i Table of contents 251

Sanctions 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		5
Contributed by Charles Enderby Smith and Tasha Benkhadra, Carter-Ruck		5
AUSTRALIA		7
Law and Practice		7
Contributed by Nyman Gibson Miralis		7
Trends and Developments		18
Contributed by Nyman Gibson Miralis		18
BELGIUM		25
Law and Practice		25
Contributed by ACQUIS		25
Trends and Developments		39
Contributed by ACQUIS		39
CHINA		42
Law and Practice		42
Contributed by AnJie Broad Law Firm		42
Trends and Developments		53
Contributed by AnJie Broad Law Firm		53
DENMARK		59
Law and Practice		59
Contributed by Hafnia Law Firm LLP		59
Trends and Developments		71
Contributed by Hafnia Law Firm LLP		71
EU		76
Law and Practice		76
Contributed by Dentons		76
FRANCE		90
Law and Practice		90
Contributed by WJ Avocats		90
Trends and Developments		107
Contributed by WJ Avocats		107
JAMAICA		112
Law and Practice		112
Contributed by Henlin Gibson Henlin		112
JAPAN		123
Law and Practice		123
Contributed by Anderson Mori & Tomotsune		123
NETHERLANDS		133
Law and Practice		133
Contributed by Bennink Dunin-Wasowicz		133
Trends and Developments		145
Contributed by Bennink Dunin-Wasowicz		145
SOUTH KOREA		152
Law and Practice		152
Contributed by Bae, Kim & Lee LLC		152
SWITZERLAND		163
Law and Practice		163
Contributed by Baker McKenzie Switzerland AG		163
Trends and Developments		183
Contributed by Baker McKenzie Switzerland AG		183
UK		191
Law and Practice		191
Contributed by BCL Solicitors LLP		191
Trends and Developments		202
Contributed by BCL Solicitors LLP		202
UKRAINE		209
Law and Practice		209
Contributed by VB Partners		209
Trends and Developments		223
Contributed by VB Partners		223
USA		228
Law and Practice		228
Contributed by Seward & Kissel LLP		228
Trends and Developments		239
Contributed by Seward & Kissel LLP		239
USA – WASHINGTON, DC		244
Trends and Developments		244
Contributed by Holland & Knight LLP		244
1. Trends and Overview		9
1.1 Sanctions Market		9
1.2 Key Trends		9
1.3 Key Industries		10
1.4 Overview		10
2. Overview of Regulatory Field		11
2.1 Primary Regulators		11
2.2 Enforcement		11
2.3 Licensing		12
2.4 Reporting		13
3. Recent and Future Legal Developments		14
3.1 Significant Court Decisions or Legal Developments		14
3.2 Future Developments		14
4. Delisting Challenges		14
4.1 Process		14
4.2 Remedies		15
4.3 Timing		15
5. Trade and Export Restrictions		15
5.1 Services		15
5.2 Goods		15
6. Civil Litigation and Arbitration		15
6.1 Force Majeure		15
6.2 Enforcement		16
7. Designation, Compliance and Circumvention		16
7.1 Executive Body		16
7.2 Scope of Designation		16
7.3 Circumvention		17
1. Trends and Overview		27
1.1 Sanctions Market		27
1.2 Key Trends		27
1.3 Key Industries		28
1.4 Overview		28
2. Overview of Regulatory Field		29
2.1 Primary Regulators		29
2.2 Enforcement		30
2.3 Licensing		31
2.4 Reporting		32
3. Recent and Future Legal Developments		32
3.1 Significant Court Decisions or Legal Developments		32
3.2 Future Developments		33
4. Delisting Challenges		34
4.1 Process		34
4.2 Remedies		34
4.3 Timing		34
5. Trade and Export Restrictions		35
5.1 Services		35
5.2 Goods		35
6. Civil Litigation and Arbitration		35
6.1 Force Majeure		35
6.2 Enforcement		36
7. Designation, Compliance and Circumvention		36
7.1 Executive Body		36
7.2 Scope of Designation		36
7.3 Circumvention		38
1. Trends and Overview		44
1.1 Sanctions Market		44
1.2 Key Trends		44
1.3 Key Industries		44
1.4 Overview		44
2. Overview of Regulatory Field		45
2.1 Primary Regulators		45
2.2 Enforcement		45
2.3 Licensing		48
2.4 Reporting		48
3. Recent and Future Legal Developments		48
3.1 Significant Court Decisions or Legal Developments		48
3.2 Future Developments		49
4. Delisting Challenges		49
4.1 Process		49
4.2 Remedies		49
4.3 Timing		49
5. Trade and Export Restrictions		49
5.1 Services		49
5.2 Goods		50
6. Civil Litigation and Arbitration		50
6.1 Force Majeure		50
6.2 Enforcement		50
7. Designation, Compliance and Circumvention		51
7.1 Executive Body		51
7.2 Scope of Designation		51
7.3 Circumvention		52
