On November 16, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 8M, extending authorization until May 16, 2024 for certain activities previously authorized under General License 8L. General License 8M authorizes the continuation of transactions and activities “ordinarily incident and necessary to the limited maintenance of
November 2023
OFAC Issues Guidance for Provision of Humanitarian Aid to the Palestinian People
On November 14, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an important guidance document to ensure the provision of humanitarian aid to the Palestinian people in Gaza, while also maintaining strict controls to prevent funds from reaching Hamas. OFAC clarified that “U.S. sanctions do not stand in the…
OFAC, State and BIS Announce Further Sanctions on Companies Supporting Russia’s War Efforts
On November 2, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the Department of Commerce’s Bureau of Industry and Security (BIS) announced a combined effort to designate and sanction numerous additional Russian individuals and entities who have been determined to be assisting in the war against…
Commerce Issues Further Export Controls Targeting China’s Semiconductor Manufacturing and Advanced Computing Capabilities
- These two Interim Final Rules reinforce the October 7, 2022, controls appended to the EAR to restrict China’s ability to both purchase and manufacture certain high-end chips critical for military advantage.
- The rules impose controls on additional types of semiconductor manufacturing equipment, adjust the parameters that determine whether an advanced computing chip is
OFAC Prohibits Financial Services with MOGE and Imposes Additional Sanctions on Persons and Entities Connected to Burma’s Military
On October 31, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new directive prohibiting U.S. persons from providing certain financial services to Myanma Oil and Gas Enterprise (MOGE) and designated certain entities and individuals for connections to the Burma’s military regime.
Under Directive 1, issued pursuant to Executive…
BIS Halts New Licenses for Firearm Exports
On October 27, 2023, the U.S. Department of Commerce announced an immediate pause on the issuance of new export licenses for certain firearms, related components and ammunition for a period of approximately 90 days. This pause applies globally to all non-governmental end users with some exceptions, notably for Ukraine, Israel and countries in Country Group…