Financial Sanctions Against Eritrea Repealed

The United Nations Security Council has terminated all restrictive measures against Eritrea with immediate effect. The decision was made on November 14, 2018, as part of UNSCR 2444 (2018).

European Union’s Repeal of Financial Sanctions

In a separate move, the European Council adopted Decision (CFSP) 2018/1944 on December 10, 2018, repealing Decision 2010/127/CFSP. This decision effectively repealed Regulation (EU) No 667/2010.

Key Facts:

The EU’s repeal of financial sanctions against Eritrea was announced in a recent update to the EU’s Official Journal.
The move comes as part of the bloc’s ongoing efforts to strengthen relations with African countries and promote economic development on the continent.

Background: Eritrea Under Financial Sanctions

Eritrea had been subject to financial sanctions since 2009, when the UN imposed an arms embargo and travel ban on the country due to concerns over its human rights record. However, in recent years, Eritrea has taken steps to improve its human rights situation, including releasing high-profile political prisoners and allowing for greater freedom of speech.

Key Steps Taken by Eritrea:

Releasing high-profile political prisoners
Allowing for greater freedom of speech

Impact of the Repeal

The repeal of financial sanctions against Eritrea is seen as a significant development, not only for the country itself but also for the wider region. It is hoped that the move will help to promote economic growth and stability in Eritrea, while also encouraging other African countries to improve their human rights records.

Benefits:

Promoting economic growth and stability in Eritrea
Encouraging other African countries to improve their human rights records

In related news, HM Treasury has updated its notice on Eritrea, reflecting the repeal of financial sanctions against the country. The update includes information on the new EU regulation (2018/1932) which repeals Regulation (EU) No 667/2010.