The sanctions world experienced another action-packed year in 2023. Sanctions against Russia dominated the year in terms of the number of designations and new restrictions, and the attacks perpetrated by Hamas in Israel on 7 October revitalized the focus on prohibitions related to counter-terrorism. Issues such as fentanyl trade, corruption, human rights, and regional influences also contributed to a dynamic 2023 sanctions landscape. In addition to being eventful, 2023 also proved to be unusual, with authorities around the world placing elevated focus and attention on uncovering, prosecuting, and designating persons involved with sanctions evasion.

This publication covers major developments related to sanctions and strategic trade controls and restrictions that occurred throughout 2023, focusing primarily on actions taken by authorities in the United States (“U.S.”), European Union (“EU”), and United Kingdom (“UK”).