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Last week's major developments in sanctions - July 17th to July 21st, 2023

Monday, July 17

  • OFSI imposed asset-freezing sanctions on 13 individuals and one entity for their involvement in the forced deportation of Ukrainian children. (Notice, and press release)

Tuesday, July 18


Wednesday, July 19

  • The French Treasury imposed asset-freezing sanctions against one individual under Article L562-2 of the French Monetary Code. (Here)

  • The Federal Reserve Board announced two enforcement actions against Deutsche Bank (DB) AG, its New York branch, and other U.S. affiliates. DB agreed to pay $186,392,035, take several remedial actions, and provide ongoing reports about its progress. These enforcement actions stem from previous agreements DB had with the U.S. government to enhance its AML and Sanctions compliance programs. (Here)

  • OFAC replaced General License 5K under its Venezuela sanctions program with General License 5L. The new General License postponed the prohibition's effective date on dealings related to certain bonds issued by PDVSA to October 20, 2023. (Here)

  • OFAC imposed asset-freezing sanctions on four individuals under its counter-narcotics program. (Here, the press release)

  • OFAC imposed asset-freezing sanctions on a North Macedonian business person for his role in undermining and threatening the stability of the Western Balkans through corruption and other destabilizing behavior, under its Balkan-related sanctions program. (Here, the press release)

  • The BIS issued guidance on the Best Practices for License Applications for Medical-related Items to Russia, Belarus, and Occupied/Covered Regions of Ukraine. (Here)


Thursday, July 20

  • OFSI imposed asset-freezing sanctions against five individuals and two entities under its Central African Republic sanctions regime, two individuals and three entities under its Sudan sanctions regime, and an individual under its Mali sanctions regime. The designated individuals and entities were Wagner Group leaders and front companies responsible for violence and instability across Africa. (CAR Notice, Sudan Notice, Mali Notice, and press release)

  • OFSI removed sanctions against Oleg Yurievich Tinkov. (Notice, and the Reuters story about this.) He is still subject to asset-freezing sanctions in the EU.

  • The EU Council adopted eight sanctions-related decisions:

    1. Council Decision (CFSP) 2023/1500 of 20 July 2023 amending Decision (CFSP) 2020/1999 concerning restrictive measures against serious human rights violations and abuses (imposing asset-freezing sanctions against twelve individuals and five entities) (press release)

    2. Council Decision (CFSP) 2023/1501 of 20 July 2023 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine (imposing asset-freezing sanctions against five individuals from Iran that were involved in the development and delivery of Unmanned Aerial Vehicles to Russia) (press release)

    3. Council Decision (CFSP) 2023/1502 of 20 July 2023 amending Decision 2013/184/CFSP concerning restrictive measures in view of the situation in Myanmar/Burma (imposing asset-freezing sanctions against six individuals and one entity) (press release)

    4. Council Decision (CFSP) 2023/1503 of 20 July 2023 implementing Decision 2013/255/CFSP concerning restrictive measures in view of the situation in Syria (Imposing asset-freezing sanctions against one individual from Iran that was involved in the development and delivery of air defense systems to Syria) (press release)

    5. Council Decision (CFSP) 2023/1504 of 20 July 2023 amending Decision (CFSP) 2020/1999 concerning restrictive measures against serious human rights violations and abuses (imposing asset-freezing sanctions against six individuals for their role in oppressing women around the world) (press release)

    6. Council Decision (CFSP) 2023/1514 of 20 July 2023 updating the list of persons, groups, and entities subject to Articles 2, 3, and 4 of Common Position 2001/931/CFSP on the application of specific measures to combat terrorism, and repealing Decision (CFSP) 2023/422 (renewing the EU terrorist list for another six months) (press release)

    7. Council Decision (CFSP) 2023/1517 of 20 July 2023 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine (extending parts of the Russian sanctions regime of the EU until 31 January 2024) (press release)

    8. Council Decision (CFSP) 2023/1519 of 20 July 2023 amending Decision (CFSP) 2021/1277 concerning restrictive measures in view of the situation in Lebanon (extending the Lebanon sanctions regime of the EU until 31 July 2024) (press release)

  • The United States imposed asset-freezing sanctions on 129 individuals and entities under its Russia sanctions program. OFAC simultaneously issued two wind-down General Licenses related to two recently designated entities. (Here, the Department of the Treasury's press release, the Department of State's fact sheet, and the Secretary of State's press statement)

  • Canada also imposed sanctions on several individuals and entities under its Russia sanctions regime. (Here, and press release)

Friday, July 21

  • No major development on this day.

Recommendation of the Week

  • The Federal Reserve Bank of New York and the Department of the Treasury took action against 14 banks in Iraq by cutting their access to USD clearing. Fund out more in this WSJ article.

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