In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.
The US Department of State has chosen to extend the lifting of defense trade restrictions on the Republic of Cyprus for an additional year. As part of this arrangement, the department will authorize the export, re-export, and transfer of defense items to Cyprus during the fiscal year (FY) 2024.
The US administration envisions a scenario where sanctions on Venezuela’s oil sector could be relaxed. This would open the door for an increased number of companies and countries to engage in the import of Venezuelan crude oil. However, this easing of sanctions is contingent upon the South American nation’s progress towards conducting a genuinely democratic and impartial presidential election.
Starting from September 1st, Switzerland is set to create a novel division that combines several pre-existing departments. This integrated division will cover areas such as sanctions, arms control, arms control policy, export controls on industrial products, and policies concerning dual-use export controls.
The State Bank of Vietnam has provided directions regarding the Anti-Money Laundering Law, emphasizing a set of important factors that companies should consider when evaluating the potential for money laundering in a specific transaction. These factors encompass the industry involved as well as the geographic location, either country or region, where the transaction is occurring.