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

The 2nd annual report on dual-use goods exports, published by the French General Directorate for Enterprise, highlights several key points. It details the issuance and rejection of authorizations, with a notable emphasis on the decrease in authorizations granted to Russia, which coincided with a surge in sanctions.

The Group of Seven (G7) governments are poised to unveil a forthcoming prohibition on the importation of Russian diamonds, set to take effect in January of the coming year. This action is anticipated to create a rift within the $74 billion global market for these valuable gemstones.

The exemption from Russia sanctions for the Sakhalin-2 Project, located on Sakhalin Island, Russia, has been prolonged until June 28, 2024, by both the UK and the US. This project plays a vital role in supplying approximately 9% of Japan’s liquefied natural gas imports.

The UK, France, and Germany (collectively known as the E3) have revealed their intention to incorporate UN sanctions against Iran into their respective domestic laws, in response to apprehensions regarding Iran’s progress in its nuclear program. It was initially anticipated that certain sanctions would be removed on October 18, 2023, in accordance with the sunset clause.