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Weekly vol 5 sanctions updates from around the world

Published Date:

In the latest edition of our Sanctions Watch weekly digest, we provide updates on sanctions and regulatory developments around the world.

One of the major updates originates from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). They recently published part 526 under Title 31 of the Code of Federal Regulations. This move is in response to Executive Order 14078 and aims to strengthen efforts to bring U.S. hostages and wrongfully detained nationals back home. The implementation of these regulations is expected to have significant implications for individuals and entities involved in such activities.

The United Kingdom’s Export Control Joint Unit (ECJU) has also acted to tighten export controls to Haiti. A notice to exporters has been issued, requiring licenses for all military goods transiting through the UK. This decision comes as a response to specific concerns and developments in the region, and it is likely to impact businesses and trade involving military equipment to and from Haiti.

In a separate development, several countries with aspirations for EU accession and EFTA countries have aligned themselves with the European Union’s 11th package of sanctions against Russia. The candidate countries include North Macedonia, Montenegro, Albania, Ukraine, Bosnia, and Herzegovina. Iceland, Liechtenstein, and Norway, members of the European Free Trade Association (EFTA), have also joined the EU’s sanctions efforts. This concerted action reflects a unified response to the ongoing geopolitical situation and may have far-reaching consequences for diplomatic and economic relations.

Lastly, there has been a notable development in Poland, where the government has taken a significant step against entities linked to Vyacheslav Kantor. Poland has become the first country in Europe to place three designated entities, controlled by Kantor, under compulsory administration. This unprecedented move signifies a strong stance against those subject to sanctions and could set a precedent for how other nations handle similar situations in the future.