.

The EU General Court on Feb. 7 dismissed sanctions removal applications from Russians Alisher Usmanov and Igor Shuvalov, according to an unofficial translation.

The European Commission launched an investigation on whether safeguard duties on certain steel products should be extended beyond June 30, the Directorate-General for Trade announced. Under World Trade Organization rules, the commission will be able to extend the duties for only another two years. The rules allow safeguard measures for a maximum of eight years, which in this instance would be June 30, 2026.

The U.K. will allow a general license involving the price cap on Russian oil to expire later this month, according to the Office of Financial Sanctions Implementation. The license, set to expire Feb. 18, authorizes the supply or delivery by ship of Russian crude oil and oil products below the $60 per barrel price cap. The U.K. didn't provide more information.

Cyprus is working to establish a "National Sanctions Implementation Unit" by the end of 2024 after a project manager and a group of experts were appointed to help set up the agency, the Ministry of Finance announced Feb. 5, according to an unofficial translation. The new enforcement body will seek to enforce sanctions laws and boost the existing legislative framework.