Updates on latest sanctions developments in the Iranian and Venezuelan sanctions programmes
In this sanctions alert, we seek to summarise some recent developments relating to US and EU sanctions.
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This includes the latest Venezuelan individuals sanctioned by the US Office of Foreign Assets Control, expansion of Iranian sanctions from the EU and US, in addition to the expansion of the EU's human rights sanctions regime.
New Venezuelan individuals sanctioned under US sanctions programmes
On 12 September 2024, OFAC designated 16 officials associated with the former president of Venezuela Nicolas Maduro for obstructing a competitive and inclusive presidential election process in Venezuela and for violating of civil and human rights. The individuals sanctioned under Executive Order (EO) 13692 include leaders of the Maduro-aligned National Electoral Council and the Supreme Tribunal of Justice, as well as the military, intelligence, and government officials responsible for escalating repression through intimidation, arbitrary detentions, and censorship. On 27 November 2024, OFAC designated a further 21 security and cabinet-level officials aligned with Nicolas Maduro.
The Department of State has also imposed new visa restrictions on Maduro-aligned officials who have participated in undermining the electoral process in Venezuela and are responsible for acts of repression.
OFAC has now sanctioned over 140 Venezuelan individuals and 100 Venezuelan entities, and almost 2,000 individuals have been subject to visa restrictions for their role in undermining democracy, significant corruption, and human rights violations. The press release can be found here.
New US sanctions on Iranian shadow fleet
On 3 December 2024, the US designated 35 entities and vessels suspected of carrying out and/or enabling the transport of Iranian petroleum. The newest round of designations follows the sanctions imposed on Iran 11 October 2024, expanding US sanctions on Iran’s petroleum and petrochemical sectors. The sanctions are issued as means to impose additional cost on Iranian oil trade in response to Iran’s October 1 attack on Israel.
EU sanctions updates
New EU sanctions imposed on Iran
On 18 November 2024, the EU introduced further restrictive measures against Iran in response to the recent transfer of Iranian-made ballistic missiles to Russia. The measures included the designation of one individuals and four entities involved with Iran's missile and drone programmes. The regulation, including the designated persons, can be found here.
Renewal of EU's global human rights regime
On 2 December 2024, the EU renewed its global human rights sanctions regime for an additional year. The sanctions, which were established pursuant to EU Global Human Rights Sanctions Regime in 2020, imposes asset freeze and prohibition to make funds available on 116 people and 33 entities. The regime has been renewed until 8 December 2025.