ECOVIS ProventusLaw invites you to its monthly newsletter on sanctions, which is dedicated to everyone who wants to understand the latest trends and developments in sanctions compliance, get tips from our experts, and deepen their knowledge.
Western Powers Urge UAE to Tighten Controls on Firms Evading Russia Sanctions
The US, UK, and EU are urging the UAE to enforce stricter controls on companies bypassing sanctions on Russia due to the Ukraine war. Western officials recently visited the UAE to request detailed trade data and ensure adherence to bans on dual-use goods amid concerns that UAE firms may be aiding Russia’s military efforts through exports of electronics and machinery. Despite UAE assurances of compliance, further sanctions on UAE companies are being considered. Read more
EU Extends Sanctions Against Myanmar Junta for Another Year
The European Union has extended sanctions against Myanmar’s junta and associated entities until April 30, 2025, due to the ongoing grave situation in the country. Targeting 103 individuals and 21 entities, including Senior Gen. Min Aung Hlaing and Acting Vice-President Myint Swe, the sanctions involve asset freezes, travel bans, and prohibitions on providing funds. The EU also maintains embargoes on arms, dual-use equipment, and communication monitoring tools, emphasising its condemnation of the military coup and concern over escalating violence in Myanmar. Read more
EU Adds Four Individuals and Two Entities to Sanctions List
The European Council has adopted Decision (CFSP) 2024/11751, adding four individuals and two entities to its sanctions list under Decision (CFSP) 2020/1999. This action, supported by candidates and EFTA countries, reflects a unified European approach to addressing international concerns through targeted sanctions. The EU emphasises the importance of continental cooperation in enforcing these measures. Read more
US Sanctions Dmitry Khoroshev of LockBit Ransomware Group
The United States has sanctioned Dmitry Yuryevich Khoroshev, a senior leader of the LockBit ransomware group, for his role in developing and distributing ransomware. This coordinated effort, involving the U.S. Department of Justice, the FBI, the UK’s National Crime Agency, and the Australian Federal Police, includes asset freezes, travel bans, and a reward offer of up to $10 million for information leading to his arrest or conviction. Read more
EU Adopts Directive Reinforcing Sanctions Regime
The European Union has adopted Directive (EU) 2024/1226, establishing criminal offences and penalties for violating Union sanctions, to be transposed into national laws by April 30, 2025. The Directive ensures that intentional breaches, such as circumventing asset freezes or violating trade controls involving amounts over EUR 10,000, are criminalised across Member States, with penalties including imprisonment, fines, and asset confiscation. Read more
Lithuanian Customs Fines Company for Sanctions Violation
On May 9, 2024, Lithuanian Customs fined a company €329,944 for purchasing goods from sanctioned Russian entities “Nizhnekamsktekhuglerod” and “Nizhnekamskneftekhim.” This is the first application of such a measure under Lithuania’s International Sanctions Law. Read more
EU Countries Sign Agreement on Unified Sanctions Control Measures
On May 9, 2024, customs authorities from Lithuania, Latvia, Estonia, Poland, and Finland signed an agreement in Vilnius to apply uniform control measures for sanctions implementation. This agreement builds on a previous regional Baltic agreement and aims to strengthen control over goods subject to export bans, requiring manufacturers’ declarations and other documents to prevent sanctions circumvention. The signatory countries will now follow Lithuania’s requirement for additional documentation to proceed with customs procedures. Read more
EU Expands Sanctions on Iran Over Military Support to Russia and Middle East Aggression
The European Council has expanded the EU’s restrictive measures against Iran, responding to Iran’s military support for Russia’s war in Ukraine and recent aggression in the Middle East. Initially targeting components for UAVs, the sanctions now include missiles following Iranian attacks on Israel. These expanded sanctions impose asset freezes and travel bans on individuals and entities supplying Iran’s missiles and UAVs, particularly those supporting Russia or destabilising the Middle East. The EU condemns the attacks on Israel and remains committed to regional security and further measures against Iran. Read more
U.S. Sanctions on Russian Individual and Companies Aiding Oligarch Oleg Deripaska
On May 14, 2024, the U.S. Treasury’s OFAC sanctioned a Russian individual and three Russia-based companies for attempting to evade sanctions and potentially unfreeze over $1.5 billion in shares owned by oligarch Oleg Deripaska. Deripaska, already sanctioned by multiple countries, coordinated with Dmitrii Beloglazov and the financial services company Titul to sell his frozen shares. The newly established Iliadis, a Titul subsidiary, acquired Rasperia Trading Limited, which holds Deripaska’s frozen assets. Read more
Canada Sanctions Four Individuals Linked to Hamas Attacks
On May 10, 2024, Canada sanctioned four individuals under the Special Economic Measures (Hamas Terrorist Attacks) Regulations in response to Hamas attacks in Israel from October 2023. Effective May 9, the amendments target members of the Al-Quds Force of the Islamic Revolutionary Guard Corps, freezing their Canadian assets and prohibiting transactions with them. Read more
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