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Last week's major developments in sanctions - May 9th to May 13th, 2022

For a detailed post about Russia-related sanctions developments you can check: Special Edition - New Sanctions Against Russia 🇷🇺

To see non-Russia- related previous weeks' updates you can check: Weekly Updates

Monday, May 9th

  • Four individuals that were designated under autonomous french counter-terrorism sanctions came off the French list of sanctions targets as their designation periods expired.

  • OFAC designated a network of five Islamic State of Iraq and Syria financial facilitators operating across Indonesia, Syria, and Turkey under its Global Counter-terrorism program. (Here, Treasury's press release, Department of State's press release)

  • BIS released a rule (link here) building on its March 3, 2022, Russian Industry Sector Sanctions rule by expanding the scope of items subject to stringent license requirements. The new rule imposed a license requirement for exports, reexports, or transfers (in- country) to and within Russia for additional items subject to the Export Administration Regulations identified under specific Schedule B numbers or Harmonized Tariff Schedule codes. (Here)

Tuesday, May 10th

  • No major development on this day.

Wednesday, May 11th

  • OFAC issued three FAQs defining some terms used in its recent determination and a newly issued General license. (Here)

Thursday, May 12th

  • OFAC issued a major General License in the context of Syria sanctions. The new license authorizes transactions related to several sectors in northeast and northwest Syria. It also issued several FAQs and amended one. (Here)

Friday, May 13th

  • OFSI issued a General License allowing payments and other permitted activities to take place in relation to winding down activities, basic needs and insolvency proceedings associated with the Amsterdam Trade Bank N.V or a subsidiary of the same. (Here)

  • OFSI added one individual to its list of financial sanctions targets under UK's Syria sanctions regime. (Here)

  • OFSI designated 12 individuals in the inner circle of Vladimir Putin (including his ex-wife). (Here, press release)

Recommendations of the week

  • Want to understand the evolving nature of sanctions against Russia and to know how to respond to that? Check out this article published on ABA's Bank Compliance magazine written by Chip Poncy and Leslie Kuester.

  • In my practice, I witnessed a lot of confusion between negative news screening and sanctions screening. Wolfsberg Group did a great job publishing a number of FAQ about the negative news screening. (Here)


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