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Foreign Policy Financial Services Industry Economic Sanctions

The Volkov Law Group

State Street’s $7.45MM OFAC Penalty Highlights Importance of Sanctions in M&A Due Diligence

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has released a $7.45 million penalty against State Street Bank and Trust Company and its non-bank, fintech subsidiary Charles River Systems for...more

Seward & Kissel LLP

Compliance Flash: OFAC Announces New Reporting Requirement for Financial Institutions Under the REPO for Ukrainians Act

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The supplemental appropriations legislation signed into law on April 24, 2024 enacted numerous high-profile provisions addressing aspects of U.S. foreign policy and national security, including provisions that broaden and...more

Pillsbury - Global Trade & Sanctions Law

EU’s 14th Package of Sanctions on Russia

On 24 June 2024, the EU adopted its 14th package of sanctions against Russia. The latest measures include: The designation of 116 additional individuals and entities across a number of industries for their responsibility in...more

The Volkov Law Group

OFAC Settles with Mondo TV for $538k for Violation of North Korean Sanctions

The Volkov Law Group on

OFAC has been busy and not so busy — what do I mean? OFAC is administering a complex set of coordinated sanctions against Russia, in close coordination with the EU and the UK....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

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

A&O Shearman

Impact of sanctions on payment obligations

A&O Shearman on

One of the many legal consequences of Russia’s full-scale invasion of Ukraine in February last year was that businesses were faced with having to analyse the exact remit of sanctions laws and the extent to which they caught...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

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions Iranian officials for serious human rights abuses

On March 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Orders 13553 and 13846, against several Iranian regime officials and entities for serious human...more

Brownstein Hyatt Farber Schreck

Anniversary of Ukraine Invasion Brings New Sanctions for Russia

On Feb. 24, 2023, the White House announced a slate of additional sanctions against Russia, marking the one-year anniversary of the invasion of Ukraine. The additional sanctions follow President Biden’s recent travel to Kyiv...more

Orrick, Herrington & Sutcliffe LLP

Treasury roundtable examines effectiveness of Russian sanctions and export controls

On February 10, Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable to hear from sanctions and U.S. foreign policy experts on the effectiveness of the unprecedented sanctions and export controls imposed on...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions more Bulgarian officials

On February 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13818, against five current or former Bulgarian government officials for their alleged...more

Orrick, Herrington & Sutcliffe LLP

FinCEN alert covers potential CRE investments by sanctioned Russians

On January 25, the Financial Crimes Enforcement Network (FinCEN) issued an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their...more

Wilson Sonsini Goodrich & Rosati

Increased Scrutiny in the U.S. and the UK on the Financial Activity of Russian Oligarchs

As the war in Ukraine rages on, recent advisories from financial crime agencies in the United States and the United Kingdom indicate heightened scrutiny on financial activity of Russian individuals and entities, including...more

Orrick, Herrington & Sutcliffe LLP

OFAC issues Venezuela-related general license for some transactions

On January 9, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 31B, “Certain Transactions Involving the IV Venezuelan National Assembly and Certain Other Persons.”...more

Stikeman Elliott LLP

The Latest Developments on Canada’s Sanctions on Russia

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In this post we look at the latest sanctions-related developments relating to the invasion of Ukraine. These restrictions are in addition to those already imposed in relation to Russia, Belarus and Ukraine under the Special...more

Morgan Lewis

Update: Central Bank of Russia Imposes Further Currency Control Restrictions

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The Central Bank of the Russian Federation has recently been active in adopting secondary legislation clarifying and implementing presidential decrees on cross-border transactions. Such legislation imposes new restrictions...more

Kelley Drye & Warren LLP

Summary of Sanctions Imposed on Russia This Week (March 11, 2022)

It has been almost three weeks since the U.S. and its allies began imposing serious new sanctions and export control restrictions on Russia and Belarus in response to Russia’s invasion of Ukraine. This post summarizes the...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

Hogan Lovells

UK strengthens Russian sanctions legislation by extending its sanctions designation criteria

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The UK Government has strengthened its Russian sanctions legislation by extending its sanctions designation criteria to target Russian businesses and individuals in a wide range of economic and strategically significant...more

The Volkov Law Group

Preparing for New Russia Sanctions Program: Are You Ready?

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Compliance Professionals: As the Ukraine braces for a possible Russian incursion, are you bracing for the impact of economic sanctions against Russia?...more

Dechert LLP

U.S. Readies Sanctions Against Russia Related to Ukraine Crisis

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The United States, Russia, the North Atlantic Treaty Organization (“NATO”) and the Organization for Security and Co-operation in Europe (“OSCE”) held a series of talks this week aimed at de-escalating the situation at the...more

Cozen O'Connor

OFAC Amends and Reissues More Comprehensive Somalia Sanctions Regulations

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In a final rule issued last week, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) has amended and reissued the Somalia Sanctions Regulations, which can be found in 31 C.F.R. Part 551....more

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