Sanctions in 2024: Global Pressure Points in the UN, U.S., EU, and UK
Examining the Evolving Landscape of Economic Pressure and Global Governance
📅 December 23, 2024
📅 December 23, 2024
Since the beginning of 2024, there has been a significant evolution in global sanctions as western nations continue to respond to geopolitical challenges like the war in Ukraine, human rights abuses, and evolving threats from actors such as Iran, Russia, and Belarus. Significant sanctions developments from the United Nations, United States, European Union, and United Kingdom, underscored each jurisdiction and organization’s specific developments and illustrated their coordinated stance.
While the UN Security Council has no sanctions regime against Russia, because Russia is a permanent member and has veto power, it continued enforcing sanctions on jurisdictions such as North Korea, Yemen, Syria, and various African countries.
The United States in 2024 increased its sanctions pressure, particularly in relation to Russia and Iran, and introduced measures impacting various sectors.
The EU’s 2024 sanctions reflect an increasingly coordinated approach, particularly with the U.S. and UK, targeting Russia’s war economy and Iran’s arms supply network.
The UK implemented autonomous sanctions targeting Russian and Iranian actors, often in coordination with the EU and the United States but reflecting its own post-Brexit approach to international sanctions.
Sanctions evasion remained a critical challenge in 2024, with the United States, EU, and UK intensifying efforts to detect and disrupt criminal actors that try to circumvent sanctions. The United States reinforced its export controls and leveraged new legislation to impose secondary sanctions on foreign firms suspected of aiding sanctioned actors, especially in high-risk jurisdictions such as Russia and China. OFAC released new guidance urging businesses to monitor supply chains closely for indirect connections to sanctioned parties.
The EU and the UK expanded focus on sanctions and trade control evasion by placing stricter controls on dual-use goods and targeting intermediary companies that support sanctioned industries. In a joint effort with the United States and Canada, the UK in October implemented its largest sanctions package against Russia’s “shadow fleet” of oil tankers, banning them from UK ports and barring access to British maritime services for violating restrictions on Russian energy exports. These coordinated efforts reflect a shared commitment to enforcing sanctions and addressing the sophisticated evasion tactics that criminal actors attempt to use on a global scale.
2024 Enforcement Actions Against Sanctions Evaders
Sanctions developments in 2024 were marked by increased collaboration and enforcement, as well as new legislative measures targeting critical sectors. With a focus on restricting cutting-edge technology, military materiel, and resource supply chains, as well as combating evasion, these sanctions demonstrate a collective intent to curtail the resources of regimes deemed to be threats to global stability. Yet the challenges of compliance, jurisdictional differences, and humanitarian impacts continue to underscore the complex balance between enforcement and international cooperation.
Join our upcoming webinar featuring expert panelists discussing sanctions developments in 2024 and explore the latest developments in global sanctions, focusing on key actions by the UN, U.S., EU, and UK. Gain expert insights on how these measures are reshaping geopolitical dynamics and what to expect in 2025.
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