Sanctions Year in Review: How Sanctions Changed in 17 Charts
We’re excited to present the 4th Edition of Castellum.AI’s Sanctions Year in Review—with deeper analysis and expert predictions for 2025. Our previous reports in 2023, 2022 and 2021 have empowered thousands of industry leaders with actionable, data-driven insights.
In 2024, sanctions expanded in scale and complexity. As global risks intensify, this report offers timely insights to help compliance professionals navigate the year ahead. Here are the most notable data points from 2024:
US scale: The US issued more sanctions in 2024 than all other major countries combined.
Crypto sanctions continue to grow. From 256 crypto wallets sanctioned in 2021 to 967 in 2024, this shows the global consensus amongst both regulators and illicit actors that crypto is in many ways the fastest and most effective method of moving value globally.
China, despite having the lowest total number of sanctions designations, recorded the highest growth rate in 2024 at 96% (going from 102 to 200 designations).
Russia continues to be a sanctions hotspot, with nearly four times as many new designations as the rest of the top 10 most-sanctioned countries combined.
Colombia is open for business! There were 144 designations removed from the country, primarily related to narcotics trafficking and organized crime.
Terrorism sanctions roared back into the limelight in 2024, far outstripping all other “conduct” categories, with 478 designations compared to 257 for human rights and 139 for narcotics.
Biden issued twice as many sanctions as Trump or Obama.
Note: This report is based on Castellum.AI’s database of global sanctions programs which captures newly added sanctions and changes to sanctions lists every 5 minutes. Castellum.AI is known for its data accuracy, precision and timeliness. We regularly help governments correct mistakes in their sanctions data, including US OFAC, US BIS, Switzerland SECO, Thailand AMLO and others.
And now - for the heavy hitting charts!
Biden Issued More Sanctions than Obama or Trump
Biden issued more sanctions than any other President before him, despite being a one term president. Even issuing double the number issued by Trump. This is likely due to two reasons:
Russia's second invasion of Ukraine — which is over 50% of the Biden Administration’s actions, and
OFAC’s machinery is so well oiled that Presidents increasingly rely on it as a potential solution, or at least a press release, for every problem.
The US issued more sanctions in 2024 than all major sanctions issuing jurisdictions combined. Meanwhile, the number of total UN sanctions grew for the first time in four years, reversing a trend in declining designations by the only global sanctions body.
The divergence between the total number of sanctions and year-over-year growth rates highlights changing priorities and responses to global events in different jurisdictions. For instance:
China, despite having the lowest total number of sanctions designations, recorded the highest growth rate in 2024 at 96%. This sharp increase signals a significant shift in China's approach. Beijing has adopted a more aggressive stance, targeting Western defense industry players and government officials for supporting Taiwan. China also took actions more frequently - with 98 actions in 2024 vs 10 in 2023.
Canada's sanctions list grew by only 9% in 2024 with 360 new designations. This contrasts with 2023, when Canada had the largest growth in new sanctions among major issuing jurisdictions.
Australia's sanctions list shrank for the first time since 2021, after two years of significant growth largely tied to sanctions targeting Russia over its invasion of Ukraine in 2022.
Top Sanctions Targets in 2024
Russia continues to be a sanctions hotspot, with nearly four times as many new designations as the rest of the top 10 most-sanctioned countries combined. The designations targeting Russia include sanctions against enablers who have facilitated Russia’s continued acquisition of arms and materiel to prosecute its war in Ukraine.
Other key sanctions target include:
Iran: 439 new sanctions targeting its support for Hamas, its supply chain to Russia fueling the war in Ukraine, backing of Houthi rebels in Yemen and human rights abuses.
Belarus: Belarus ranks as the third most sanctioned country, with 229 new designations. These sanctions are primarily tied to Lukashenko support for Russia's war in Ukraine and its oppression of domestic opposition.
Sudan: Sudan ranks fourth with 69 new designations, primarily targeting parties responsible for ongoing violence and instability in the Darfur region, human rights abuses and weapons proliferation.
Democratic Republic of Congo: DRC faced 59 new sanctions this year. Most are linked to human rights abuses and ongoing violence in the east of the country.
Sanctions Removed in 2024
Russia led in the total number of sanctions lifted in 2024, with 179 designations removed. However, the majority of Russia-related delistings appear to be issuing authorities removing duplicate entries (e.g. Australia DFAT had duplicate entries for the sanctioned company Alrosa).
