In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) extended General License No. 8H, allowing transactions with Russian banks related to energy until May 1, 2024, originally issued on February 24, 2022, and expanded from the original list of Russian financial institutions. Some energy-related transactions remain prohibited under this license.

Office of Financial Sanctions Implementation (OFSI) introduces Legal Services General Licence INT/2023/3744968, doubling the expenses cap to 10% of fees or £50k, effective after Legal Services General Licence INT/2023/2954852 expires on October 28, 2023, and extends reporting timeframe.

The Financial Action Task Force (FATF) has released follow-up reports on Switzerland, Japan, and Finland, acknowledging their efforts to combat money laundering and terrorist financing, but highlighting the need for further improvements in addressing compliance deficiencies.

The European Union has initiated sanctions against those endangering Niger’s peace and security, while also extending sanctions against Guinea for another year, possibly due to the ongoing political and security concerns in Guinea.