Newsletter of the main news 05.01/11.01

1️⃣ Frozen Russian Assets

EU, US, and UK sanctions have frozen approximately $500 million in Telegram bonds held at Russia’s National Settlement Depository, Financial Times reports. The company has told investors the funds will be repaid at maturity, but their ultimate fate depends on the payment agent and the depository. Whether Russian bondholders will ultimately receive the money remains unclear.

2️⃣ International Sanctions Policy

Asia’s richest businessman, Mukesh Ambani, said Reliance has stopped purchasing Russian oil, denying reports of new shipments. Amid US and EU sanctions, India’s imports of Russian crude fell in December to a three-year low of around 1.2 million barrels per day. Further declines are expected, while China remains Moscow’s key market.

Ukraine, together with the chess federations of Norway, Estonia, England, and Germany, filed a case with the Court of Arbitration for Sport over the International Chess Federation’s decision to partially restore Russia’s and Belarus’s rights at youth and junior levels. The plaintiffs cite violations of statutes and decision-making procedures and call on other national federations to support the appeal.

Donald Trump has given the green light to a bipartisan bill to toughen sanctions against Russia. The proposal includes a 500% tariff on countries purchasing Russian oil or uranium, as well as on Russian exports to the United States. Sanctions could be triggered if Russia refuses peace talks, violates agreements, or launches new aggression against Ukraine.

Iraq will nationalize operations of the West Qurna-2 oil field for 12 months, where Lukoil holds a stake. The move follows US sanctions on Russian oil companies that prompted Lukoil to declare force majeure. Baghdad plans to maintain stable output while seeking buyers for the Russian stake.

In 2025, the EU purchased roughly €7.2 billion worth of Russian liquefied natural gas, generating significant export revenues for Russia. The EU’s share of global LNG supplies from the Yamal project exceeded 76%, despite reduced pipeline gas imports. Russian LNG imports remain legal due to energy dependence in parts of Central and Eastern Europe.

More than half of companies producing Russia’s key tanks and armored vehicles remain unsanctioned. Of 41 firms within the Uralvagonzavod group, at least 23 face no restrictions despite their direct role in supporting the war against Ukraine, including developers of tank transport platforms and crew training systems.

3️⃣ Sanctions Violations and Evasion

Ukraine’s Economic Security Council documented deliveries of German high-precision equipment to Russia in circumvention of sanctions. In 2024–2025, products from Mahr and Spinner worth over €9 million, as well as electric motors from a Czech Siemens subsidiary, were imported via intermediaries in third countries. Such equipment is subject to EU export controls due to its potential military use.

US forces boarded the tanker Marinera, linked to a shadow fleet used to evade sanctions. Previously operating as Bella-1, the vessel changed to Russian registration and attempted to avoid inspection by US authorities. US officials said it was used to transport sanctioned Venezuelan oil, although it was empty at the time of the operation.

The international football federation is pressuring European clubs, including Italy’s Atalanta, to pay transfer debts to Russian clubs despite existing sanctions. Non-compliance could lead to severe sporting penalties, including transfer bans. The Court of Arbitration for Sport has previously ruled such demands unacceptable, as they effectively facilitate sanctions evasion.

4️⃣ Ukraine’s Sanctions Policy

Ukraine sold the Kalush Pipe Plant, confiscated from a Russian oligarch, at a Prozorro.Sale auction. The starting price was UAH 68.3 million (excluding VAT), with AVR Trembita as the sole bidder and winner. The asset was confiscated under a High Anti-Corruption Court decision as part of sanctions against the Russian Polyplastik group.

An appellate commercial court ordered Russia to pay $19.5 million in compensation to Azovmash for destroyed property and lost profits resulting from the fighting in Mariupol. The court overturned an earlier refusal, recognizing Russia’s aggression as the direct cause of the losses. The ruling has entered into force and may be appealed to the Supreme Court.