On 21 March 2025, the UK Office of Financial Sanctions Implementation (āOFSIā) published its 2023-2024 annual review (see here). The report summarises OFSIās activities for the 2023-24 financial year in the context of its aim to āEngage, Enhance, Enforceā. This involves industry engagement to improve understanding of UK sanctions, enhancing stakeholder service through increased hiring and investment, and enforcing compliance using a full range of actions and improved processes. Although OFSIās report indicates that the…
On March 25, 2025, the Spanish Council of Ministers approved a draft bill to implement Directive (EU) 2024/1226 on the definition of criminal offenses and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673 (āDraft Billā and āDirectiveā, respectively). The Directive established minimum Member State requirements concerning the definition of criminal offenses and penalties for the violation and circumvention of EU sanctions. For further detail on the Directive, see our blog post…
Our Baker McKenzie’s Global Trade and Sanctions Practice recently held a snap webinar on Looking ahead to future developments in US, EU and UK Russia sanctions policy.The session discussed the current sanctions frameworks in relation to Russia, how these could be relaxed, and how the EU and UK may respond, drawing on past experiences where sanctions programmes have been lifted. The session also provided practical guidance on what companies can do now to be prepared for these potential…
As anticipated in its press release, the EU yesterday published in the Official Journal the first legal instruments underpinning its decision to progressively suspend its sanctions against Syria: Decision 2025/406/CFSP, Council Regulation 2025/407 and Council Implementing Regulation 2025/408. The measures include the suspension of a significant number of sanctions which have been in place for over a decade, most recently contained within Council Regulation 36/2012, as summarised below. Companies considering business in Syria previously restricted…