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On 14 June 2023, the US Treasury Department’s Office of Foreign Assets Control published a Fact Sheet providing a helpful consolidated summary of the various existing exemptions, exceptions, and authorizations relating to the provision of humanitarian assistance that are available under certain US sanctions programs to respond to the COVID-19 pandemic. The Fact Sheet is informational only and does not supersede any legal obligations or create new, or modify existing, exemptions, exceptions, or authorizations.

On 19 June 2023, Canada announced further amendments to the Special Economic Measures (Iran) Regulations in response to Iran’s “gross and systematic violations of human rights in different branches of Iran’s Revolutionary Courts.” These amendments list an additional seven individuals under Schedule 1 and entered into force on 19 June 2023.

With effect from 16 May 2023, Ukrainian borrowers are allowed to make payments from Ukraine abroad to repay and service certain cross-border loans from foreign lenders. The exempt payments should not be made prior to the payment date stipulated in the relevant loan agreement. The National Bank of Ukraine has expressly prohibited any amendments to the existing loan agreements that would shorten the payment terms thereunder.

As heightened sanctions activity amplifies challenges for those operating in a global environment, navigating this landscape requires a comprehensive – and collaborative – approach. Anahita Thoms (Partner, Baker McKenzie, Berlin) is joined by Sean Doherty (Head, International Trade and Investment; Member of the Executive Committee, World Economic Forum) and Hera Smith (Director, Financial Crime Compliance, Moody’s Analytics) to discuss how organizations can more confidently ensure sanctions compliance.

Baker McKenzie’s Sanctions Blog published the alert titled Canada Announces Additional Sanctions in Response to Theft of Ukrainian Cultural Objects and Seizes Russian Cargo Aircraft on 16 June 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.