Quarterly Sanctions Update | Q2 2024
On June 24, 2024, the European Union adopted its 14th sanctions package (implemented by EU Regulations 2024/1745 and 2024/1739). While the focus of this package was to curb the violation and circumvention of sanctions through the introduction of due diligence obligations for non-EU subsidiaries, or the expansion of “no re-export to Russia” clause requirement, ample other amendments were also introduced, such as those relating to transfer of IP rights, or divestment. The list of restricted goods has also been significantly expanded and additional persons and entities have been added to the list of sanctioned persons in EU Regulation 269/2014.
On June 29, 2024, the EU also fundamentally expanded its sanctions against Belarus (implemented by EU Regulation 2024/1865) in order to align with the goals of the 14th sanctions package. Additional sanctions under the Hamas and Palestinian Islamic Jihad and Sudan regimes were also published.
In this Quarterly Sanctions Update, we summarise the most recent and significant amendments introduced, or proposed, by the EU and the United Kingdom between April and July 2024.*
Due Diligence, Circumvention & Enforcement
Business Services & Software
Divestment
Energy
Exports & Imports
Financial Sector
Transport
Asset Freeze
Other Sanctions Regimes