NOR GVT Sanctions Regulations Update


On Nov. 28, NOR GVT amended various regs on restrictive measures.


  • NOR GVT issued FOR-2024-11-22-2888 regulations on changes to restrictive measures against countries including Belarus, Burundi, Central African Republic, Republic of Guinea, Guinea-Bissau, Haiti, Iraq, Yemen, Libya, Moldova, North Korea, Sudan, Syria.
  • Belarus, Burundi, Central African Republic
  • In Reg 1041 on restrictive measures in light of the situation in Belarus and Belarus' complicity in Russia's aggression against Ukraine, the expression Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions, with exception of s. 5.
  • In Reg 104 on restrictive measures in light of situation in Burundi, Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions, except for s. 5.
  • In Reg 1061 on sanctions and restrictive measures concerning the situation in the Central African Republic, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 5.
  • Republic of Guinea, Guinea-Bissau, Haiti
  • In Reg 626 concerning restrictive measures against the Republic of Guinea, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 5.
  • In Reg 1434, the expression Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 5.
  • In Reg 404 on sanctions in light of situation in Haiti, the expression Ministry of Foreign Affairs changed to Directorate of Export Control and Sanctions with exception of s. 5.
  • Iraq, ISIL (Da'esh) and Al-Qaeda, Yemen
  • In Reg 635 on the implementation of United Nations Security Council Resolutions on sanctions against Iraq, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 5.
  • In Reg 1374 on sanctions against ISIL (Da'esh) and Al-Qaeda, the terms Ministry of Foreign Affairs and the Ministry shall be changed to Directorate for Export Control and Sanctions" with the exception of s.10.
  • In Reg 663 on sanctions against certain persons and actors in Yemen, the terms Ministry of Foreign Affairs and the Ministry shall be changed to Directorate for Export Control and Sanctions with the exception of s. 9.
  • Chemical Weapons, Congo, Libya
  • In Reg 1456 on restrictive measures against the proliferation and use of chemical weapons, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanctions with the exception of s. 5.
  • In Reg 1221 on sanctions and restrictive measures in view of the situation in the Democratic Republic of Congo, the expression Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 5.
  • In Reg 265 on sanctions and restrictive measures against Libya, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanctions with the exception of s. 6.
  • Moldova, Myanmar/Burma, Nicaragua
  • In Reg 993 on restrictive measures in light of actions destabilising the Republic of Moldova, the term Ministry of Foreign Affairs shall be changed to "Directorate of Export Control and Sanctions" with the exception of s. 4.
  • In Reg 895 on restrictive measures in light of the situation in Myanmar/Burma, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanction with the exception of the s. 6.
  • In Reg 1283 on restrictive measures in light of situation in Nicaragua, Ministry of Foreign Affairs changed to Directorate of Export Control and Sanctions apart from s. 5.
  • North Korea, Sudan, Syria
  • In Reg 1405 on sanctions and restrictive measures against North Korea, Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions apart from s.6.
  • In Reg 573 on restrictive measures in light of the situation in Sudan, Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions apart from s.6.
  • In Reg 902 on restrictive measures against Syria, the expression Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions apart from s.5.
  • South Sudan, Tunisia, Venezuela, Zimbabwe
  • In Reg 1435 on sanctions and restrictive measures in light of the situation in South Sudan, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanctions with the exception of s.5.
  • In Reg 1436 on restrictive measures against certain persons in light of the situation in Tunisia, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanctions with the exception of s. 5.
  • In Reg 2103 concerning restrictive measures concerning the situation in Venezuela, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s.5.
  • In Reg 1050 concerning restrictive measures against the Republic of Zimbabwe, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions with the exception of s. 10.
  • Others
  • In Reg 1459 on restrictive measures against cyber attacks, the expression Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions apart from s.5.
  • In Reg 1458 on restrictive measures against serious human rights violations and abuses, the expression Ministry of Foreign Affairs shall be changed to Directorate for Export Control and Sanctions with the exception of s. 5.
  • In Reg 1076 concerning restrictive measures concerning actions undermining or threatening the territorial integrity, sovereignty, independence and stability of Ukraine, the term Ministry of Foreign Affairs shall be changed to Directorate of Export Control and Sanctions and the term Ministry shall be changed to Directorate with the exception of the following provisions: § 17k fifth and eighth paras, § 17m fourth para, § 23.
  • In Reg 612 on restrictive measures against persons deemed responsible for embezzlement of public funds, as well as persons deemed to have participated in human rights violations in Ukraine, the expression Ministry of Foreign Affairs changed to Directorate for Export Control and Sanctions with the exception of s.5.
  • In Reg 1294 on sanctions against the Taliban, Ministry of Foreign Affairs and the Ministry changed to Directorate for Export Control and Sanctions, apart from s. 10.
  • Effectiveness
  • These regulations enter into force on Jan. 1, 2025.

Regulators NOR GVT
Entity Types B/D; Bank; Corp; Ins; Inv Co; MSB
Reference OG 2024-1277, 11/28/2024; Reg FOR-2024-11-22-2888, 11/22/2024; Reg 1041/2006; Reg 104/2016; Reg 1459/2021; Reg 1061/2015; Reg 626/2014; Reg 1434/2015; Reg 404/2023; Reg 635/1990; Reg 1374/1999; Reg 663/2015; Reg 1456/2021; Reg 1221/2003; Reg 265/2011; Reg 1458/2021; Reg 993/2023; Reg 895/2003; Reg 1283/2020; Reg 1405/2006; Reg 1076/2014; Reg 573/2006; Reg 612/2014; Reg 902/2011; Reg 1435/2015; Reg 1294/2013; Reg 1436/2015; Reg 2103/2017; Reg 1050/2003; Citation: FOR-2024-11-22-2888;
Functions Compliance; Cyber; Financial; Human Rights; Legal; Operations; Risk; Sanctions; Technology
Countries Belarus; Burundi; Burma Myanmar; Central African Republic; Congo, Republic of; Guinea, Republic of; Haiti; Iraq, Republic of; Libya; Moldova; Nicaragua; North Korea (DPRK); Norway; Russia; Sudan Republic and South Sudan; Syria; Tunisia; Ukraine; Venezuela; Cross-Border; Yemen; Zimbabwe
Category
State
Products Banking; Clearing; Corporate; Deposits; Equity; Fund Mgt; Hedge Funds; Insurance; Loan; Securities
Regions EMEA
Rule Type Final
Rule Date 11/28/2024
Effective Date 1/1/2025
Rule Id 235286
Linked to N/A
Reg. Last Update 11/28/2024
Report Section AML & Enforcement

Last substantive update on 12/03/2024