On February 1, 2024, the United States introduced new sanctions to promote peace in the West Bank, targeting recent actions that jeopardize the region’s stability, including attacks by Israeli settlers against Palestinians and Palestinian attacks against Israelis. This follows the related visa restriction policy announced by the State Department on December 5, 2023.
The sanctions have been introduced under a new Executive Order (E.O.) “Imposing Certain Sanctions on Persons Undermining Peace, Security, and Stability in the West Bank,” giving the authority to the U.S. Department of State and the U.S. Department of the Treasury to apply financial sanctions against persons who are contributing to the conflict and instability in the West Bank. The order aims to address the recent increase in violence, including attacks on civilians, and to hold those responsible accountable. It targets persons involved in activities that threaten peace, security, and stability in the region.
Following this E.O., the Department of the Treasury’s Office of Foreign Assets Control (OFAC) added four individuals to the Specially Designated Nationals (SDNs) and Blocked Persons List due to their roles in promoting conflict and instability in the West Bank. Additional persons may be designated pursuant to this E.O. by the Department of State or Department of the Treasury in the future.
In accordance with the new E.O., all property and interests in property of the designated persons that are in the United States or in possession or control of U.S. persons are blocked and must be reported to OFAC. Additionally, all entities that are owned, either directly or indirectly, 50% or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person. Additionally, the entry of designated individuals into the United States is suspended pursuant to Presidential Proclamation 8693.