1. Trends and Overview		61
1.1 Sanctions Market		61
1.2 Key Trends		61
1.3 Key Industries		61
1.4 Overview		61
2. Overview of Regulatory Field		62
2.1 Primary Regulators		62
2.2 Enforcement		62
2.3 Licensing		62
2.4 Reporting		63
3. Recent and Future Legal Developments		64
3.1 Significant Court Decisions or Legal Developments		64
3.2 Future Developments		64
4. Delisting Challenges		65
4.1 Process		65
4.2 Remedies		65
4.3 Timing		65
5. Trade and Export Restrictions		65
5.1 Services		65
5.2 Goods		68
6. Civil Litigation and Arbitration		68
6.1 Force Majeure		68
6.2 Enforcement		68
7. Designation, Compliance and Circumvention		68
7.1 Executive Body		68
7.2 Scope of Designation		69
7.3 Circumvention		70
1. Trends and Overview		78
1.1 Sanctions Market		78
1.2 Key Trends		78
1.3 Key Industries		78
1.4 Overview		79
2. Overview of Regulatory Field		79
2.1 Primary Regulators		79
2.2 Enforcement		80
2.3 Licensing		81
2.4 Reporting		81
3. Recent and Future Legal Developments		82
3.1 Significant Court Decisions or Legal Developments		82
3.2 Future Developments		84
4. Delisting Challenges		84
4.1 Process		84
4.2 Remedies		85
4.3 Timing		85
5. Trade and Export Restrictions		85
5.1 Services		85
5.2 Goods		86
6. Civil Litigation and Arbitration		86
6.1 Force Majeure		86
6.2 Enforcement		87
7. Designation, Compliance and Circumvention		87
7.1 Executive Body		87
7.2 Scope of Designation		87
7.3 Circumvention		88
1. Trends and Overview		92
1.1 Sanctions Market		92
1.2 Key Trends		92
1.3 Key Industries		93
1.4 Overview		93
2. Overview of Regulatory Field		94
2.1 Primary Regulators		94
2.2 Enforcement		94
2.3 Licensing		98
2.4 Reporting		99
3. Recent and Future Legal Developments		100
3.1 Significant Court Decisions or Legal Developments		100
3.2 Future Developments		101
4. Delisting Challenges		101
4.1 Process		101
4.2 Remedies		101
4.3 Timing		102
5. Trade and Export Restrictions		102
5.1 Services		102
5.2 Goods		102
6. Civil Litigation and Arbitration		102
6.1 Force Majeure		102
6.2 Enforcement		103
7. Designation, Compliance and Circumvention		103
7.1 Executive Body		103
7.2 Scope of Designation		103
7.3 Circumvention		105
1. Trends and Overview		114
1.1 Sanctions Market		114
1.2 Key Trends		114
1.3 Key Industries		114
1.4 Overview		114
2. Overview of Regulatory Field		115
2.1 Primary Regulators		115
2.2 Enforcement		115
2.3 Licensing		117
2.4 Reporting		117
3. Recent and Future Legal Developments		118
3.1 Significant Court Decisions or Legal Developments		118
3.2 Future Developments		119
4. Delisting Challenges		120
4.1 Process		120
4.2 Remedies		120
4.3 Timing		120
5. Trade and Export Restrictions		120
5.1 Services		120
5.2 Goods		120
6. Civil Litigation and Arbitration		121
6.1 Force Majeure		121
6.2 Enforcement		121
7. Designation, Compliance and Circumvention		121
7.1 Executive Body		121
7.2 Scope of Designation		121
7.3 Circumvention		121
1. Trends and Overview		125
1.1 Sanctions Market		125
1.2 Key Trends		125
1.3 Key Industries		125
1.4 Overview		125
2. Overview of Regulatory Field		127
2.1 Primary Regulators		127
2.2 Enforcement		127
2.3 Licensing		128
2.4 Reporting		129
3. Recent and Future Legal Developments		129
3.1 Significant Court Decisions or Legal Developments		129
3.2 Future Developments		129
4. Delisting Challenges		129
4.1 Process		129
4.2 Remedies		130
4.3 Timing		130
5. Trade and Export Restrictions		130
5.1 Services		130
5.2 Goods		130
6. Civil Litigation and Arbitration		131
6.1 Force Majeure		131
6.2 Enforcement		131
7. Designation, Compliance and Circumvention		131
7.1 Executive Body		131
7.2 Scope of Designation		131
7.3 Circumvention		131
1. Trends and Overview		135
1.1 Sanctions Market		135
1.2 Key Trends		135
1.3 Key Industries		136
1.4 Overview		136
2. Overview of Regulatory Field		137
2.1 Primary Regulators		137
2.2 Enforcement		137
2.3 Licensing		139
2.4 Reporting		140
3. Recent and Future Legal Developments		140
3.1 Significant Court Decisions or Legal Developments		140
3.2 Future Developments		141
4. Delisting Challenges		141
4.1 Process		141
