In conjunction with the Group of Seven (G7) leaders meeting in Italy earlier this month, key jurisdictions issued the latest in a series of coordinated economic restrictions on Russia in light of its invasion of Ukraine in...more
7/1/2024
/ Belarus Sanctions ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
EU ,
Export Controls ,
Financial Transactions ,
Foreign Financial Institutions (FFI) ,
Foreign Trade Regulations ,
G7 ,
General Licenses ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Technology ,
UK ,
Ukraine
On April 24, 2024, President Biden signed into law H.R. 815, an emergency appropriations package billed as authorizing $95 billion in foreign aid to Ukraine and Israel (the Act). While the Ukraine and Israel aid provisions...more
4/30/2024
/ Appropriations Bill ,
Biden Administration ,
China ,
Economic Sanctions ,
EU ,
Export Controls ,
Exports ,
Federal Budget ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Israel ,
Russia ,
TikTok ,
UK ,
Ukraine
Companies faced with the decision of whether to voluntarily self-report sanctions breaches to law enforcement or sanctions enforcement agencies in the UK and the US can take some measure of comfort from recent comments made...more
10/16/2023
/ Compliance ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Good Faith ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Self-Reporting ,
Serious Fraud Office (SFO) ,
U.S. Commerce Department ,
U.S. Treasury ,
UK ,
Voluntary Disclosure
On May 19, in response to Russia’s ongoing invasion of Ukraine, the United States, in coordination with allies and partners, announced new sanctions restrictions and export controls targeting Russia’s evasion networks,...more
6/5/2023
/ Asset Freeze ,
Avoidance ,
Banking Sector ,
Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Energy Sector ,
EU ,
Executive Orders ,
Export Controls ,
General Licenses ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
UK ,
Ukraine
The Office of Financial Sanctions Implementation (OFSI) has updated its ‘enforcement and monetary penalties for breaches of financial sanctions’ guidance, which was last updated in June 2022. ...more
3/23/2023
/ Business Ownership ,
Change of Ownership ,
Compliance ,
Control Test ,
Due Diligence ,
Economic Sanctions ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Guidance Update ,
Office of Financial Sanctions Implementation (OFSI) ,
Penalties ,
Strict Liability ,
UK
Western sanctions against Russia have continued to broaden substantially into new areas of trade, especially in the energy sector. Policymakers in Washington DC, Brussels, London and other allied capitals also continue to...more
3/18/2022
/ Asset Freeze ,
Belarus ,
Blocked Entities ,
Blocked Person ,
Cryptocurrency ,
Economic Sanctions ,
EU ,
Export Controls ,
General Licenses ,
Imports ,
Most-Favored Nations ,
Russia ,
Trade Relations ,
Trade Restrictions ,
UK ,
Ukraine