US Expands Sanctions Authorizations, Canada Warns of Oil Export Restrictions

As of January 2025, businesses engaged in cross-border payments must stay updated on evolving sanctions from the U.S., U.K., and EU. The U.S. Treasury has expanded authorizations for humanitarian activities in Syria, ensuring that essential services are maintained despite sanctions. Meanwhile, the U.K. has issued guidance to assist exporters in navigating compliance with sanctions related to Russia, highlighting measures to prevent circumvention of trade restrictions. In the context of trade tensions, Canada is contemplating non-tariff measures, including potential restrictions on oil exports to the U.S., amid escalating trade disputes initiated by U.S. tariffs. Concurrently, India is preparing to introduce incentives to support its exporters facing uncertainties due to proposed U.S. reciprocal tariffs, aiming to stabilize its declining export figures. These developments reflect the complexities and interdependencies in global trade as nations navigate sanctions and trade conflicts.