News & Analysis as of

Exports Office of Foreign Assets Control (OFAC) Financial Institutions

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

The Volkov Law Group

Episode 319 -- Deep Dive into SCG Plastics' $20 Million Settlement with OFAC for Violations of the Iran Sanctions Program

The Volkov Law Group on

OFAC is capable of extending a long-arm of enforcement, reaching sometimes non-U.S. companies that may “cause” another company to violate U.S. Sanctions laws. If you need to find an example of this long reach, look no...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

American Conference Institute (ACI)

[Event] New York Forum on Economic Sanctions - December 13th - 14th, New York, NY

Back by popular demand, ACI’s acclaimed 13th Annual New York Forum on Economic Sanctions returns to NYC this December. Regarded as the must attend conference for legal and compliance professionals working for financial...more

Oberheiden P.C.

OFAC Compliance: Avoiding Common Root Causes of Compliance Policy Breakdowns and Deficiencies

Oberheiden P.C. on

For financial institutions and businesses that are subject to the oversight of the Office of Foreign Assets Control (OFAC), compliance needs to be a priority in 2023. OFAC is playing an increasingly active role in overseeing...more

American Conference Institute (ACI)

[Event] European Forum on Global Economic Sanctions - June 1st - 2nd, Berlin, Germany

Hosted by C5 Group, the European Forum on Global Economic Sanctions is recognized as Europe's Premier, longstanding gathering for financial institutions and global exporters. The industry across Europe is confronting an...more

Skadden, Arps, Slate, Meagher & Flom LLP

New US Efforts To Prosecute Sanctions Evasion and Export Control Violations May Require Compliance Programs To Be Updated

DOJ Increases Resources To Investigate and Prosecute Sanctions Evasion and Export Control Violations - On March 2, 2023, during a keynote speech at the American Bar Association’s annual White Collar Crime National...more

Bass, Berry & Sims PLC

International Trade Enforcement Roundup – January 2023

Russia - Former Special Agent in Charge of the FBI New York Counterintelligence Division Charged with Violating U.S. Sanctions on Russia (DOJ) Those involved. Charles McGonigal, former Special Agent in Charge of the FBI...more

Skadden, Arps, Slate, Meagher & Flom LLP

US, UK and EU Impose New Sanctions and Export Controls on Key Elements of Russian Economy

Since the publication of our March 24, 2022, and March 17, 2022, client alerts, the U.S., U.K. and European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

New US Restrictions Impact Russia-Related Imports and Exports, US Dollar-Denominated Banknotes

On March 11, 2022, President Joe Biden signed Executive Order 14068 (E.O. 14068) imposing new restrictions on imports and exports with respect to Russia as well as on the supply of U.S. dollar-denominated banknotes to the...more

Goodwin

New Sanctions and Export Controls for Russia and Belarus, Phase III

Goodwin on

As Russia’s invasion of Ukraine continues, the White House countered with another wave of sanctions and export controls. Building on the restrictions discussed in our Phase I and Phase II alerts, these new measures further...more

BakerHostetler

New Key Developments in Response to Russia's Invasion of Ukraine

BakerHostetler on

The United States and the European Union imposed additional sanctions this week in response to the Russian Federation’s invasion of Ukraine and the United States announced its intention to make sanctions enforcement a...more

Miles & Stockbridge P.C.

Review of the Current Sanctions and Export Controls on Russia as Military Advances through Ukraine

Highlights - ..This Miles & Stockbridge alert provides a summary of the latest sanctions and developments regarding the ongoing situation in Ukraine. ..In response to Russia’s continued war operations and military...more

Perkins Coie

Sanctioning Russia Over Invasion of Ukraine

Perkins Coie on

On February 21, 2022, Russian President Vladimir Putin unilaterally recognized the Luhansk and Donetsk regions in Eastern Ukraine (Covered Regions) as independent states. Thereafter, Mr. Putin authorized a full-scale invasion...more

Dorsey & Whitney LLP

United States Imposes More Sanctions to Block Russian Access to U.S. Banking System and U.S. Goods, Technology or Software

Dorsey & Whitney LLP on

On February 24, 25 and 28, the United States broadened its economic sanctions against Russia in response to its full-scale military invasion of Ukraine. As the Biden Administration had promised in recent weeks, in close...more

NAVEX

Staying Ahead of Sanctions – What You Need to Know to Maintain Compliance

NAVEX on

The threats posed by Russia to the Ukraine, and the worldwide implications, are deeply concerning and we denounce the invasion of the Ukraine by Russia and hope that this crisis can be resolved quickly through diplomacy. ...more

Bass, Berry & Sims PLC

Russia, Ukraine: Update as of the Evening of February 28

This UPDATED post summarizes the situation as of late evening on Monday, February 28, concerning current U.S. sanctions and export restrictions related to Russia and Ukraine. This post supplements our post of late evening on...more

Moore & Van Allen PLLC

United States Imposes Sanctions Related to Russia’s Invasion of Ukraine

In February 2014, the Revolution of Dignity or Maidan revolution in Ukraine resulted in the ousting of Ukrainian President Viktor Yanukovych. In the months that followed, Russia annexed the Crimea region of Ukraine and...more

Baker Donelson

U.S. Implementation of Significant Sanctions and Export Controls on Russia Will Severely Impact Business Transactions With Russian...

Baker Donelson on

In response to Russia's invasion of Ukraine, the Biden Administration has implemented significant sanctions on Russia's financial institutions, state-owned companies, and individuals close to Putin which will restrict U.S....more

Bass, Berry & Sims PLC

Russia, Ukraine: Update as of the Evening of February 24

Bass, Berry & Sims PLC on

This UPDATED post summarizes the situation as of late evening on Thursday, February 24, concerning current U.S. sanctions and export restrictions related to Russia and Ukraine. This supplements our post of late evening on...more

Venable LLP

U.S. Announces Next Round of Tougher Sanctions and Export Controls in Response to Russian Invasion of Ukraine

Venable LLP on

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

Bass, Berry & Sims PLC

Russia, Ukraine: Update as of the Evening of February 23

Bass, Berry & Sims PLC on

On February 22, President Biden issued Executive Order14,024 (the EO), which authorizes the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) to designate Russian and other entities and individuals involved in...more

Goodwin

New Sanctions Imposed in Response to Russia’s Incursions in Ukraine, Phase I

Goodwin on

To counter Russia’s escalating incursions into Ukraine and threats to its sovereignty, the United States has imposed a series of sanctions on Russian and Ukrainian persons and interests, to be implemented by the U.S....more

White & Case LLP

US and UK impose first wave of sanctions in response to Russian actions in Ukraine (and EU Sanctions to Follow)

White & Case LLP on

Following Russia's recognition of the Donetsk and Luhansk Regions as independent, the US and UK moved swiftly to impose new sanctions against Russia in response to its deemed escalation of the ongoing crisis along the...more

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