DLA Piper's Sanctions Matrix quarterly update: February 2025

Our quarterly Sanctions Matrix, February 2025 edition is now available.

The Matrix summaries all UK, EU, US and Canada sanctions currently in force and is updated on a quarterly basis.

Key updates in the February 2025 edition include:

• In November 2024, the UK implemented regulations expanding and clarifying UK financial sanctions reporting obligations. Among the key amendments are: (1) to make annual frozen assets reporting mandatory in both the regulated and non-regulated sectors, and (2) to expand the categories of firms obliged to report suspected breaches to include high value art dealers, art market participants, insolvency practitioners and letting agencies. Additionally, the UK has announced it will implement a new sanctions regime targeting people smugglers, although this is yet to be implemented into regulations.

• In the US, key updates include the imposition of blocking sanctions against more than 200 individuals and entities, including Gazprom Neft, and 180 vessels, in connection with sanctions targeting Russia's energy sector and against persons deemed to be operating in Russia's metals and mining, energy and financial services sectors. The US also expanded the ban on the provision of certain services to Russia by the US or by US persons to include, among other things, petroleum services and certain services related to Russian-origin aluminum, copper or nickel, and issued a new determination to authorise the imposition of sanctions against persons determined by the US to operate or have operated in the energy sector of Russia's economy.

• In Canada in December 2024, the country amended its sanctions against Venezuela to expand the scope to activities that contribute directly or indirectly to the grave breach of international peace and security, gross and systematic human rights violations, or significant corruption, as well as the listing criterion for sanctioned individuals to include current and former officials of the Maduro regime.

A snapshot of the Sanctions Matrix and the issues covered can be downloaded above. Please get in touch with any of the authors to receive the full-length Sanctions Matrix, February 2025, which summaries UK, EU, US and Canada sanctions in 40 jurisdictions, or to arrange an introductory chat.