The EU is readying its 10th package of sanctions against Russia following its invasion of Ukraine, European Commission President Ursula von der Leyen announced in a Feb. 3 statement following the EU-Ukraine summit. Aiming to have the sanctions package imposed by the Feb. 24 one-year anniversary of the war, the EU reportedly will focus on technology that Russia's military could use and on reducing sanctions circumvention.

The U.K.'s prohibition on the maritime transport of refined oil products from Russia and the provision of related services came into force Feb. 5, along with $100 and $45 price cap exceptions for oil products traded at a premium to crude and at a discount to crude, respectively. The Office of Financial Sanctions Implementation concurrently issued an updated guidance on the ban and oil price cap, which covers an overview of the ban, compliance and enforcement, exceptions and licensing, attestation with example scenarios, reporting requirements, definitions and examples of where the ban will not apply.

The U.K. Commercial Court released a judgment in a case concerning vessels financed by the Russian transport ministry. The proceeding deals with a Cypriot charterer, Garvelor, which claimed specific performance of obligations it was owed under a bareboat charterparty by the vessel owners -- subsidiaries of sanctioned company GTLK. The subsidiaries provided for Gravelor to make payments for the vessels and for the title of the vessels to be transferred to them when the charterparty was terminated. However, sanctions made it illegal for Gravelor to pay the subsidiaries in U.S. dollars, which the charterparties required. The Commercial Court held that tendering payment in euros to a frozen account filled the contractual obligation to pay, granting an order to transfer the title of the vessels to Gravelor after considering the sanctions impact.

The EU set two price caps for oil products exported from Russia under commodity code 2710, the European Council announced Feb. 4. The caps apply to petroleum products exempt from the bloc's ban on maritime transport of oil products to third countries from Russia and on related technical assistance, brokering services or financing or financial assistance.

The global price cap on Russian crude oil is "successfully curtailing" Russia's ability to use oil sales revenue to finance its war in Ukraine, the U.K.'s Office of Financial Sanctions Implementation said Feb. 2. OFSI said the discount "between Russia’s flagship crude oil grade and global benchmarks" increased by more than 50% since November to around $40.

The EU agreed to a price cap on Russian refined oil products (see 2301180020), the Swedish Presidency of the Euopean Council of the EU said Feb. 3. The cap, which applies from Feb. 5, will be set at $100 per barrel for products that trade at a premium to crude, such as diesel, and $45 per barrel for products that trade at a discount, including fuel oil and naphtha, Reuters reported. The EU will authorize a 55-day transition period for sea-borne Russian oil products bought and loaded before Feb. 5, the report said. The Swedish Presidency called the cap an “important agreement as part of the continued response by EU and partners to the Russian war of aggression against Ukraine.”

The U.K. extended its antidumping and countervailing duties on continuous filament glass fiber rovings and chopped strands from China, in Jan. 31 notices to put into effect the Trade Remedies Authority's recommendation. The antidumping duties on the goods were extended to run April 26, 2022, to Jan. 30, 2026, and range from 14.5% to 19.9%. The countervailing duties were extended to run Jan. 30, 2021, to Jan. 30, 2026, and range from 4.9% to 10.3%.

The EU updated frequently asked questions pages under its Russia sanctions regime relating to media and medicines and medical devices.

The EU said it's ready to impose additional restrictive measures on Myanmar, given the continued "absence of any swift progress on the situation," EU High Representative Josep Borrell said on the second anniversary of the military coup in the Southeast Asian country. Borrell said the EU will pass new sanctions on "those directly responsible for and those abetting the undermining of democracy and the serious human rights violations in the country."

The U.K.'s Office of Financial Sanctions Implementation added two individuals and two entities to its Myanmar sanctions regime, it said in a Jan. 31 notice. OFSI subjected Win Kyaw Kyaw Aung, former director and shareholder of Asia Sun Trading, and Zaw Min Tun, member of Asia Sun Trading, to a travel ban and asset freeze. The agency also imposed sanctions on Asia Sun Trading and Cargo Link.