On October 18, 2021, the U.S. Department of the Treasury released the 2021 Sanctions Review (“the Review”), which delineates Treasury’s framework for employing economic sanctions and provides key recommendations on modernizing the U.S. sanctions regime to ensure sanctions remain effective.1 The Secretary of the Treasury, Janet Yellen, requested the Review to ensure that sanctions remain an effective tool for promoting U.S. national security interests by reviewing the Treasury Department’s strategic, operational, and procedural approach to sanctions implementation and making key recommendations on their use. The Review reiterates key sanctions considerations previously emphasized by Treasury but does not appear to signal a significant change in how Treasury will use sanctions over the short-term. The Review indicates that Treasury will seek to support humanitarian-related activities, minimize the unintended impact of sanctions, and collaborate with relevant stakeholders to promote better awareness of sanctions risks. Key Takeaways from the 2021 Sanctions ReviewThe Review outlines steps to modernize the use of U.S. economic sanctions and ensure that sanctions remain an effective policy tool. To modernize the use of sanctions, Treasury has indicated that it will prioritize the following steps:Advance multilateral sanctions over unilateral sanctions.

Source: Washington Post October 28, 2021 22:39 UTC