On December 5, 2022, the maritime services ban targeting Russian-origin crude oil that previously had been announced by an international coalition of countries, including the United States, the European Union, and the United Kingdom, took effect. While each coalition member has enacted its own measures to give effect to the ban (as we discussed previously here), the measures enacted by the coalition members are generally consistent and include the same major features, namely, a maritime services ban and associated price cap “safe harbor” or exemption. Since the effective date of the maritime services ban, Russian President Vladimir Putin has issued a decree prohibiting the supply of Russian-origin oil and oil products to certain foreign persons applying the price cap, and OFAC has issued additional guidance relating to the upcoming implementation of the maritime services ban with respect to Russian-origin petroleum products.
On September 13, 2018, the Taxation (Cross-border Trade) Bill received Royal Assent, formalizing its application into UK law as an Act of Parliament. This date marks less than one year since the Cross-border Trade Bill, also referred to as the “Customs Bill”, was first brought before the House of Commons. The initial scope of the Customs Bill, as well as the accompanying Trade Bill, was discussed in a previous blog post.
Continue Reading UK Parliament Passes Trade and Customs Legislation in Shadow of Brexit Uncertainty
In November 2017, the UK Government took its first legislative steps in preparation for its post-Brexit trade regime. On November 7, the Trade Bill was introduced for a first reading in the House of Commons. Separate from the imminent trade deal it must strike with the EU (once progress on Brexit withdrawal negotiations are deemed satisfactory by all parties concerned), the UK is now sketching out its own international trade powers that will allow it to shape its relationships with partners worldwide.
Subsequently, on November 20, the Taxation (Cross-Border Trade) Bill (the “Customs Bill”) was introduced for a first reading in the House of Commons. The core elements of these two bills are described below.
Continue Reading UK Government Prepares for Post-Brexit Trade and Customs Regimes in Two New Bills