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Economic Sanctions Oil Prices Office of Foreign Assets Control (OFAC)

Morrison & Foerster LLP

UK Sanctions Year in Review 2023

2023 was another significant year for UK sanctions. The UK government has continued to implement new sanctions against Russia in response to its illegal war in Ukraine, including through new designations, broadened financial...more

McGuireWoods LLP

G7+ Coalition Issues Alert on Russian Oil Price Cap Evasion Methods and How to Report Violations

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On February 1, 2024, the G7+ Coalition (consisting of the G7, the European Union, and Australia) published an Oil Price Cap (OPC) Compliance and Enforcement Alert (the “Alert”), identifying notable OPC evasion methods and...more

Seward & Kissel LLP

OFAC Announces New Price Cap Sanctions and Publishes Coalition Enforcement Alert

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On February 8, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a network of foreign entities and a vessel involved in an asserted price cap...more

Locke Lord LLP

OFAC Oil Price Cap Alert, OPC ‎Violations, and Russian Diamond Ban

Locke Lord LLP on

On February 1, 2024 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a comprehensive "Oil Price Cap Compliance and Enforcement Alert" (the “Alert”) to bolster enforcement of the Russian...more

Nelson Mullins Riley & Scarborough LLP

OFAC Issues Russian Oil Price Cap Alert on Evasion Techniques

The Price Cap Coalition is an international partnership of the United States, the G7, the European Union, and Australia that was established in December 2022 to limit Russia’s ability to fund its war against Ukraine through...more

Dechert LLP

New Year's Resolution: Tackling Russian Sanctions Evasion

Dechert LLP on

Throughout December, the United States, European Union, and United Kingdom adopted a series of new sanctions packages against Russia that are expansive and multilayered and pose additional compliance challenges. The new...more

The Volkov Law Group

OFAC Bolsters Russian Oil Price Cap Record-Keeping Requirements in New Round of Sanctions

The Volkov Law Group on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has renewed its commitment to squeezing Russia’s oil proceeds, releasing updated guidance with enhanced attestation and record-keeping requirements...more

Seward & Kissel LLP

OFAC Sanctions Three Vessels and their Designated Owners for Violations of the Russian Price Cap Policy

Seward & Kissel LLP on

On December 1, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets control (OFAC) announced the imposition of sanctions on three entities and identified as blocked property three vessels that used Price Cap...more

Foley Hoag LLP

Department of State, OFAC, and BIS Issue Sweeping Additional Sanctions on Russia, While EU Proposes Tightening Russian Oil Price...

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U.S. authorities have been active in November 2023, reinforcing and expanding sanctions targeting Russia's war effort in Ukraine. Multiple agencies added sanctions targeting entities involved in Russia's military supply...more

Holland & Knight LLP

U.S. Ramps Up Sanctions on Companies and Vessels Violating the Russian Oil Price Cap Regime

Holland & Knight LLP on

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 12, 2023, designated two tank vessels and their registered owners as Specially Designated Nationals (SDNs) for allegedly transporting...more

Seward & Kissel LLP

OFAC Issues New Russian Oil Price Cap Advisory and Sanctions Entities Transporting Oil Sold Above the Price Cap

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On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more

Nelson Mullins Riley & Scarborough LLP

OFAC Sanctions Two Non-U.S. Firms For Breaching Russia Price Cap Policy

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department, in the last few days, imposed the draconian penalty of designating two shipping vessels and their registered owners in the UAE and Turkey as...more

The Volkov Law Group

OFAC Ramps Up Price Cap Enforcement as Coalition Publishes Compliance Advisory for Maritime Oil Industry

The Volkov Law Group on

It looks like the days of Russia’s so-called “shadow fleet” are numbered. The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced Thursday that it had imposed sanctions on two entities, and...more

Torres Trade Law, PLLC

Alert on the Russian Oil Price Cap and Possible Evasion

Torres Trade Law, PLLC on

The United States Office of Foreign Assets Control (“OFAC”) issued an Alert on April 17, 2023, warning U.S. persons about the possible evasion of the price cap imposed by the Department of Treasury on Russian oil. Pursuant to...more

Orrick, Herrington & Sutcliffe LLP

OFAC warns of possible evasion of Russian oil price cap

On April 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued an alert warning U.S. persons regarding the possible evasion of the price cap set on crude oil of Russian origin, particularly oil...more

Latham & Watkins LLP

Sanctions Update: US, EU, UK Introduce New Sanctions and Export Controls to Mark One-Year Anniversary of Russian Invasion of...

Latham & Watkins LLP on

New announcements and rules expand the scope of existing sanctions and export controls on Russia. This Client Alert is published in the context of ongoing developments and should be read in conjunction with the Latham’s...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - March 2023

In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS)...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

Holland & Knight LLP

OFAC Updates U.S. Oil Price Cap Policy Against Russia

Holland & Knight LLP on

As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more

Seward & Kissel LLP

Economic Sanctions and the Russian Oil Price Cap Policy

Seward & Kissel LLP on

Background - As the Russia-Ukraine war approaches its one-year anniversary with no end in sight, U.S., EU and UK authorities, among other nations, continue to exert calculated but sustained pressure on the Russian...more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

K2 Integrity on

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update includes the U.S. Department of the Treasury’s Office of Foreign Assets Control’s (OFAC) recent actions regarding the Russian seaborne oil price cap policy aimed at maintaining the supply of Russian oil to the...more

Orrick, Herrington & Sutcliffe LLP

OFAC issues preliminary guidance on price cap policy implementation

On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced preliminary guidance on the implementation of the price cap policy for petroleum products of Russian Federation origin....more

Locke Lord LLP

OFAC Russia Related Sanctions ‎Update: ‎‎January 2023

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Russia’s Response to Western Oil Price Cap and New OFAC Preliminary Guidance on Implementation of the Price Cap Policy for Petroleum Products of Russian Federation Origin...more

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