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Weekly Vol. 21 | 30 Oct – 05 Nov 2023

Published Date:

In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.
The Office of Foreign Assets Control (OFAC) has issued Directive 1 under E.O. 14014, prohibiting U.S. persons from providing financial services to Myanma Oil and Gas Enterprise (MOGE) or its property or interests in property. These restrictions will take effect on December 15, 2023.
The US Congress has enacted stricter sanctions on Iranian oil, targeting foreign entities that aid in the illicit trade of Iranian petroleum. This action aims to curtail Iran’s oil revenue and further isolate the country economically.
Australia’s expanded sanctions on Russia and specified Ukrainian regions, effective since October 26, 2023, include a ban on exporting machinery and related parts, as outlined in the 2023 Russia Designation and Specified Ukraine Regions Designation, with a focus on industrial and electrical machinery, equipment, tools, and nuclear reactors.
The HM Treasury has mandated the submission of reports regarding funds associated with designated individuals who possess or control economic resources to be sent to Office of Financial Sanctions Implementation (OFSI) by November 10, 2023.

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