Financial Crime World

Financial Sanctions Laws in Eritrea

The United Kingdom has implemented a range of laws and regulations in response to the ongoing situation in Eritrea, including financial sanctions against the government and certain individuals.

Arms Embargo

An arms embargo is in place on Eritrea following UN Security Council Resolution 1907, which was adopted in December 2009. The embargo includes a ban on the supply of arms and military equipment to and from Eritrea.

Economic Sanctions

In addition to the arms embargo, there are also economic sanctions in place against Eritrea. These include:

  • Travel Bans: Certain individuals associated with the Eritrean government have been subject to travel bans, which prevent them from entering or transiting through EU member states.
  • Asset Freezes: The EU has imposed asset freezes on certain individuals and entities associated with the Eritrean government, which prohibit EU citizens and companies from making funds available to them.

Export Controls

The UK also has export controls in place against Eritrea. These include:

  • A ban on the export of arms and related material: The UK has a ban in place on the export of arms and related material to Eritrea, which includes military equipment, ammunition, and spare parts.
  • Controls on Dual-Use Goods: The UK also controls the export of dual-use goods, which are goods that have both civilian and military applications.

Economic Outlook

Eritrea’s economy is expected to contract by 3.5% this year due to a decline in agriculture and mining production, according to the International Monetary Fund (IMF).

The IMF also forecasts that Eritrea’s inflation rate will rise to 10% this year from 8.2% in 2022.

Sanctions Remains

Eritrea’s financial sanctions will remain in place until the country makes progress on several key issues, including:

  • The release of political prisoners
  • Respect for human rights
  • Engagement with the international community

The UK and other countries will continue to monitor Eritrea’s situation closely and adjust their policies accordingly.

Key Points:

  • An arms embargo is in place on Eritrea following UN Security Council Resolution 1907.
  • Economic sanctions, including travel bans and asset freezes, are also in place against Eritrea.
  • The UK has export controls in place against Eritrea, including a ban on the export of arms and related material and controls on dual-use goods.
  • Eritrea’s economy is expected to contract by 3.5% this year due to a decline in agriculture and mining production.
  • Eritrea’s inflation rate is forecasted to rise to 10% this year from 8.2% in 2022.
  • Eritrea’s financial sanctions will remain in place until the country makes progress on several key issues.