In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2023/3566356, allowing credit or financial institutions to refund payments made through certain designated institutions in the payment chain, as long as none of the parties involved are designated persons (DPs), including both the sender and recipient institutions and the original account holder and intended recipient.

The EU Parliament has urged sanctions on Azeri officials linked to violations in Nagorno-Karabakh and human rights abuses. They’ve also recommended a thorough review of EU-Baku relations, including the possibility of suspending the visa facilitation agreement with Azerbaijan.

Switzerland has clarified the acceptable proof of origin for iron and steel products, outlining when such proof is necessary. Factory test certificates, invoices, delivery notes, quality certificates, and other specified documents are considered sufficient. However, no proof is needed when importing from the EU or the UK.

The World Trade Organization (WTO) Trade Report for 2023 highlights the growing influence of sanctions and export controls on global trade. It reveals that the portion of international trade influenced by sanctions has surged from 3% in 2008 to 13% in 2023. Furthermore, the report underscores that sanctions against Russia are anticipated to have adverse effects on the majority of economies.