Sanctions Tighten
New EU sanctions target Russia's energy revenues and military-industrial complex
Sanctions imposed on various countries continue to tighten, with the United States, European Union, and United Kingdom taking a strong stance against nations deemed to be in violation of international norms. The Office of Foreign Assets Control, a division of the US Treasury Department, has implemented a range of sanctions programs targeting countries such as Russia, Iran, and Belarus. These sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.
Recent actions taken by the Office of Foreign Assets Control include the addition of new entities to the Specially Designated Nationals List, which currently includes over 6,000 individuals and entities. The list is updated regularly, with the most recent additions taking place on June 16, 2026. The European Union has also taken steps to increase pressure on Russia, approving a new batch of sanctions on June 10, 2026, that target the country's energy revenues, military-industrial complex, and propaganda efforts. The sanctions are estimated to cost Russia over $10 billion in lost revenue.
In the case of Iran, the country remains under a complex network of international sanctions, despite reports of a potential waiver on oil sales under a new interim deal. The US has imposed strict sanctions on Iran's oil trade, resulting in a significant decline in exports. According to Bloomberg, Iran's oil exports have plunged by over 50% since the start of the year, with storage facilities filling up and tankers gathering near the country's main export hub. The sanctions have also had a significant impact on the Iranian economy, with the country's GDP estimated to have contracted by over 10% in the past year.
Chinese companies have been accused of circumventing US sanctions by shipping drone-related parts and other dual-use goods to Iran and Russia. The Wall Street Journal reported on June 14, 2026, that customs data and former US officials had revealed the extent of the shipments, which are estimated to be worth over $100 million. The Canadian government has also faced criticism for granting special permission to an IRGC-linked Iranian football official to enter the country, despite being inadmissible.
The UK, EU, and US have all imposed significant sanctions on Russia, with the EU estimating that the sanctions will cost Russia over $15 billion in lost revenue. The sanctions have targeted a range of sectors, including energy, finance, and defense. The US has also imposed sanctions on over 100 Russian individuals and entities, including several high-ranking officials. As the sanctions continue to tighten, it remains to be seen how the affected countries will respond, and what impact the sanctions will have on the global economy.
As I reflect on the current state of affairs, I firmly believe that the recent sanctions tightening will have far-reaching consequences. In my opinion, if nothing changes, authoritarian regimes will be the ultimate winners. They will continue to exploit and manipulate the system, using sanctions as a pretext to further consolidate their power and suppress dissent. Meanwhile, ordinary citizens will bear the brunt of the economic hardship, their lives made even more difficult by the restrictions. It is imperative that we rethink our approach to sanctions and consider the unintended consequences of such measures, lest we inadvertently empower the very regimes we seek to pressure.
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