4.2 Remedies		141
4.3 Timing		141
5. Trade and Export Restrictions		142
5.1 Services		142
5.2 Goods		142
6. Civil Litigation and Arbitration		142
6.1 Force Majeure		142
6.2 Enforcement		143
7. Designation, Compliance and Circumvention		143
7.1 Executive Body		143
7.2 Scope of Designation		143
7.3 Circumvention		143
1. Trends and Overview		154
1.1 Sanctions Market		154
1.2 Key Trends		154
1.3 Key Industries		155
1.4 Overview		155
2. Overview of Regulatory Field		156
2.1 Primary Regulators		156
2.2 Enforcement		156
2.3 Licensing		158
2.4 Reporting		158
3. Recent and Future Legal Developments		159
3.1 Significant Court Decisions or Legal Developments		159
3.2 Future Developments		159
4. Delisting Challenges		159
4.1 Process		159
4.2 Remedies		160
4.3 Timing		160
5. Trade and Export Restrictions		160
5.1 Services		160
5.2 Goods		161
6. Civil Litigation and Arbitration		161
6.1 Force Majeure		161
6.2 Enforcement		162
7. Designation, Compliance and Circumvention		162
7.1 Executive Body		162
7.2 Scope of Designation		162
7.3 Circumvention		162
1. Trends and Overview		166
1.1 Sanctions Market		166
1.2 Key Trends		166
1.3 Key Industries		167
1.4 Overview		167
2. Overview of Regulatory Field		169
2.1 Primary Regulators		169
2.2 Enforcement		169
2.3 Licensing		171
2.4 Reporting		171
3. Recent and Future Legal Developments		172
3.1 Significant Court Decisions or Legal Developments		172
3.2 Future Developments		176
4. Delisting Challenges		176
4.1 Process		176
4.2 Remedies		176
4.3 Timing		177
5. Trade and Export Restrictions		177
5.1 Services		177
5.2 Goods		177
6. Civil Litigation and Arbitration		177
6.1 Force Majeure		177
6.2 Enforcement		179
7. Designation, Compliance and Circumvention		179
7.1 Executive Body		179
7.2 Scope of Designation		179
7.3 Circumvention		182
1. Trends and Overview		193
1.1 Sanctions Market		193
1.2 Key Trends		193
1.3 Key Industries		193
1.4 Overview		194
2. Overview of Regulatory Field		194
2.1 Primary Regulators		194
2.2 Enforcement		194
2.3 Licensing		196
2.4 Reporting		197
3. Recent and Future Legal Developments		197
3.1 Significant Court Decisions or Legal Developments		197
3.2 Future Developments		198
4. Delisting Challenges		198
4.1 Process		198
4.2 Remedies		199
4.3 Timing		199
5. Trade and Export Restrictions		199
5.1 Services		199
5.2 Goods		199
6. Civil Litigation and Arbitration		199
6.1 Force Majeure		199
6.2 Enforcement		200
7. Designation, Compliance and Circumvention		201
7.1 Executive Body		201
7.2 Scope of Designation		201
7.3 Circumvention		201
1. Trends and Overview		212
1.1 Sanctions Market		212
1.2 Key Trends		212
1.3 Key Industries		212
1.4 Overview		212
2. Overview of Regulatory Field		213
2.1 Primary Regulators		213
2.2 Enforcement		214
2.3 Licensing		215
2.4 Reporting		215
3. Recent and Future Legal Developments		215
3.1 Significant Court Decisions or Legal Developments		215
3.2 Future Developments		217
4. Delisting Challenges		217
4.1 Process		217
4.2 Remedies		218
4.3 Timing		219
5. Trade and Export Restrictions		219
5.1 Services		219
5.2 Goods		219
6. Civil Litigation and Arbitration		219
6.1 Force Majeure		219
6.2 Enforcement		220
7. Designation, Compliance and Circumvention		220
7.1 Executive Body		220
7.2 Scope of Designation		221
7.3 Circumvention		222
1. Trends and Overview		230
1.1 Sanctions Market		230
1.2 Key Trends		230
1.3 Key Industries		230
1.4 Overview		231
2. Overview of Regulatory Field		231
2.1 Primary Regulators		231
2.2 Enforcement		232
2.3 Licensing		233
2.4 Reporting		234
3. Recent and Future Legal Developments		235
3.1 Significant Court Decisions or Legal Developments		235
3.2 Future Developments		235
4. Delisting Challenges		236
4.1 Process		236
4.2 Remedies		236
4.3 Timing		236
5. Trade and Export Restrictions		237
5.1 Services		237
5.2 Goods		237
6. Civil Litigation and Arbitration		237
6.1 Force Majeure		237
6.2 Enforcement		237
7. Designation, Compliance and Circumvention		238
7.1 Executive Body		238
7.2 Scope of Designation		238
7.3 Circumvention		238

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