Other jurisdictions with removals in 2024 include:
Colombia: 144 designations, primarily related to narcotics trafficking and organized crime, were removed against individuals and entities in Colombia.
Zimbabwe: Zimbabwe saw the removal of 67 sanctions, primarily due to OFAC’s Termination of Emergency With Respect to the situation in Zimbabwe and the subsequent lifting of related sanctions designations.
Iran: Iran’s 25 delistings primarily related to the removal of designations around WMD proliferation by the EU.
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Most Prominent Thematic Sanctions in 2024
Terrorism emerged as the dominant theme in sanctions issued in 2024, far outstripping all other categories.
Compared with 2023, most thematic sanctions (excluding cyber) saw a decline, while sanctions related to terrorism surged significantly. This increase primarily targeted terrorist activities linked to conflicts in the Middle East, including Gaza, Lebanon and Yemen — all of which involve parties backed by Iran.
Furthermore, the 65% rise in cybercrime-related sanctions from 2023 highlights the increasing emphasis on digital threats as a critical aspect of global security.
Terrorism Sanctions
As forecasted in our 2023 Year-in-Review, terrorism-related sanctions remain the largest thematic category in 2024 across multiple jurisdictions. The United States leads by a wide margin, accounting for 90% of all terrorism-related sanctions this year.
Hamas and Israel Sanctions
120 sanctions targeted individuals or organizations associated with or enabling Hamas’ terrorist activities in 2024, a 40% increase over the number of Hamas-related sanctions issued in 2023 following the 7 October terrorism attacks. Sanctions targeting Hamas were limited in 2024 compared with other sanctions developments, in large part because Gaza, Hamas’ stronghold, is occupied by Israel and the region was already economically and politically isolated prior to the conflict.
Sanctions targeting Israeli activities since the start of the Israel-Hamas War have focused on non-state actors accused of extremist settler violence against Palestinians in the West Bank. In February 2024, the Biden Administration issued Executive Order 14115 pertaining to ongoing activities destabilizing the West Bank, while other sanctions authorities in the UK, Canada, EU and elsewhere issued designations under existing human rights-related sanctions programs.
Human Rights Sanctions
The trend of cooperation between Western-aligned jurisdictions on human rights and corruption-type sanctions (e.g. Global Magnitsky or GLOMAG) continued into 2024. The US was the primary issuer of human rights and corruption-related sanctions, but has collaborated with partners such as the UK in targeting Georgian officials accused of violent crackdowns on protestors following parliamentary and presidential elections in 2024.
Crypto Sanctions
The number of crypto-related sanctions has steadily risen from 2021 to 2024, with the US maintaining a dominant role. In 2024, the US issued 90% of all crypto-related sanctions.
Two major trends stand out over the years:
Exponential sanctions growth in early years: The sharp increase from 256 sanctions in 2021 to 700 in 2022 signals a growing global recognition of the need to regulate crypto activities, particularly to prevent its use in illicit activities such as money laundering and fraud.
Stabilizing growth rate in recent years: On the contrary, the growth rate from 2022 to 2024 has slowed, suggesting that while new sanctions continue to be issued, the initial surge to close regulatory gaps may have stabilized.
Countries Under Continued Sanctions Pressure in 2024
Now, let’s look at the country-specific sanctions trend in 2024, particularly for Russia, China, Iran and Syria.
Russia Remains the Most Sanctioned Country Globally
The US has levied 2,295 sanctions against Russia in 2024, significantly surpassing other jurisdictions. This overwhelming lead highlights the US's aggressive stance, driven by ongoing geopolitical tensions and a strategic focus on countering Russian efforts to evade existing sanctions, continue exporting energy to third countries and accessing critical materiel to continue its war in Ukraine.
Moreover, EU sanctions against Russia surged from 247 in 2023 to 598 in 2024 which reflects a unified effort by member states to respond to Russian actions.
One Third of Russia Sanctions Target Parties Outside Russia
Nearly 33% of Russia-related sanctions issued in 2024 target entities, individuals and vessels outside Russia, underscoring the global reach of these measures and efforts to crack down on sanctions evasion through third countries. China stands out as a major hub for Russia-linked sanctions evasion and support, and accounts for 36% of Russia-related sanctions targeting parties outside Russia. This follows the US Treasury's focus on dismantling transnational networks involved in procuring ammunition and other materials for Russia, aiding Russian oligarchs and others evade sanctions.
