Bracing For Change: A Look Ahead To 2021
Path Forward: Borrowing Base Redeterminations In A Restructuring World
FCPA Compliance and Ethics Report-Episode 153-Doing Compliance in an Economic Downturn
The collapse of the Assad Regime in Syria is the latest in a series of political and military defeats that have staggered the Kremlin. In just two short weeks, the 54-year-old Assad family dynasty fell to a collection of...more
The UK’s latest sanctions affect multiple areas and actors, including Turkish, Chinese, and Dubai-based entities alleged to support Russian military activities. This Client Alert is published in the context of ongoing...more
Since Israel killed Iran Revolutionary Guard Commander General Mohammed Reza Zahedi and six others in Damascus, Syria on April 2, Iran has sworn that it will retaliate harshly against Israel. Israeli soldiers have had their...more
2023 was another significant year for UK sanctions. The UK government has continued to implement new sanctions against Russia in response to its illegal war in Ukraine, including through new designations, broadened financial...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more
1. Russia Sanctions - UK Government increases the deadline for providing certain information in relation to the Maritime Services Ban and Oil Price Cap Exception: On March 8, 2024, the UK Government increased the deadline...more
On February 1, 2024, the G7+ Coalition (consisting of the G7, the European Union, and Australia) published an Oil Price Cap (OPC) Compliance and Enforcement Alert (the “Alert”), identifying notable OPC evasion methods and...more
On February 8, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a network of foreign entities and a vessel involved in an asserted price cap...more
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
The Price Cap Coalition is an international partnership of the United States, the G7, the European Union, and Australia that was established in December 2022 to limit Russia’s ability to fund its war against Ukraine through...more
In light of the ongoing Russian invasion of Ukraine, the UK and EU, in close collaboration with their G7 partners, have continued to exert economic pressure on Russia through an array of sanctions. In this bulletin, we...more
The court has looked at a “hindrance” on paying a debt in the context of a force majeure clause and whether a sanctions clause or the general law of sanctions excused payment. Litasco, a Swiss company wholly owned by a...more
With Russia’s invasion of Ukraine nearing the end of its second year, the United Kingdom has continued to introduce sanctions measures against Russia, with the latest round announced on 14 December 2023....more
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails. – William Arthur Ward The U.S. maritime industry is much like a great ship: It is subject to unforeseen forces, and it...more
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
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
EU’s 12th Sanctions Package - On 19 December 2023, the Council of the European Union (EU) together with the Commission published its 12th round of sanctions....more
On December 1, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets control (OFAC) announced the imposition of sanctions on three entities and identified as blocked property three vessels that used Price Cap...more
U.S. authorities have been active in November 2023, reinforcing and expanding sanctions targeting Russia's war effort in Ukraine. Multiple agencies added sanctions targeting entities involved in Russia's military supply...more
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 12, 2023, designated two tank vessels and their registered owners as Specially Designated Nationals (SDNs) for allegedly transporting...more
On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more
The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department, in the last few days, imposed the draconian penalty of designating two shipping vessels and their registered owners in the UAE and Turkey as...more
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
The United States Office of Foreign Assets Control (“OFAC”) issued an Alert on April 17, 2023, warning U.S. persons about the possible evasion of the price cap imposed by the Department of Treasury on Russian oil. Pursuant to...more