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Last week's major developments in sanctions - May 27th, 2024, to May 31st, 2024

Monday, May 27
  • The EU Council adopted a decision that establishes a new framework for sanctioning Russia. The new decision, Council Decision 2024/1484, provides the Council the authority to impose 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. Additionally, the new framework imposes 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. Concurrently, the Council imposed asset-freezing sanctions against 19 individuals and one entity. (Decision, and Press Release)

  • The EU Council imposed asset-freezing sanctions against two individuals and one entity, the Voice of Europe, for their role in Russian-led propaganda efforts. (Decision, and Press Release)

Tuesday, May 28
  • The EU Council amended one of the authorizations under its Syria sanctions regime. In addition to some small changes, the new authorization has modified the scope of the beneficiaries of the authorization and extended the authorization until June 1, 2025. (Decision) Concurrently, the Council extended the validity of its Syria sanctions regime through June 1, 2025, and removed the names of five deceased persons from the list of asset-freezing targets under this regime. (Decision, and Press Release)

  • OFSI issued (a very interesting) general license that allows the use of the retail banking services of a designated credit or financial institution provided that the payments made or received are intended for personal use. (OFSI General licence INT/2024/4761108)

  • OFAC amended the Cuban Assets Control Regulations (CACR) and issued six new Cuba-related FAQs to explain the amendments made to CACR. The amended version includes new, expanded, and clarified general licenses. Most importantly the amendments reinstate the U-Turn general license. (Here, and Press Release, the Department of State's Special Briefing)

  • OFAC imposed blocking sanctions on three individuals and three entities under its Cyber sanctions program for being associated with a malicious botnet. (Here, the Department of the Treasury's Press Release, and the Department of State's Press Release) The U.S. Department of Justice also took action against the sanctioned botnet. (Here)

Wednesday, May 29
  • No major developments occurred on this day.

Thursday, May 30

Friday, May 31
  • France imposed asset-freezing sanctions against one individual under its autonomous counter-terrorism sanctions regime. (Here)

  • OFSI amended General License - INT/2022/1280876 to allow certain activities in relation to the arrangement prepared by the Joint Administrators of VTB Capital plc. (Here)

  • On a busy Friday for the EU Council, it adopted two sanctions-related decisions:

  1. Council Decision (CFSP) 2024/1603: imposing asset-freezing sanctions against six individuals and three entities for their involvement with DPRK's continued ballistic missile activities, as well as the military support given by the DPRK to Russia (Press Release); and

  2. Council Decision (CFSP) 2024/1605: imposing asset-freezing sanctions against six individuals and three entities for their involvement in transferring drones and missiles to Russia and the Middle East (Press Release).

Recommendation for the week


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