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Weekly vol 4 sanctions updates from around the world

Published Date:

In the latest edition of our Sanctions Watch weekly digest, we provide important updates on sanction watchlists and regulatory developments.

To tighten export controls on advanced semiconductor manufacturing equipment, the Netherlands will be applying additional export control measures. From 01 September 2023, the Dutch companies will need to apply for a license to export certain advanced semiconductor manufacturing equipment overseas.

In a significant development, the EU Parliament’s Civil Liberties Committee has adopted a draft negotiating mandate aimed at addressing violations and circumventions of EU sanctions. The proposed law aims to establish a common definition of violations and set minimum penalties, ensuring that such violations are treated as criminal offenses throughout the European Union.

The United Kingdom has recently implemented a ban on providing legal services to non-UK individuals or entities that are involved in activities prohibited under the UK’s financial and trade sanctions on Russia. This ban could potentially impact trade agreements between global corporations or international money lending activities.

Meanwhile, Canada has made amendments to its sanctions law, Bill C-47, which includes the introduction of a deemed ownership provision and an expansion of the authority granted to the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act.