November Sanctions News
Continuing our monthly Sanctions news series, we bring you significant developments in November. 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 November, 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 November, we have seen the following events:
02 November
The Office of Foreign Assets Control (OFAC) of the United States imposed asset-freezing sanctions against 37 individuals and 192 entities under its Russia sanctions program. (Source)
07 November
The Office of Foreign Assets Control (OFAC) imposed blocking sanctions on 13 individuals and four Mexico-based entities for their involvement with the Sinaloa Cartel. (Source)
08 November
The Office of Financial Sanctions Implementation (OFSI) of the United Kingdom issued asset freezes on 20 individuals and nine companies for their support of Russian oil, gold, and strategic centers. Nord Gold and Highland Gold Mining, two of Russia's top gold producers, and Paloma Precious DMCC, a UAE-based network that reportedly transferred $300 million in gold revenues to Russia. (Source)
09 November
The European Union has extended Turkey's restrictive measures for unlawful drilling in the Eastern Mediterranean until November 30, 2024. (Source)
13 November
The European Council extended the restrictive measures imposed on Venezuela for six months, instead of one year, until 14 May 2024. (Source)
14 November
France imposed asset-freezing sanctions on two individuals related to Hamas under its autonomous counter-terrorism sanctions. (Source)
The Office of Foreign Assets Control (OFAC) imposed asset-freezing sanctions on eight individuals and two entities under its counter-terrorism program for their engagements with Hamas. (Source)
15 November
In cooperation with the government of Costa Rica, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a Costa Rican narcotics trafficker. (Source)
21 November
The Bureau of Industry and Security (BIS) added four entities to BIS’s Entity List for their role in the circumvention of the U.S. sanctions against Russia and Venezuela. (Source)
23 November
Ukraine designated 147 individuals and 303 entities for being linked with 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.
Contact us at info@pst.ag for more information.
