OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
Following the latest round of US sanctions announced on 6 April 2018 (as discussed in our earlier briefing), a draft law “On measures for influencing (countering) unfriendly actions by the USA and (or) other foreign states" was introduced to the Russian Duma for consideration on 13 April 2018.
The draft law foreshadows the following /potential measures:
The measures envisaged by the draft law can only be implemented by the Russian government at the initiative of the Russian President, and may be applied gradually, simultaneously or not at all.
First reading of the bill in the State Duma is scheduled for 15 May 2018. Passing of the bill will require three hearings in the State Duma (however it is possible for these readings to be carried out simultaneously). Once approved by the State Duma, the bill needs to be approved by the Federation Council, signed into law by the President and published before becoming law. Sometimes (although very rarely in practice) the bill may be declined by the President.
Although the potential measures envisaged by the draft law are extensive and far-reaching, it remains to be seen to what extent, if any, its provisions will be implemented. As outlined above, the draft law provides a framework for further actions, but it will be up to the Russian government and the Russian President to decide on the extent of measures to be implemented under the proposed law if it is approved in its current form.
We will continue to monitor and report on developments.
“Foreign states” for the purposes of the draft law are those that have joined actions of the United States, imposed sanctions on Russia, Russian legal entities or individuals, or supported such decisions. If the draft law is implemented, it is likely that the list of the foreign states affected by the draft law will be defined in decrees of the President and decisions of the Russian government.
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.