December Sanctions News
Continuing our monthly Sanctions news series, we bring you significant developments in December. Our service empowers Compliance Officers and Chief Compliance Officers to keep up with sanctions landscape changes at the designation level and, most importantly, to understand the intentions and objectives behind such measures. Keeping up with the latest developments can bring long-term benefits to an organization.
In December, there were noteworthy events globally that impacted sanctions compliance. We summarize relevant circumstances and provide links to primary sources for more in-depth research so you can stay ahead and mitigate risks to your business operations.
In December, we have seen the following events:
Under the Magnitsky Law, also known as the Justice for Victims of Corrupt Foreign Officials Regulations (JVCFOA), Canada imposed new sanctions against seven persons on December 8, 2023. The Commander-in-Chief of the Myanmar armed forces, two Iranian officials, and four Chechen officials are the targets of the sanctions, which went into effect straight once. (Source)
The Special Economic Measures Regulations, which punish an extra thirty Russian citizens under Schedule 1 of the Regulations, underwent new changes that Canada announced on December 12, 2023. The changes were operative on December 8, 2023. (Source)
Ukraine imposed a fresh round of personal sanctions on 185 Russian persons and 181 Russian legal companies; most of the targets had links to the Russian military-industrial complex. (Source)
In light of the circumstances in Mali, the EU Council extended its restrictive restrictions for an additional year, expiring on December 14, 2024. (Source)
The EU Council imposed restrictive measures on six individuals and five organizations that were involved in Iran's research and manufacture of unmanned aerial vehicles (UAVs), which were utilized in Russia's unlawful aggression against Ukraine. Given Iran's military backing of Russia's aggressive conflict against Ukraine, these are the first designations under the recently formed framework for restrictive sanctions. (Source)
The Japanese government established on this day that it would expand the measures and sanctions on Russia. (Source)
Building on earlier proceedings against shipowners and vessels accused of shipping Russian crude oil over the cap, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury proceeded to strengthen enforcement of the price ceiling on Russian oil. (Source)
With the issuance of an Executive Order, President Biden has extended US sanctions against Russia to include foreign financial institutions that assist DPs in vital industries supporting Russia's military-industrial base or in transactions or services directly related to Russia's military-industrial base. (Source)
Switzerland's Department of Economics, Education, and Research (WBF) expanded the sanctions list regarding Russia. (Source)
Stay Informed and Ahead of the Curve in the Dynamic World of Sanctions
As a Compliance Officer or Chief Compliance Officer, understanding the latest sanction developments is vital to mitigating the risk of non-compliance in your organization.
Take advantage of our monthly update articles, summarizing the most noteworthy events in sanctions with links to primary sources for further research.
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