Sanctions are restrictions imposed by governments on specific countries, individuals, or entities to achieve explicit objectives such as promoting national security or human rights. Restrictions can take numerous forms including embargoes that prohibit all commercial activity with a country, to more targeted limitations on transactions between firms, groups, or individuals.
Convera and its affiliates are committed to complying with applicable sanctions in the countries where it operates. However, it remains essential for all businesses to understand and ensure compliance with sanctions laws and regulations, or risk hefty fines and reputational damage.
This is the first in a series of quarterly blog posts which will break down the latest sanctions news and announcements. Whether you’re a startup or a multi-national company, our quarterly sanctions update aims to help you stay across key industry developments impacting global trade and commerce.
OFAC launches new video series
The Office of Foreign Assets Control (OFAC) has launched a new video series titled OFAC Basics. The series introduces tips and tools available on OFAC’s website to help companies track and monitor sanction developments. The first video provides a short tutorial on how to use OFAC’s Sanctions List Search Tool, along with measures to assess a potential match with one of OFAC’s published sanctions lists. Watch the full video here.
For more information on OFAC check out its ‘introduction’ series, available here.
Oil Price Cap compliance and enforcement alert
The G7 Price Cap Coalition has issued an Oil Price Cap (OPC) compliance and enforcement alert. The OPC was initiated in 2022 with the objective of, “…constraining Russian revenues that could otherwise be used to fund Russia’s war of aggression against Ukraine,” while preserving global trade in oil.
This latest alert offers recommendations for identifying OPC evasion and how to report suspected breaches. Anyone involved in the trade of Russian oil and its products should read the full alert here.
United Kingdom sanctions strategy
The UK government published its first sanctions strategy on 22nd February 2024, providing a useful summary of its priorities now and in the future. Russia remains a continued focus for the United Kingdom, but also highlights the government’s commitment to addressing human rights violations on a global level by strengthening the powers of various sanctions departments and agencies.
Access the full strategy here.
Additional sanctions reading
- Russian national pleads guilty to attempting to provide material support to a foreign terrorist organization – press release
- The EU Council establishes a dedicated framework for restrictive measures in support of democracy in Guatemala – press release
- Businessman arrested for scheme to illegally export technology to Russia – press release
- The Office of Financial Sanctions Implementation refreshes guidance for the maritime shipping sector – continue reading
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