International sanctions have increased significantly as organisations and western nations try to tackle global crises, including the war in Gaza, a report has found.
The UN, US, EU and UK are behind many of the sanctions in 2024 with Middle East nations and groups often the target, according to study by Lexis Nexis Risk Solutions.
The sanctions tide, highlighted by a 13 per cent year-on-year increase in net global designations, is not over, the report said.
It also found third country evasion tactics – where networks and people facilitate prohibited exports or imports to a sanctioned state – were a growing issue.
The report, called Taking the Pulse of Major Sanctions Lists, said sanctions continue to be an important tool for global diplomacy.
“The earlier 'storm' of sanctions activity has settled into a new level of normal that is expected to continue through the end of 2024,” the report said.
“The renewed political leadership [in the EU and UK] and the US presidential election will no doubt impact sanctions going forward.”
The US Treasury Department’s Office of Foreign Assets Control (Ofac) is driving the sanctions agenda. It was responsible for 67 per cent of all designations made in the first six months of 2024.
Terrorism and Russia-related issues were each involved in 28 per cent of Ofac cases. Iranians, Hamas and Hezbollah leaders and Israeli West Bank settlers were also targets.
In the Middle East, while sanctions continue to be imposed in relation to Hamas, its supporters, and proxy groups, there were new sanctions against Israeli settlers in the West Bank.
“The situation in the Middle East is a clear foreign policy concern, which translated into significant sanctions actions,” the report said.
“Policy objectives were twofold: disrupting operating capabilities of Hamas, Hezbollah and other terrorist groups operating in the region, and implementing a new set of designations [by the US, EU and Ofac] to address violent actions by extremist Israeli settlers in the West Bank.”
EU sanctions mentioned in the report include Iran’s support for Russia and Syrian business figures who have provided financial support to the Syrian government.
The report provides insights into the scale, speed, and trends in sanctions activity from regulators.
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Killing of Qassem Suleimani
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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Sri Lanka World Cup squad
Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
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Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
