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Last week's major developments in sanctions - May 22nd to May 26th, 2023

Monday, May 22

  • This week started with the addition of five individuals and two entities to the list of EU asset-freezing sanctions targets. The new targets are responsible for serious human rights violations in Iran and have been sanctioned pursuant to the EU sanctions regime against Iran. (Decision, and press release)

  • The UK's Export Control Joint Unit issued a new notice to exporters: Russia sanctions - Trade sanctions circumvention. The new notice urges the exports to conduct due diligence and pay attention to risk indicators in their trade transactions.

  • OFSI issued a new General License related to the "prior obligations" of sanctioned persons. The license allows, provided certain conditions are met, UK persons to receive payments stemming from a contract signed prior to the designation of a target. (Here)

Tuesday, May 23

  • OFAC issued General License 8L (Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities) replacing the General License 8K. The new General License is valid through November 19, 2023. (Here)

  • OFAC imposed asset-freezing sanctions on one individual and four entities under its DPRK program for being involved in cyber attacks that generated revenue for the North Korean government. (Here, the Department of the Treasury's press release, the Department of State's press release)

Wednesday, May 24

  • OFAC imposed asset-freezing sanctions on 24 individuals and 7 entities related to al-Shabaab group under its Somalia Sanctions program. (Here, the Department of the Treasury's press release)

  • France imposed asset-freezing sanctions against one individual under its autonomous counter-terrorism sanctions program. (Here)

Thursday, May 25

  • OFAC imposed asset-freezing sanctions against one individual related to the Wagner Group under its Russia sanctions program. (Here)

  • The United States Department of State imposed visa bans (a type of sanction) against two Malian military commanders under Section 7031(c) of the Department of State, Foreign Operations, and Related Programs Appropriations Act for their involvement in gross violations of human rights. (Here)

Friday, May 26

  • The EU Council extended its sanctions regime against Syria for another year. (Here)

The Recommendation of the Week


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