On 25 February 2016, the Council of the EUĀ decidedĀ not to prolong restrictive measures against 170 individuals and 3 companies from Belarus (sanctions against these entities were already suspended since October 2015). The Council also decided that the restrictive measures (which include asset freezes and travel bans) will continue to apply for one year (until 28 February 2017) to 4 individuals. TheĀ amended RegulationĀ came into force on 28 February 2016.
On February 18, 2016, the President signed into law the āNorth Korea Sanctions and Policy Enhancement Act of 2016ā (H.R. 757) (the āNKSPEAā), which passed Congress by an overwhelming majority in the U.S. House of Representatives and a unanimous vote in the U.S. Senate. NKSPEA sets out several new sanctions against North Korea, including the following: 1. Blocking of the Government of North Korea: Section 104(c) of NKSPEA requires imposition of a āblockingā order (i.e., asset freeze)…
On February 5, 2016, the Government of CanadaĀ announcedĀ changes to its comprehensive economic and trade sanctions against Iran. The changes signal Canada’s willingness to re-engage in dialogue with Iran and follow the International Atomic Energy Agency’s announcement, on January 16, 2016, that Iran had fulfilled all necessary commitments under the Joint Comprehensive Plan of Action (“JCPOA”). January 16, 2016 is known as “Implementation Day”. On that date, the United Nations Security Council (“UNSC”), in accordance withĀ Resolution…
On 23 January 2016, the EU removed two Iranian banks – Bank Sepah and its subsidiary, Bank Sepah International – from sanctions lists (the EU measure can be found here). These two banks will now be permitted to do business with the EU. The UN had previously delisted Bank Sepah and Bank Sepah International on 17 January 2016. The U.S. removed the two banks from the SDN list on Implementation Day, 16 January 2016, although…