On January 10, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) targeted significant entities involved in Russia’s oil production, maritime insurers, maritime oil tankers, and other entities and persons engaged in Russia’s energy sector. According to an OFAC press release, the sanctions block two major Russian oil producers, over 180
OFAC Sanctions Venezuelan Officials Supporting Nicolas Maduro’s Regime
On January 10, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated and placed eight Venezuelan officials on the Specially Designated Nationals (SDN) List for “enabling Nicolas Maduro’s repression and subversion of democracy in Venezuela.” The individuals sanctioned include the president of Petroleos de Venezuela, S.A., (PdVSA), Venezuela’s state-owned oil company
OFAC Continues to Extend Authorizations Under Russia General License 13
On January 7, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) again extended previous Russia-related General License (GL) 13 by issuing a revised GL 13L, “Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024,” which states that U.S. persons are authorized to pay taxes, fees, or import
Biden Blocks the Proposed Sale of U.S. Steel to Nippon Steel
On January 3, 2025, President Joseph Biden issued a Presidential Order blocking an approximately $15 billion proposed acquisition by Nippon Steel Corporation (Nippon Steel) of Japan to purchase Pittsburgh-based United States Steel Corporation (U.S. Steel). Explaining that the proposed acquisition might result in actions that threaten to impair the national security of the United States
BIS Updates Boycott Requester List
On December 30, 2024, the Department of Commerce’s Bureau of Industry and Security (BIS) released a year-end update of the Boycott Requester List. This list notifies companies, financial institutions, freight forwarders, individuals, and other U.S. persons of potential sources of certain boycott-related requests they may receive during the regular course of business. Introduced in
OFAC Issues General License Allowing Transactions Involving Gazprombank Related to Civil Nuclear Energy
On December 19, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Russia-related General License 115 to generally authorize transactions involving Gazprombank that are related to civil nuclear energy. After sanctioning Gazprombank in November 2024 in order to further limit Russia’s access the international financial system (see Thompson Hine Update
BIS Seeks to Further Strengthen Export Controls Targeting China’s Advanced Semiconductor Industry
On December 2, 2024, the Department of Commerce’s Bureau of Industry and Security (BIS) issued two new rulemakings in an ongoing effort to “further impair [China’s] capability to produce advanced-node semiconductors that can be used in the next generation of advanced weapon systems and in artificial intelligence (AI) and advanced computing, which have significant military
CBP Issues Forced Labor Finding Concerning Aluminum Products Made by Chinese-owned Company in Dominican Republic
On December 4, 2024, U.S. Customs and Border Protection (CBP) released a forced labor finding concerning aluminum extrusions and profile products produced wholly or in part by Kingtom Aluminio S.R.L. (“Kingtom”), a Chinese-owned aluminum extruder in the Dominican Republic. Effective December 4, CBP will seize any articles that are covered by CBP’s forced labor finding
OFAC Further Expands Sanctions on Iran for Missile Attack on Israel and Renewed Nuclear Escalations
On December 3, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it was “intensifying pressure” on Iran’s petroleum and petrochemical sectors by imposing sanctions on 35 entities and vessels “that play a critical role in transporting illicit Iranian petroleum to foreign markets.” This action identifies and imposes further sanctions
BIS Announces New Controls on Exports to Pakistan
On November 25, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) announced new export controls targeting Pakistan to address concerns about the diversion of certain items to unauthorized end uses or end users, particularly those on the Entity List. The final rule, effective November 25, 2024, imposes new licensing requirements