Sanctions Round Up Fourth Quarter 2021

Shearman & Sterling LLP

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FOURTH QUARTER 2021 • President Biden signs Xinjiang forced labor legislation as US sanctions numerous Chinese tech firms for ties to PRC military, and further targets officials for undermining Hong Kong's autonomy. • State Department sanctions firm involved in constructing Nord Stream 2 as concerns grow over another potential Russian invasion of Ukraine. • EU's top court finds that EU operators may terminate Iran contracts if sanctions present "disproportionate economic consequences." • US addresses human rights abuses and targets corrupt actors worldwide to coincide with US-led Summit for Democracy. • US financial institution settles two actions for compliance failures associated with maintaining bank accounts for sanctioned customers.

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