Last week's major developments in sanctions - July 29th, 2024, to August 2nd, 2024

The EU Council amended one of its Iran-related decisions by removing one of the annexes that had incorporated listings pursuant to the UNSC-mandated sanctions, which were terminated on the transition day under the JCPoA. It also delisted two persons and four entities which were designated under that program. (Decision)
BIS published a proposed rule which will significantly expands the the reach of the bureau, if finalized as such. These proposed revisions and additions would expand controls on the end-use, end-user, and U.S. persons activity. (Proposed rule) (If you want to read more check out this Crowell's alert.)

OFAC imposed blocking sanctions on five individuals and seven entities based in Iran, the People’s Republic of China, and Hong Kong that have facilitated procurement of components used by Iran in its unmanned armed vehicles under the United State's counter proliferation and Iran sanctions programs. (Here, the Department of the Treasury's press release, and the Department of State's press release)
OFAC imposed blocking sanctions on two individuals and four companies that have facilitated weapons procurement for the Houthis pursuant to the United State's counter terrorism sanctions. (Here, the Department of the Treasury's press release, and the Department of State's press release)

OFSI extended its NSD general license which authorizes the sale, divestment, and transfer of financial instruments held by the NSD and payment of safe keeping fees to the NSD through October 12, 2024. (Here)
OFAC issued general licenses 99A and 100A which authorize the wind down of transactions and certain transactions related to debt or equity of, or derivative contracts and the conversion of currencies involving, MOEX, NCC, or NSD. (Here)

Check out my takeaways from OFAC's enforcement action against State Street: Gems from OFAC's Settlement with State Street

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