The EU wants the U.S. to drop discriminatory language and production requirements in the Inflation Reduction Act's green tax credits so it can get the same treatment as other trading partners, according to a document sent to Washington Nov. 4, Bloomberg reported. The letter called for greater transparency in the tax credits under the IRA and to ensure the bill's subsidies don't create adverse effects, threatening potential retaliation if the concerns are not addressed. The new U.S. trade restrictions could risk "creating tensions that could lead to reciprocal or retaliatory measures," the letter said. The document comes on the heels of a meeting between EU and U.S. officials over the bloc's concerns about the bill (see 2210310005). The EU said the new law is "particularly worrying" over supply chains as it will limit sources of critical materials and encourage "harmful competition" for inputs.

Individuals and entities must submit frozen assets reports to the U.K.'s Office of Financial Sanctions Implementation by Nov. 11, OFSI announced. Any party that holds or controls funds or economic resources belonging to, owned, held or controlled by a sanctioned party must report the details of these assets to OFSI. The reporting template was updated Oct. 27.

New U.K. sanctions regulations will enter into force on Dec. 5. The measures move up the implementation date for import bans relating to Russian oil and oil products, from Dec. 31; bar the supply or delivery by ship of Russian oil and oil products from Russia to a third country or from a third country to another third country; ban the provision of financial services to facilitate the supply or delivery of Russian oil and oil products from Russia to a third country; grant exceptions to the measures where the banned oil and oil products originate in a non-Russian country and are not owned by a person connected with Russia and are only being loaded in, leaving or transiting through Russia; and give the Office of Financial Sanctions Implementation the power to hit offenders with civil monetary penalties.

The U.K. issued a general license under its Russia sanctions regime pertaining to "transactions related to agricultural commodities including the provision of insurance and other services." The license permits agricultural commodities exporters or Department for International Trade license holders to receive funds from listed individuals and entities in connection with the export, sale, production and transport of agricultural commodities. These exporters and license holders can also transfer funds to relevant institutions in connection with the export of these goods, to U.K. corporates, to designated parties and to any other individual in connection with the export of agricultural commodities. The license was issued indefinitely, though the Treasury can revoke it at any time.

Shipping company Moller-Maersk CEO Soren Skou says Europe is close to a recession and the U.S. may soon follow, Bloomberg reported Nov. 2. The Danish company expects global container demand to drop by 2% to 4% this year, given factors such as the war in Ukraine and the impending energy crisis in the winter.

The U.K. issued a general license Nov. 2 under its Russia sanctions regime pertaining to Truphone. The license lets the company continue to provide services under existing arrangements and allows an individual or entity to carry out any activity needed for the effective termination of service contracts or obligations with Truphone. The company can pay remuneration, allowances and pensions to all British staff and reasonable fees for the functioning of the business. The license runs through Jan. 31.

The U.K. added four entries to its Russia sanctions list, the Office of Financial Sanctions Implementation said in a Nov. 2 notice. Entries are for Alexander Grigoryevich Abramov, former nonexecutive chairman of Evraz; Alexander Vladimirovich Frolov, former Evra director and CEO; Airat Mintimerovich Shaimiev, former director of OAO Tatavtodor; and Albert Kashafovich Shigabutdinov, former director of the AO TAIF group of companies. In the same notice, OFSI also noted it amended the entries for Aleksandr Kostomarov, Brian McDonald and God Nisanov, to add identifying information.

Russia agreed to continue the deal permitting the safe passage of Ukrainian grain and crop exports, swiftly backing out of its decision to halt the agreement after Turkey and the U.N. carried out shipments over Russia's objections, Bloomberg reported Nov. 2. Russia pulled out of the grain deal Oct. 29, issuing a warning over the safety of ships transporting Ukrainian grain. "Moscow's leverage appeared limited" after shipments continued this week, Bloomberg said. Russia's Defense Ministry said it decided to continue the deal after receiving guarantees from Ukraine the safe-passage corridor would remain unused for military purposes.

The European Commission and member states' competent authorities met last week to discuss sanctions enforcement and best practices to organize monitoring and implementation of sanctions at the national level. Per a statement from Commissioner Mairead McGuinness, the commission and member states talked about best ways to share pertinent information to ensure the commission "can offer proactive support." The involved parties "agreed to set up mechanisms to exchange information more swiftly."

The European Commission on Oct. 26 took up a legislative proposal to make instant payment in euros available to all individuals and entities with a bank account in the EU and European Economic Area countries. The move would harmonize the sanctions screening procedure for all instant payment providers. These providers would not carry out transaction-based sanctions screening and instead revert to verification of whether their clients are sanctioned individuals or entities on a daily basis and when the sanctions lists are amended. If a provider fails to conduct the verifications on a timely basis and causes another provider involved in the same transfer to violate the screening regulations, the affected provider will be compensated by the offending provider for non-compliance penalties.