

The Biden administration has continued to expand the United States (US) Magnitsky sanctions program, targeting human rights abuses and corruption in Russia, Eritrea, and Paraguay. These latest announcements from the Treasury’s Office of Foreign Assets Control (OFAC) reflect a growing desire to use economic statecraft to tackle a variety of global challenges.
The diversity of the events that triggered these sanctions also highlights the broad lens through which the administration is interpreting the Global Magnitsky Act. This wave of sanctions targeted:
As the US draws down its overseas military presence in areas like Afghanistan, it’s likely that economic measures, including sanctions, will form an even more critical part of US foreign policy. For firms, that means maintaining a comprehensive sanctions screening program built around up-to-date lists has never been more critical. In its statement OFAC highlighted that as a result of these sanctions:
The use of sanctions as a diplomatic tool is growing in popularity around the world, too. In addition to collaboration with the UK on actions taken against Russia, more countries are rolling out their own Magnitsky-style programs. Earlier in August Australia’s federal government became the latest to announce an expansion of its sanctions laws to target human rights violations and corruption.
To help compliance teams stay informed on the latest developments in sanctions programs around the world, we’ve created this guide: The Evolving Use of Sanctions.
Originally published August 25, 2021, updated May 6, 2022
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
Copyright © 2022 IVXS UK Limited (trading as ComplyAdvantage).