The United States Treasury has officially lifted sanctions imposed in 2003 on Zimbabwe, as confirmed through the publication of the final rule removing the Zimbabwe Sanctions Regulations.
Yesterday, the final rule to remove the Zimbabwe Sanctions Regulations from the Code of Federal Regulations was released by the Office of Foreign Assets Control (OFAC).
A March 2003 executive order that had blocked the assets of many political leaders in Zimbabwe due to their involvement in undermining democratic processes or institutions was revoked by an executive order signed by US President Joe Biden last month.
Former US President George W. Bush came to the conclusion that the collapse of the legal system in Zimbabwe was partly caused by the acts and policies of some government officials in Zimbabwe as well as others. Along with encouraging politically motivated violence and intimidation, the decree accused the late President Robert Mugabe’s administration of creating political and economic instability in the southern African region.
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Sanctions were imposed when Bush declared a national emergency in response to the threat the Zimbabwean government was thought to be posing at the time. These limitations were then extended over time until they were recently lifted.
The final rule will take effect on April 17, 2024, when it is published in the Federal Register. In addition, last month, OFAC designated 11 people and three entities for their involvement in corruption or serious human rights abuses under Executive Order 13818, which implements the Global Magnitsky Human Rights Accountability Act.
The US Treasury Department confirmed the removal and stated that OFAC took this action because the president ended the national emergency upon which the sanctions were based on March 4, 2024.