China Targeted over Support for Russia, Iran
As we anticipated in our 2024 forecast, China continues to be a key hub for sanctions evasion, with individuals and organizations facilitating the flow of supplies to Russia, fueling the war in Ukraine. Other reasons for sanctions against parties in China include support for Iran and enabling Iran-backed terrorist groups, weapons proliferation and cyber-related activities.
Iran Faces Continued International Pressure
New sanctions targeting Iran in 2024 nearly halved from the previous year, when 751 designations were adopted by the US, UK, EU, France and Switzerland. The drop off in sanctions targeting Iran is likely a reflection of the already significant sanctions pressure on Tehran over its continued support for terrorist organizations like Hamas and Hezbollah, cooperation with Russia on evading sanctions, and existing sanctions against Iran’s oil industry.
Decline in New Sanctions on Syria
New sanctions against Syria dropped in 2024 after a 2023 spike driven by Syria-Russia ties and efforts to target facilitators enabling the Assad government. The shift reflects a redirected focus toward Russia-related sanctions evasion and broader terrorism concerns.
The Assad regime’s sudden fall in early December points to the opportunity for some sanctions to be lifted on humanitarian grounds in 2025, evidenced by OFAC’s January 2025 General License easing sanctions restrictions. Additional delistings, including delisting the Hay'at Tahrir al-Sham group that led the overthrow of Assad, is dependent on whether the new regime is willing to disassociate itself with its terrorist past and implements the foundations for a new democratic process in Syria.
All the year in review insights in one report
Sanctions Forecast for 2025
Trump will continue to prioritize sanctions during his second term. Despite claims early in Trump’s first term that he would not use sanctions, he issued nearly as many designations in his first term as Obama did during his two terms in office, and famously tweeted “Sanctions are coming” with a picture of himself.
The Trump Administration will focus new designations on countries identified as both security and economic adversaries. This includes:
Increasing sanctions pressure on Iran as part of any diplomatic engagement intended to reduce tensions between the two countries;
Increasing sanctions on Russia and using the prospect of sanctions removals as a carrot to entice Moscow to the negotiating table to end the conflict in Ukraine;
Expanding the use of thematic sanctions to target foreign adversaries engaged in terrorism, illicit drugs and organized crime, and human rights violations; and
Pairing sanctions designations with export controls or other trade restrictions as part of the Trump Administration’s efforts to pursue an America First policy.
In response to elevated diplomatic and trade tensions with the US, China’s sanctions program will become even more active. China will significantly expand the number of sanctions targeting US and other Western officials and private sector parties perceived as operating against Beijing’s interests, particularly in Taiwan.
The reversal of sanctions targeting Syria will be slow. The group that overthrew the Assad regime, Hay'at Tahrir al-Sham (HTS), is designated by all major sanctions issuing jurisdictions, as is HTS’ leader, Abu Mohammed al-Jolani. Sanctions removals will be predicated on engagement with the US and other leading countries, respect for human rights and a commitment to implementing democratic elections.
About Castellum.AI
Castellum.AI is the most accurate, reliable and fastest global financial risk platform. We enable clients to screen customers, vendors and counterparties against sanctions, PEPs, adverse media, high-risk ownership and financial crime risk data.
We collect global sanctions information from primary sources using a patented data process to extract, standardize, clean and enrich financial crimes data, extracting key information like IDs, dates of birth and addresses from unstructured information. Castellum.AI checks for changes in financial crimes data like sanctions every five minutes directly from issuing authorities.
Methodology
The data used in this analysis is based on sanctions designations implemented by Australia, Canada, China, EU, France, Switzerland, UK, UN and US and covers 1 January 2024 through 31 December 2024. This analysis includes sanctions additions and removals by major sanctions issuing authorities where available. The report excludes embargo-type sanctions programs which target an entire industry or country.
Location data is based on information available in the list source and is enriched based on Castellum.AI’s proprietary enrichment process. The location data may constitute a residence or registered address. For example, a designated company with an address in the UK may be registered at that address but subject to sanctions for activities outside of the UK’s jurisdiction.
In the case of designations by China, the government has not developed a unified sanctions list as of the time of writing. Sanctions are announced ad hoc in press statements by the Chinese Ministry of Foreign Affairs, which Castellum.AI captures and enriches.
