Iran and Syria Sanctions and Embargos On September 11, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued updated guidance to remind maritime support service providers that the...more
Each quarter, we send many of our clients a quarterly trade compliance update, highlighting important developments over the last few months and summarizing key points for important sanctions programs. About the document: ...more
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
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
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
Ongoing tensions between the United States and China have resulted in an expansion of U.S. export controls and trade sanctions against China. The Biden Administration’s October 2022 National Security Strategy (“2022 NSS”)...more
The largest criminal monitorship in U.S. history has ended. On March 22, 2022 a U.S. judge ruled that Chinese telecommunications giant ZTE Corporation had completed the terms of its five-year probation, which began in 2017...more
Over the last week, the U.S. government, in coordination with partner and allied countries, announced a series of unprecedented escalating sanctions targeting Russia in response to the invasion of Ukraine. These actions...more
This week, the United States imposed new economic sanctions in response to efforts by the Russian Federation to undermine the sovereignty and territorial integrity of Ukraine. As discussed herein, they consist of: (1) an...more
The United States, along with the European Union, the United Kingdom, and other allies, has announced a new round of significantly tougher sanctions and export controls in response to the expanding Russian military invasion...more
Compliance Professionals: As the Ukraine braces for a possible Russian incursion, are you bracing for the impact of economic sanctions against Russia?...more
The Treasury Department’s Office of Foreign Asset Control (“OFAC”) continues to rack up settlements. Two travel insurance companies recently settled OFAC enforcement actions for violations of the Cuban Embargo....more
In a major announcement and escalation of the sanctions regime targeting President Maduro and Venezuela, on August 5, 2019, the Trump Administration issued a new Executive Order 13884 to block all property of the Venezuela...more
On 5 August 2019 the Trump administration issued Executive Order 13884 (the executive order) imposing sweeping sanctions against the government of Venezuela, including its agencies and instrumentalities as well as any...more
On June 16, 2017 during a speech in Miami, President Trump announced changes to US sanctions targeting Cuba. The speech announced two substantial changes to the previous administration’s Cuban sanctions regime: first, the new...more
On Friday, June 16, President Trump announced policy changes towards Cuba while speaking in Miami. Trump’s new policy directive reverses many of the Obama administration’s policies with Cuba. ...more
In response to reports that Iran conducted a ballistic missile test launch in February 2017, a former senior U.S. government official announced—and President Trump later echoed over Twitter—that the United States is...more
Throughout the eight years of the Obama administration, the development and implementation of economic sanctions was a key element of U.S. foreign and national security policy. This strategy continued into the post-election...more
U.S. embargoes and economic sanctions on countries such as Iran, Russia and Cuba were discussed at length by both candidates during the 2016 Presidential campaign, and President-Elect Trump has stated that he intended to...more
As widely reported, President Obama announced on December 17, 2014, significant changes to U.S. policy relating to Cuba. The broad policy revisions include the following...more
On Dec. 17, 2014, President Obama announced the United States will re-establish normal diplomatic relations with Cuba and that certain economic sanctions will be eased. Notwithstanding the media frenzy implying that the...more
On December 17, 2014, President Obama announced steps to ease the 54-year old embargo on Cuba and begin to restore diplomatic relations. Although the full extent of easing has yet to be determined, this historic policy shift...more
Against the backdrop of a dramatic prisoner swap and almost eighteen months of “secret” negotiations between the U.S. and Cuba—facilitated by Canada, the Vatican, and others—President Barack Obama announced on December 17,...more
New National Poll Shows Broad Support for Overhaul of Cuba Policy - Akerman’s Pedro A. Freyre and Matthew D. Aho yesterday authored an opinion piece for the Washington D.C.-based Atlantic Council's Adrienne Arsht Latin...more