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Foreign Policy Oil & Gas

BakerHostetler

Current State of U.S. Economic Sanctions Imposed in Response to Russia’s Invasion of Ukraine - August 2024

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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

The Volkov Law Group

U.S. Sanctions Update as of April 2024

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U.S. Persons prohibited from transactions with anyone on the OFAC SDN List without a license, regardless of country. Includes entities owned in excess of 50-percent by one or more SDNs (33-percent for select Russian...more

The Volkov Law Group

OFAC Rolls Back Venezuelan Sanctions Relief, Again Prohibiting Oil and Gas Transactions

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On April 17, 2024, OFAC formally rolled back the sanctions relief it previously provided to the Venezuelan oil and gas industry.  While OFAC provided the initial relief believing that Venezuela would permit a fair and open...more

Mayer Brown

UK Weekly Sanctions Update - Week of March 18, 2024

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In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more

Flaster Greenberg PC

Can Natural Gas Help Prevent an Israel-Lebanon War?

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One wild card of the Middle East equation has been Hezbollah, the Iranian-inspired Shiite terror group /political party in Lebanon. Considered the most fully armed non-state actor in the world, Hezbollah possesses an arsenal...more

Eversheds Sutherland (US) LLP

US sanctions hundreds of targets on two-year anniversary of Russia’s invasion of Ukraine and in response to Aleksei Navalny’s...

Contemporaneous with the European Union’s adoption of its 13th package of Russia sanctions, on February 23, 2024, the United States imposed sanctions against nearly 500 targets in continued response to Russia’s aggression...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed in Response to Russia’s Invasion of Ukraine - February 2024

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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

Mayer Brown

UK Weekly Sanctions Update - Week of February 5, 2024

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In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London...more

Locke Lord LLP

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

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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

Mayer Brown

UK Weekly Sanctions Update - Week Of January 29, 2024

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In this weekly update, we summarise the most notable updates in the UK sanctions world. ...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

Locke Lord LLP

OFAC Targets Maritime ‎Companies & ‎Vessels for ‎Violating ‎Russian ‎Oil Price Cap & ‎Issues Related ‎General Licenses

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On December 20, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control ‎‎(“OFAC”) issued General Licenses (“GL”) 81 and GL 82 under the‎ Russian Harmful Foreign Activities ‎Sanctions Regulations, 31 CFR...more

The Volkov Law Group

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

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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

Mayer Brown

European Union Adopts 12th Sanctions Package Against Russia

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On December 18, 2023, the European Union ("EU") adopted its 12th sanctions package against Russia. The new package introduces additional asset freeze measures, together with amendments to the EU asset freeze framework...more

The Volkov Law Group

A pesar del alivio en materia de sanciones comerciales por parte del gobierno de EE.UU al sector del petróleo y gas en Venezuela...

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Control de Activos Extranjeros (“OFAC”) del Departamento del Tesoro de EE.UU. promulgó una serie de licencias generales al gobierno de Venezuela para brindarle un alivio al país de las sanciones económicas. La OFAC promulgó...more

The Volkov Law Group

Despite OFAC Sanctions Relief, the Venezuelan Oil and Gas Industry Still Presents Risks

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As we discussed previously, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) recently provided Venezuela with much needed sanctions relief.  Specifically, OFAC issued General License 44 (among...more

Nelson Mullins Riley & Scarborough LLP

OFAC Pulls Back on Venezuela Sanctions, But Some Sanctions Still Remain

The latest action permits transactions with the Venezuelan state oil services company and in the secondary bond market for PDVSA debt, but other OFAC sanctions restrictions remain in place....more

The Volkov Law Group

OFAC Provides Venezuela with Sanctions Relief, Authorizes Certain Transactions in the Oil and Gas Industry

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On October 18, 2023, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) took several steps to provide Venezuela with some limited relief from its sanctions.  The relief includes General Licenses...more

The Volkov Law Group

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

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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

White & Case LLP

Overview of the EU’s 10th sanctions package in relation to Russia

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On 25 February 2023, the EU adopted its tenth sanctions package against Russia. More industrial, high-tech and aviation goods are now banned for export to Russia, while Russian bitumen and related materials, synthetic rubber...more

Latham & Watkins LLP

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

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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

BakerHostetler

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

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This update outlines the actions taken by U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Feb. 24, 2023, the one-year anniversary of the invasion of Ukraine by the Russian Federation (Russia)....more

Holland & Knight LLP

No Time for a Year in Review with a Bear on the Loose

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The Biden Administration continues to place pressure on Russia, and on Feb. 24, 2023, marked the one-year anniversary of Russia's invasion of Ukraine with additional sanctions, export controls and tariffs. These new policies...more

BakerHostetler

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

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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

Orrick, Herrington & Sutcliffe LLP

U.S., EU, and UK Price Cap Sanctions Prohibiting Services for Maritime Transport of Russian Petroleum Products

Effective February 5, 2023, a coalition of G7 countries, Australia, and the European Union have generally forbidden service providers to provide certain services relating to the maritime transport of certain Russia-origin...more

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