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Biden Administration Office of Foreign Assets Control (OFAC) U.S. Treasury

Holland & Knight LLP

OFAC Expands Secondary Sanctions Targeting FFIs Transacting with Sanctioned Russian Persons

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Nearly six months after President Joe Biden signed an executive order (EO) authorizing secondary sanctions against Foreign Financial Institutions (FFIs) conducting or facilitating significant transactions with certain...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - June 2024

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On May 10, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an Interim Final Rule (IFR), effective August 8, 2024, that updates the Reporting, Procedures, and Penalties Regulations....more

Pillsbury - Global Trade & Sanctions Law

Treasury Amends the Cuban Assets Control Regulations to Support Cuban Citizens and Independent Private Sector Entrepreneurs

On May 28, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to better implement the Biden-Harris Administration’s policy aimed at...more

Brownstein Hyatt Farber Schreck

Venezuela Energy Sanctions Reimposed Barring Democratic Reforms

On April 17, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) released General License (GL) 44A, requiring the wind down of business transactions with Venezuela’s state-owned energy company Petróleos...more

BakerHostetler

Key Sanctions Developments During the First Quarter of 2024

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During the first quarter of 2024, there were significant developments in the U.S. sanctions framework. This report summarizes the key developments and provides links to the relevant sources....more

Paul Hastings LLP

New Sanctions on Russia Mark Two-Year Anniversary of Ukraine Invasion

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On February 23, 2024, the Biden Administration announced new sanctions targeting a number of different sectors of the Russian economy, Russian government officials and financial institutions, entities suspected of sanctions...more

A&O Shearman

U.S. Government announces new West Bank-related sanctions and designations

A&O Shearman on

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

The Volkov Law Group

New Executive Order Expands Treasury’s Authority to Impose ‘Secondary Sanctions’ on Foreign Financial Institutions Involved in...

The Volkov Law Group on

On December 22, 2023, President Joseph R. Biden, Jr. issued an executive order—”Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities”—that subjects certain foreign financial institutions that...more

Husch Blackwell LLP

Biden Administration Issues Executive Order to Restrict U.S. Investment in Chinese Technology Sectors

Husch Blackwell LLP on

Last week, President Biden issued an Executive Order outlining the long-anticipated proposed restrictions on outbound U.S. investments in entities located in China or otherwise subject to China’s jurisdiction. The Executive...more

Goodwin

Charlie Brown Finally Kicks the Football: US Outbound Investment Program Will Target China’s Semiconductor, Quantum Computing, and...

Goodwin on

After months of speculation, the US government took steps to regulate outbound investment in specific foreign industries of concern. President Biden on August 9, 2023, issued Executive Order 14105 directing the Department of...more

Dorsey & Whitney LLP

Executive Order 14105 on Outbound Investment in China and Proposed Rule

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On August 9, President Biden issued Executive Order 14105 (“EO 14105”) on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern. EO 14105 significantly reshapes...more

Ballard Spahr LLP

Andrea Gacki, Former Director of OFAC, Appointed Director of FinCEN

Ballard Spahr LLP on

Yesterday, the Department of the Treasury announced that Andrea Gacki, who had been serving as the Director of the Office of Foreign Assets Control (OFAC), has been appointed as the Director of the Financial Crimes...more

Williams Mullen

OFAC Prohibits Providing Accounting, Trust/Corporate Formation and Management Consulting Services for Russian Parties

Williams Mullen on

​​​​​​​On May 8, 2022 the Office of Foreign Assets Control (OFAC) announced that the performance of accounting, trust and corporate formation and management consulting services for persons located in the Russian Federation...more

Wiley Rein LLP

Biden Administration Toughens Sanctions, Export Controls in Response to Continued Harmful Activities of the Russian Government

Wiley Rein LLP on

On September 15, 2022, the Biden Administration announced a new package of sanctions and export controls to hold the Russian government accountable for its war against Ukraine. ...more

The Volkov Law Group

United States Pushes More Sanctions Against Russia and Prohibits Russian Gold Imports

The Volkov Law Group on

The Department of Treasury issued additional sanctions against Russia, targeting almost 100 entities and individuals, and prohibited import of Russian gold.  The United States’ latest action reflected commitments recently...more

Foley & Lardner LLP

Top Legal Issues Facing the Automotive Industry in 2022

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In 2022, automotive suppliers face many of the same issues that have bedeviled the industry throughout 2021, as well as a host of all-new challenges. Unfortunately, as with many aspects of pre-pandemic life, the relative...more

Bracewell LLP

KYC in a Digital World, How New Sanctions and AML Expectations Have Upped the Stakes and What you Need to Do About it

Bracewell LLP on

“Know your customer” is a bed rock principle of anti-money laundering and sanctions compliance programs, but it’s not always easy, particularly as more sophisticated and aggressive players have taken the field in recent...more

K2 Integrity

The U.S., UK, and EU Provide a Joint Response to Russian Aggression in Ukraine

K2 Integrity on

Over the past week, the Russian Federation has taken a number of aggressive steps toward Ukraine in furtherance of its ultimate invasion—steps that were immediately condemned by the international community as a blatant...more

Pillsbury - Global Trade & Sanctions Law

Russia Invades and the West Reacts: U.S. Government Intensifies Sanctions and Export Controls Against Russia

On February 24, 2022, the U.S. Government issued a number of sanctions measures in response to Russia’s attack on Ukraine. These measures include sweeping financial sanctions and stringent export controls, which will have...more

Foley Hoag LLP - White Collar Law &...

Review of Sanctions and Export Control Developments in 2021 and What to Expect in 2022

This is the fifth post in this year’s series examining important trends in white collar law and investigations. Our previous post discussed trends in State AG enforcement. Up next: SEC Enforcement in 2022: A Look Ahead. ...more

Venable LLP

New Sanctions Targeting Russia and Ukraine Escalate Trade Risks in the Region

Venable LLP on

The situation in the Ukraine remains highly fluid and reactions from the United States and allies continue to evolve. This is the first of a series of advisory alerts from Venable in response to the ongoing situation....more

Dorsey & Whitney LLP

U.S. and Allied Countries Impose Sanctions Targeting Russian Financial Sector and Ukraine Separatist-Territories

Dorsey & Whitney LLP on

The Biden Administration and several allied countries announced on February 22 new economic sanctions on Russia and the separatist territories in Ukraine. In the United States, the sanctions target only certain Russian...more

Morrison & Foerster LLP

OFAC Year in Review 2021 – Part 1

2021 was a year of transition in the United States and for the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s year, while busy, was far different from 2020, as the Biden Administration’s...more

K2 Integrity

Treasury Releases 2021 Sanctions Review

K2 Integrity on

On October 18, 2021, the U.S. Department of the Treasury released the 2021 Sanctions Review (“the Review”), which delineates Treasury’s framework for employing economic sanctions and provides key recommendations on...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Department of the Treasury Publishes Sanctions Review Results

On October 18, 2021, the U.S. Department of the Treasury released the results of its broad review of economic and financial sanctions. The review, initiated by the Biden administration, included discussions with Congress,...more

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