This month’s sanctions and trade restrictions update highlights key developments including new sanctions imposed on geopolitical players, adjustments to existing measures by OFAC and the EU Council, and emerging compliance requirements. Stay ahead of the curve with our overview of the most significant sanctions news and their implications for your business.
New Sanctions list service from OFAC
The US Department of the Treasury’s Office of Foreign Assets Controls (OFAC) has launched its new Sanctions List Service (SLS) which gives users easy access to the most up-to-date sanctions Lists and sanctions list data, available for immediate download. The SLS also contains a tool that allows users to create custom datasets based on their selection of certain sanctions lists and/or sanctions programs, and now includes OFAC’s Sanctions List Search application. This application is designed to facilitate the use of the Specially Designated Nationals and Blocked Persons list (“SDN List”) and other Non-SDN lists administered by OFAC. The full list can be found on OFAC’s website.
Updates to Specially Designated Nationals and Blocked Persons list
OFAC and the US Department of State have designated nearly 300 individuals, entities, and vessels to the List of Specially Designated Nationals and Blocked Persons (“SDN List”). These designations mainly target “Russia’s military-industrial base and chemical and biological weapons programs,” along with companies and individuals that help Russia with the production of weapons. The Department of State is also targeting Russia’s revenue generation through its future energy, metals, and mining production. For more information the Department of State’s Fact Sheet and OFAC’s press release.
OFSI streamlines its financial sanctions enforcement and monetary penalties guidance
The UK Office of Financial Sanctions Implementation (OFSI) has updated its Financial sanctions enforcement and monetary penalties guidance and will now always apply the most recent iteration of its Enforcement guidance to cases, aligned with sanctions imposed by the UK government. The updated guidance aims to strengthen enforcement by expanding powers, increasing resources for prosecution, and countering UK sanctions evasion through coordinated efforts. The process will now be easier and clearer for all parties, especially where breaches span across current and previous iterations of the guidance. Learn more in chapter three of the guidance, which covers case assessment and additional details on the change.
FinCEN issue advisory related to Iran-back terrorist organizations
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights how certain terrorist organizations receive support from Iran by illicitly accessing or circumventing the international financial system to raise, move, and spend funds. It also offers red flags that may assist in identifying related suspicious activity. Learn more via the press release.
EU sets up new framework target systemic oppression in Russia
The EU Council has established a new framework for restrictive measures, known as EU sanctions, against those responsible for serious human rights violations or abuses, repression of civil society and democratic opposition, and undermining democracy and the rule of law in Russia. The new sanctions regime introduces trade restrictions on exporting equipment, which might be used for internal repression, as well as on equipment, technology or software intended primarily for use in information security and the monitoring or interception of telecommunication. These measures are part of broader geopolitical updates concerning the actions and policies of the Russian government in the context of Ukraine. Additional details in the Council’s press release.
Council of the EU renews restrictive measures against Syria
In response to the deteriorating situation in Syria, the Council has extended EU sanctions regimes against the Syrian regime and its supporters until 1 June 2025. The latest round of measures target a total of 316 persons and 86 entities, with those designated subject to asset freezes, and EU citizens and companies forbidden from making funds available to them. In addition, natural persons are subject to a travel ban, which prevents them from entering or transiting through EU territories. Full details are available in the official press release.
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