Throughout 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control ("OFAC") published 12 enforcement actions regarding alleged sanctions violations by foreign and domestic persons and entities....more
Throughout 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control ("OFAC") published 12 enforcement actions regarding alleged sanctions violations by foreign and domestic persons and entities....more
1/15/2025
/ Compliance ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Russia ,
SDN List ,
U.S. Treasury
On May 1, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State sanctioned nearly 300 individuals, businesses, and vessels abroad to further degrade Russia’s...more
Although there were not any published sanctions enforcement actions during the first two months of 2023, since March, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has released information on...more
Throughout 2022, the U.S. government continued to expand its economic and trade sanctions programs, particularly given the conflict in Ukraine and its global ramifications. During the year, the U.S. Department of the...more
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has been busy thus far in 2022 implementing regulations and issuing guidance related to sanctions against Russia. Despite that activity, we should...more
The U.S. Expands Sanctions Against Russia to Include the Accounting, Trust and Corporate Formation Services, and Management Consulting Sectors of the Russian Economy and Expands Export Controls to Russian Industrial and...more
What are primary sanctions? Sanctions programs administered by the Office of Foreign Assets Control (“OFAC”) require the “blocking” or “freezing” of assets of an “SDN.” U.S. persons are generally prohibited from engaging in...more
On March 11, 2022, U.S. President Joe Biden signed an Executive Order banning the import of goods into the U.S. of Russian origin—seafood, spirits/vodka, and non-industrial diamonds. The Executive Order also includes an...more
On March 8, 2022, U.S. President Biden signed Executive Order 14066 banning all imports of Russian-origin crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquified natural gas; coal; and coal...more
Russia’s recent invasion against Ukraine is prompting the United States (U.S.) and other countries to issue sanctions and restrictions on Russia. Companies that do business in Russia or in the region should take steps to keep...more
Compared to prior years, this first half of 2021 has seen a drop in the number of published enforcement actions by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The reduction is likely...more
Throughout 2020, the U.S. government continued to expand its trade-related sanctions programs and the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published 16 sanctions enforcement actions. We...more
From June through mid-September of 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published six settlements of apparent sanctions violations (Check out our previous Four Key Takeaways...more
Through May of 2020, OFAC has published four settlements of apparent sanctions violations and one finding of violation. OFAC’s enforcement actions highlight four important and ongoing concerns related to the importance of...more
Court Ordered Injunction Affecting January 2020 Revisions to USML Categories I, II, and III -
On January 23, 2020, the Department of State published a final rule that amends the International Traffic in Arms Regulations...more
Developments in Europe's Response to Post-JCPOA Iran Sanctions and the U.S. Administration's Warning to INSTEX -
Following the current U.S. administration's withdrawal from the Iran nuclear deal ("JCPOA") in 2018, which...more
U.S. Dep’t of the Treasury’s Office of Foreign Assets Control’s Response to COVID-19 -
Compliance Challenges During the Pandemic -
On April 20, 2020, in response to compliance challenges confronting companies as a...more
2019 was a busy year for the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”): in May, OFAC provided a compliance roadmap in its “Framework for OFAC Compliance Commitments” guidance document (see our 6 Key...more
On May 2, 2019, OFAC released a detailed statement of its views on the best practices that companies should follow to ensure compliance with U.S. sanctions laws and regulations. The document is called “A Framework for OFAC...more
For a state that leads the country in the production of crude oil and natural gas, one would be surprised to learn that Texas also leads the country in wind energy production. In fact, wind accounts for nearly all of the...more