Since we published our blog post on the relaxation of the Syria sanctions over the weekend, there have been two more related developments this week: (1) US guidance on the Syria sanctions relaxed on Friday, May 23, and (2) the EU’s move to formally lift nearly all of its remaining sanctions on Syria. United States: Guidance on Syria Sanctions Relaxation On Wednesday, May 28, the Office of Foreign Assets Control (“OFAC”) in the US Treasury…
On June 24, 2024, the EU adopted its 14th Russia sanctions package, including by amending Council Regulation (EU) 833/2014 (the “EU Russia Sanctions”), effective from June 25, 2024. The amending regulation is accessible here. The 14th package introduced several additional restrictions across different sectors, including: The strengthening of measures designed to prevent the circumvention of EU sanctions is likely to be particularly wide-ranging, impacting businesses outside Russia with indirect exposure to Russia and placing certain…