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BakerHostetler

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

BakerHostetler on

In response to Russia’s invasion of Ukraine, the U.S. government has deployed a whole-of-government approach to impose sanctions and tighter export controls on Russia. This alert summarizes key economic sanctions imposed by...more

Foodman CPAs & Advisors

Control De Exportaciones: Señales De Alerta De FinCEN

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El 6/11/23, la Oficina de Industria y Seguridad (“BIS” o “Bureau of Industry and Security”) del Departamento de Comercio y FinCEN emitieron un Aviso Conjunto sobre la evasión del control de exportaciones destacando un nuevo...more

Foodman CPAs & Advisors

Export Control FinCEN Red Flags

Foodman CPAs & Advisors on

On 11/6/23, the Department of Commerce’s Bureau of Industry and Security (BIS) and FinCEN issued a joint notice regarding export control evasion highlighting a new Suspicious Activity Report key term (“FIN-2023-GLOBALEXPORT”)...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions additional persons in Bosnia and Herzegovina

On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three individuals in Bosnia and Herzegovina (BiH), pursuant to Executive Orders 14033 or 14059. ...more

The Volkov Law Group

United States Announces Sweeping New Sanctions Against Russia

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On February 24, 2023—the first anniversary of the Russian Federation’s Ukraine incursion—the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Department of Commerce’s Bureau of...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

Nelson Mullins Riley & Scarborough LLP

Banks and FinTechs Beware: Here Come the Sanctions - What We Can Learn from Previous OFAC Actions Involving FinTech Companies

With Russia’s invasion of Ukraine last week, we saw a swift response by the U.S. beginning with President Biden’s Executive Order 14024 (“The EO”) and followed quickly by the Office of Foreign Assets Control’s (“OFAC”) severe...more

ArentFox Schiff

OFAC Latest Steps: Blocking Putin and Senior Officers, Further Targeting Sovereign Russian Financial Entities, and Publishing...

ArentFox Schiff on

On February 25 and 28, 2022, the US Treasury Department, Office of Foreign Assets Control (OFAC) issued its fifth and sixth actions against Russia, blocking the assets of President Vladimir Putin and three other high-ranking...more

WilmerHale

United States and Allies Sanction Russia for Invading Ukraine

WilmerHale on

The United States, the European Union (EU), the United Kingdom (UK), and other allies and partners are implementing wide-ranging, novel sanctions and sweeping export controls against Russia in response to its invasion of...more

Latham & Watkins LLP

Sanctions Update: US, UK, and EU Impose Sweeping New Sanctions Relating to Russia, Ukraine, and Belarus

Latham & Watkins LLP on

New rules significantly expand the scope of existing Ukraine- and Russia-related sanctions and impose stringent export controls on Russia. This Client Alert is published in the context of fast-moving developments....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

Hudson Cook, LLP

It's your duty, and the law, to comply with OFAC regulations

Hudson Cook, LLP on

HANOVER, Md. — After recent events in Kabul and the continued loss of life due to terrorism, many are left wondering what they can do and how they can help. Many have given money and other support to organizations helping the...more

McGlinchey Stafford

BSA, OFAC, KYC, and CIP – What do they mean to me? [More with McGlinchey, Ep. 29]

McGlinchey Stafford on

The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act’s Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a...more

K2 Integrity

Biden Ramps Up Russia Sanctions Pressure

K2 Integrity on

On April 15, 2021, the Biden Administration imposed new sanctions on Russia in response to: (1) its efforts to interfere in U.S. and other countries’ elections; (2) the Solar Winds hacks; and (3) Russia’s continued occupation...more

Hogan Lovells

English Court upholds a bank's contractual right to withhold payments to avoid the risk of US secondary sanctions – Lamesa...

Hogan Lovells on

Hogan Lovells Publications | Lev Fin Spin | 07 October 2019 The English High Court has given effect to the terms of a loan agreement relieving a financial institution of the obligation to make interest payments, where to do...more

A&O Shearman

Sanctions Risk: Drafting Contracts to Avoid ‘Double Jeopardy’

A&O Shearman on

In the recent case of Lamesa Investments Ltd v Cynergy Bank Ltd [2019] EWHC 1877 (Comm), the High Court upheld the bank’s attempt to avoid a common banking dilemma: the ‘double jeopardy’ of being contractually liable to make...more

Akin Gump Strauss Hauer & Feld LLP

Trump Administration Imposes Broad Sanctions on the Government of Venezuela

• In a further escalation of U.S. sanctions on Venezuela in support of its efforts to oust the regime of Nicolás Maduro, on August 5, 2019, the Trump administration imposed comprehensive sanctions on the Government of...more

Akin Gump Strauss Hauer & Feld LLP

OFAC Issues Interim Final Rule Extending Reporting Requirements for Rejected Transactions to Companies Outside the Financial...

• On June 21, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued and put into effect an Interim Final Rule (Interim Rule) that requires all U.S. persons and persons subject to U.S....more

Holland & Hart LLP

OFAC Expands Sanctions-Related Rejected Transaction Reporting Requirements

Holland & Hart LLP on

On June 21, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an interim final rule amending the Reporting, Procedures and Penalties Regulations, 31 CFR part 501 (“RPPR”). This...more

Akin Gump Strauss Hauer & Feld LLP

Recent U.S. Sanctions Designations Create Additional Risks for Companies Doing Business with Venezuela

• OFAC recently added a Moscow-based Russian-Venezuelan joint venture bank, Evrofinance Mosnarbank (“Evrofinance”), to the List of Specially Designated Nationals and Blocked Persons (the “SDN List”) for engaging in sanctions...more

Williams Mullen

U.S. Sanctions Laws: Dangers Ahead For Foreign Companies (Part I)

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International companies are signaling growing concern about the U.S. sanctions laws. These laws impose restrictions on entering business transactions with certain targeted countries, companies and even individual persons...more

White & Case LLP

United States Expands Venezuela Sanctions, Targets PdVSA

White & Case LLP on

On January 28, 2019, the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Petróleos de Venezuela, S.A. (PdVSA) on the List of Specially Designated Nationals and Blocked Persons (SDN List). PdVSA...more

Holland & Knight LLP

OFAC Designates Petroleos de Venezuela S.A.; U.S. Expands Sanctions on Venezuelan Government - Additional Measures Also Taken...

Holland & Knight LLP on

• Pursuant to Executive Order 13850 (E.O. 13850), the U.S. Department of the Treasury's (Treasury) Office of Foreign Assets Control (OFAC) designated Petroleos de Venezuela, S.A. (PdVSA), effectively blocking PdVSA's property...more

Dechert LLP

U.S. Escalates Sanctions Against PdVSA, Venezuela

Dechert LLP on

On January 28, 2019, the United States imposed blocking sanctions on Petróleos de Venezuela SA (“PdVSA”), the Venezuelan state-owned oil company. The measures follow President Trump’s recent decision to recognize Juan Guaidó,...more

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