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Economic Sanctions

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Reuters: The US is scrutinizing Russian accounts that UBS took over from Credit Suisse

The US is investigating Russian clients that UBS acquired when it took over Credit Suisse, according to sources familiar with the matter. The US sanctions enforcement agency, OFAC has contacted UBS as part of the inquiry. Discussions between the Swiss bank and OFAC have reportedly taken place in recent weeks…

UK strikes at heart of Putin’s war machine with latest wave of sanctions

UK announces 56 new sanctions in its largest sanctions package against Russia since May 2023. New targets include suppliers supporting Russia’s military production, Russian-backed mercenary groups operating in Sub-Saharan Africa and a GRU agent involved in the use of a Novichok nerve agent in Salisbury.

OTSI’s new unit is equipped with enhanced powers to target businesses that violate sanctions and ensure the effectiveness of UK sanctions

OTSI will be instrumental in providing vital additional tools not only to help businesses comply with our sanctions, but also to deter and impose costs upon those seeking to breach them. The new unit is part of the Department for Business and Trade.  OTSI will work with businesses to offer guidance, issue licences and investigate reports of trade sanctions…

US Treasury sanctions key members of La Linea, a group involved in trafficking fentanyl into the United States

Applies to five Mexican nationals and two Mexico-based entities linked to La Linea, a violent Mexico-based drug trafficking organization responsible for trafficking fentanyl and other deadly drugs into the United States.

US Treasury takes aim at third-country sanctions evaders and Russian producers supporting Russia’s military industrial base

Today’s action targets both individual actors and sprawling sanctions evasion networks across 17 jurisdictions, including India, the People’s Republic of China (PRC), Switzerland, Thailand, and Türkiye.

ESMA publishes first consolidated report on sanctions, providing an overview of the sanctions and measures imposed in Member States

In 2023, more than 970 administrative sanctions and measures were imposed across EU Member States in financial sectors under ESMA’s remit. The aggregated value of administrative fines amounted to more than 71 million EUR. The highest amounts of administrative fines were imposed under MAR and MiFID II. The report highlights that there is still room for more convergence…

Wall Street Journal: Turkey’s Halkbank is required to face US prosecution regarding charges related to Iran sanctions violations

The decision comes as the Biden administration intensifies efforts against Iran’s oil sales and follows extensive legal battles, including considerations by the U.S. Supreme Court, regarding the bank’s trial for alleged sanctions violations. A  US based attorney for Halkbank and a Turkish Embassy representative in Washington did not provide comments on the ruling…

Council of the EU adopts restrictive measures against five individuals and one entity responsible for actions destabilising the Republic of Moldova

Moldova  faces massive direct attempts from Russia to destabilise the country, as well as challenges arising from Russia’s war of aggression against Ukraine. This is a direct threat to a sovereign country, to its democratic life, to its path towards the European Union. The EU will continue providing all its support to the legitimate aspirations of the Moldovan people. Today’s listings are yet another contribution to the resilience of Moldova.

US Treasury sanctions Sudanese armed forces weapons procurement director

Mirghani Idris Suleiman (Idris) is the target of these proceedings for leading the Sudanese Armed Forces’ (SAF) efforts to acquire weapons for use in its ongoing war with the Rapid Support Forces (RSF).

BBC: Ex-President of Peru jailed for over twenty years for corruption

Prosecutors claim that Alejandro Toledo received £27 million in bribes from a Brazilian construction company for a road contract in southern Peru during his time in office from 2001 to 2006. Toledo was arrested in California five years ago and extradited to Peru with Odebrecht admitting to paying millions in bribes for government contracts throughout Latin America…

US Treasury targets actors involved in drone production for Russia’s war against Ukraine

Applies to three entities and one individual for their involvement in the development and production of Russia’s Garpiya series long-range attack unmanned aerial vehicle (UAV).

US DoT expands targeted sanctions on Iran’s petroleum and petrochemical sectors in response to the attack on Israel

The US is expanding sanctions on Iran’s petroleum and petrochemical sectors following Iran’s October 1 attack on Israel, which marks its second direct assault this year. This move aims to increase financial pressure on Iran by restricting its capacity to generate essential energy revenues that could destabilize the region and threaten US allies…