Beginning in 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has increasingly focused its enforcement activity on entities operating in the virtual currency space, illustrating a trend that...more
On February 1, 2024, President Biden issued an Executive Order imposing certain sanctions on persons determined to be undermining peace, security, and stability in the West Bank.
In response to current hostilities and...more
On October 18, 2023, the United States announced the suspension of certain sanctions related to Venezuela through the issuance of new and revised general licenses.
The Office of Foreign Assets Control (OFAC) of the U.S....more
On April 4, 2023 the United States imposed sanctions on two Lebanese businessmen, brothers Raymond Zina Rahme and Teddy Zina Rahme (the Rahme Brothers), and three of their owned companies, ZR Energy DMCC, ZR Group SAL...more
In January 2023, the United States imposed sanctions on key figures in the Paraguayan economy. The impact of these sanctions are significant and will directly or indirectly impact most Paraguayan financial institutions and...more
On February 24, 2023, the one-year anniversary of Russia’s invasion of Ukraine, the United States, in coordination with its G7 partners and other allies, announced a series of additional sanctions and export controls...more
Since Russia’s invasion of Ukraine in February 2022, the United States has, in response, imposed unprecedented sanctions and export controls targeting Russia: President Biden has signed numerous new Executive Orders, the U.S....more
12/5/2022
/ Bureau of Industry and Security (BIS) ,
Commerce Control List ,
ECCNs ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
Luxury Goods ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List
On December 23, 2021, U.S. President Joe Biden signed into law the Uyghur Forced Labor Prevention Act (UFLPA)....more
Over the week of December 6, the Biden Administration targeted more than 75 individuals and entities with sanctions pursuant to the Global Magnitsky Human Rights Accountability Act (Global Magnitsky Act)....more
In response to the rapid growth of virtual currencies, the Treasury Department’s Office of Foreign Assets Control (“OFAC”) recently published Sanctions Compliance Guidance for the Virtual Currency Industry (“Guidance”)....more
The Biden administration has issued new sanctions on Russian individuals and entities as well as prohibitions on US financial institutions' transactions with Russia's Central Bank, National Wealth Fund, and Ministry of...more
Following the military coup in Myanmar on February 1, 2021, the U.S., UK and EU have imposed a range of sanctions targeting individuals and entities affiliated with the Burmese military....more
Two recent settlements in the United States have highlighted the risks for parties involved in aviation and shipping of incurring liabilities for a breach of sanctions. ...more
The Trump administration recently re-certified that Iran is in compliance with the Joint Comprehensive Plan of Action (JCPOA, otherwise known as the “Iran Deal”), thereby extending the sanctions relief afforded to Iran...more
On February 3, 2017, the U.S. Office of Foreign Assets Control (OFAC) added 25 persons to its List of Specially Designated Nationals and Blocked Persons (the SDN List, and every person thereon, an SDN) as a result of their...more
In its first public statement since the inauguration, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) announced on February 2, 2017, that it had authorized limited dealings with the Federal Security...more
The U.S. Department of the Treasury (Treasury) recently announced a significant relaxation of the U.S. sanctions with respect to Sudan that are currently administered by the Office of Foreign Assets Control (OFAC). The...more
On December 29, 2016, OFAC (the U.S. Department of the Treasury, Office of Foreign Assets Control) imposed sanctions on five Russian entities and four Russian individuals in connection with their alleged efforts to interfere...more
On 7 October 2016, the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) ended all economic and financial sanctions with respect to Myanmar (referred to by OFAC as Burma). The move had been...more
On September 1, 2016, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury (Treasury) designated 37 new individuals and entities as Specially Designated Nationals and Blocked Persons (SDNs)...more
After months of wrangling, a deal has finally been reached allowing Iran to develop a peaceful domestic nuclear programme with the lifting of economic and financial sanctions.This is on the strict proviso that Iran does not...more
7/21/2015
/ Energy Sector ,
EU ,
Financial Institutions ,
Implementation Day ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Power ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
SDN List ,
Shipping ,
Transition Day ,
UN Security Council
On August 13, 2014, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued revised guidance relating to the status of entities owned by individuals or entities whose property and...more