On 29 June 2024, the EU adopted a new Belarus sanctions package by amending Council Regulation (EU) 765/2006 (the âEU Belarus Sanctionsâ), effective from 1 July 2024. The amending regulation can be found here. The new package increases the alignment of the EU Belarus Sanctions with the EUâs sanctions against Russia (including those contained in Regulation (EU) 833/2014 (the âEU Russia Sanctionsâ), as recently updated), in order to address the risk of circumvention. The new…
On June 27th, colleagues from Baker McKenzieâs Rome, London, and Washington DC offices will host a webinar focused on the latest US, EU, Italian and UK sanctions and export controls developments in an environment of ongoing geopolitical disruption. As part of our series of insights from senior officials, Baker McKenzieâs team will also be joined by Giovanni Brignone, Embassy Counsellor of the Ministry of Foreign Affairs Armament Materials Authorization Unit, as well as Filippo Mancuso,…
The sanctions enforcement storm is underway. As we highlighted in the introduction to this blog series, the quickly evolving sanctions landscape of recent years has increased the complexity of compliance. Keeping up with ever-changing multi-jurisdictional sanctions and adapting compliance practices has proven challenging for companies with complex operations and supply chains. Instances of non-compliance can be inevitable. A company’s investigation triage plan should evaluate mandatory disclosure obligations and, if there are none, the availability and…
On May 1, 2024, the US Department of the Treasuryâs Office of Foreign Assets Controls (âOFACâ) and the US Department of State designated nearly 300 individuals, entities, and vessels to the List of Specially Designated Nationals and Blocked Persons (âSDN Listâ) mainly targeting Russiaâs military capacity. On the same day, OFAC also issued three new general licenses (âGLsâ) authorizing limited transactions involving certain SDNs. We summarize these developments below. SDN Designations According to OFACâs press…