Three months out ahead of a full European ban on Russian oil imports (see2208040013), the EU is still consuming large amounts of Russian oil, Bloomberg reported Sept. 5. Russia is sending around 1 million barrels of oil a day to the EU since early August -- up from late-July marks but down greatly from the peaks in April and June, Bloomberg said. To ensure compliance, European purchases of oil cargo will slow at least a month before the ban comes into force Dec. 5, but if the ban is to cover exports, the move would hit global supplies, Bloomberg said. The publisher said shipments of all Russian crude reached a four-week high in the week ended Sept. 2. Total Russian seaborne crude shipments rose to 3.32 million barrels a day in this seven-day run -- a mark that jumped up from 2.95 million a day the previous week.

The U.K. dropped one entry from its Iraq financial sanctions regime, the Office of Financial Sanctions Implementation said in a Sept. 2 notice. Iraqi national Sahir Berhan, who was designated in February 2004, was delisted.

The U.K. amended one entry and corrected another under its Russian sanctions regime, in a Sept. 2 notice. The Office of Financial Sanctions Implementation amended the entry for MCST JSC, an information, communications and digital technologies company, that is involved in obtaining a benefit for the Russian government. OFSI also corrected the entry for OOO Volga Group, a Russian investment company.

The European Commission on Sept. 1 adopted two reports -- one on the screening of foreign direct investment (FDI) and one on the Export Controls Regulation, it said Sept. 2. The commission said it analyzed over 400 FDIs into the EU in 2021 to ensure that none of the money threatened EU countries' security, and found all but two EU member states have implemented screening mechanisms or are in the process of putting them in place. The commission carried out its FDI screening quickly, with 86% of assessments being completed within 15 calendar days, the commission said.

A call between U.S. Trade Representative Katherine Tai and Valdis Dombrovskis, the EU's top trade official, covered what the U.S. characterizes as "supply chain vulnerabilities," but the EU and U.S. readouts of the Sept. 1 call characterized the discussion differently.

The U.K. updated its definition of the term "relevant firm" -- as in, a firm subject to certain reporting obligations as part of the country's sanctions legislation. The term now includes crypto-asset exchange providers and custodian wallet providers.

The U.K. suspended its antidumping duty on hot-rolled flat products of iron, non-alloy or other alloy steel from Ukraine, the Department for International Trade announced Aug. 30. The move accepts the Trade Remedies Authority's recommendation to suspend the antidumping duties on the Ukrainian good for nine months, a decision made after the agency found that market conditions for Ukrainian hot-rolled steel changed following Russia's invasion. The TRA said injury to the U.K. industry is unlikely to happen with a nine-month suspension.

The EU has released a new frequently asked questions as relate to its Russia sanctions regime. The European Commission updated its consolidated FAQs page while issuing specific FAQs on central securities depositories; import, purchase and transfer of listed goods; execution of contracts and claims; asset freeze and prohibition on making funds and economic resources available; insurance and reinsurance; reporting obligations under the oil import restrictions; and public procurement.

The U.K. implemented a recommendation from its Trade Remedies Authority to vary the antidumping duty on cold-rolled flat steel products from China and Russia so that it applies for five years from Aug. 5, 2021, the Department for International Trade announced in an Aug. 30 notice. The duties apply to "Flat-rolled products of iron or non-alloy steel, or other alloy steel but excluding of stainless steel, of all widths, cold-rolled (cold-reduced), not clad, plated or coated and not further worked than cold-rolled (cold-reduced)," with various exceptions.

The U.K. Office for National Statistics released a report on the impact of the Russian sanctions regime on British trade with Russia as of June. The report found imports of Russian goods totaled over $38.65 million in June, a 96.6% drop from the average monthly imports in the 12 months to February. The U.K. didn't import any fuel from Russia in June for the first time since records started being kept in January 1997, with alternatives found from Saudi Arabia, the Netherlands, Belgium and Kuwait, the report said. Imports of all commodities declined compared with the monthly average for the 12 months prior to February. While exports slightly increased compared with May, the levels dropped by 66.9% from the monthly average for the 12 months before February, the report said.