On February 23, 2024, the United States imposed its largest number of new sanctions and export control designations against Russia to date—targeting over 600 individuals and entities across a wide swath of the Russian economy...more
On May 19, 2023, the U.S., in coordination with the G7 and other international partners, released a new tranche of sanctions and other restrictive economic measures to further target Russia’s capacity to continue its...more
On February 24, 2023, the United States issued a new round of sanctions, export controls and trade restrictions on Russia, in coordination with allies and G7 partners, to mark the one-year anniversary of the ongoing conflict...more
2/27/2023
/ Biden Administration ,
Economic Sanctions ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine ,
Vladimir Putin
With the war in Ukraine raging on, the U.S. continued to escalate its sanctions response against Russia. The U.S. announced extensive trade and investment bans that prohibit U.S. persons from making any “new investment” in...more
8/23/2022
/ Banking Sector ,
Biden Administration ,
Economic Sanctions ,
Financial Institutions ,
Foreign Policy ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
Ukraine
Since late February 2022, the United States (U.S.), the European Union (EU) and its member states, the United Kingdom (U.K.), and many others—including Japan, Australia, New Zealand, Taiwan and Canada—have imposed sweeping...more
8/11/2022
/ Asset Freeze ,
Belarus ,
Blocking Sanctions ,
Cryptocurrency ,
Economic Sanctions ,
EU ,
Export Controls ,
Financial Institutions ,
Financial Transactions ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Technology Sector ,
Trade Relations ,
Trade Suspensions ,
U.S. Commerce Department ,
UK ,
Ukraine
The world’s response to Russia’s invasion of Ukraine dominated the first quarter of 2022, as the US and its international partners coordinated efforts to impose unprecedented sanctions designed to isolate the Russian...more
5/4/2022
/ Biden Administration ,
China ,
Cuba ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Foreign Policy ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Ukraine
Since late February 2022, the United States (U.S.), the European Union (EU) and its member states, the United Kingdom (U.K.), and many others—including Japan, Australia, New Zealand, Taiwan and Canada—have imposed sweeping...more
3/23/2022
/ Biden Administration ,
Canada ,
Economic Sanctions ,
EU ,
Foreign Policy ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Sanctions ,
UK ,
Ukraine
Over the past week, the United States, the European Union and its member states, the United Kingdom, and several other countries have imposed rounds of sweeping new sanctions on Russia in response to its invasion of Ukraine....more
3/1/2022
/ Biden Administration ,
Canada ,
Economic Sanctions ,
EU ,
Foreign Policy ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Sanctions ,
UK ,
Ukraine
Closing the year with a renewed focus on the People’s Republic of China, the Biden Administration imposed new export restrictions on US-origin technology to Chinese tech firms to hinder the PRC’s military and security...more
1/24/2022
/ Biden Administration ,
China ,
Cyber Attacks ,
Export Controls ,
Exports ,
Forced Labor ,
Hong Kong ,
Imports ,
New Legislation ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Russia ,
Sanctions ,
Ukraine ,
Virtual Currency
The Biden Administration this quarter announced fewer targeted sanctions, but issued several “whole of government” advisories regarding sanctions risks associated with China-related business dealings, as well as virtual...more
10/29/2021
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Customs ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Exports ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Sanctions
This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its perceived intrusions on Hong Kong’s autonomy and reported human rights abuses in Xinjiang. The Trump Administration acted...more
This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its recent encroachments on Hong Kong and its reported mistreatment of ethnic minorities. OFAC continued to target shipping...more
FOURTH QUARTER 2019 -
- Congress closes the year by passing new sanctions against China over human rights concerns, while OFAC clarifies the scope of recent actions against Chinese shipping companies.
- In the wake of...more
1/15/2020
/ AML/CFT ,
China ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Controls ,
Exxon Mobil ,
Human Rights ,
Iran ,
Iran Sanctions ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Sanctions ,
Voluntary Disclosure
This quarter, the U.S. acted pursuant to statute to punish Russia for its alleged role in the chemical weapons attack on Sergei Skipal and targeted a handful of individuals and entities for certain other malign activities....more
10/21/2019
/ AML/CFT ,
Anti-Corruption ,
CAATSA ,
Criminal Conspiracy ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
Export Controls ,
Exports ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Trump Administration
SECOND QUARTER 2019 –
- US extends sanctions to encompass Iranian metals industries and other targets; Iran announces breach of nuclear accord after EU is unable to offset economic impact of renewed US sanctions.
-...more
In this quarter, OFAC lifted sanctions on Rusal and other companies following divestment by Oleg Deripaska. Meanwhile, as Venezuela descends into economic and political crisis, the US targeted PdVSA and others to hasten...more
5/10/2019
/ Counter-Terrorist ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Policy ,
Helms-Burton Act ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Trade Relations ,
Trump Administration ,
Venezuela
Closing out 2018, OFAC announced its plan to lift sanctions against United Co. Rusal and others, despite bi-partisan opposition from Congress. Simultaneously, OFAC continued to target Russia’s defense and intelligence sectors...more
1/23/2019
/ Counter-Terrorist ,
Drug Trafficking ,
Economic Sanctions ,
Foreign Financial Institutions (FFI) ,
Foreign Policy ,
General Licenses ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Magnitsky Act ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Trafficking ,
Trump Administration ,
Venezuela
Russia remained at the forefront this quarter, as the Trump Administration imposed new measures and markets reacted to the threat of additional, “crushing” sanctions from Congress on Russian sovereign debt. Meanwhile, EU...more
10/17/2018
/ CAATSA ,
Chemical Weapons ,
Counter-Terrorist ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Executive Orders ,
Financial Institutions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Magnitsky Act ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Russia ,
Sovereign Debt ,
Trump Administration ,
UK ,
Venezuela
Recent OFAC and DOJ actions have focused on certain entities – overseas financial institutions – and particular conduct – US dollar clearing and associated “stripping.” The DOJ’s recent $232 million settlement and negotiated...more
4/17/2015
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Extraterritoriality Rules ,
Facilitation Payments ,
FFI ,
Internal Controls ,
Manufacturers ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Schlumberger
The US Treasury’s Office of Foreign Assets Control (OFAC) and Carlson Wagonlit Travel B.V. (CWT), a Netherlands-based company, have agreed to settle violations of the Cuban Assets Control Regulations (CACRs) dating back to as...more