On September 13, 2024, the United States designated and placed on the Department of the Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List three entities and two individuals for their connection to Russia’s destabilizing actions abroad, particularly efforts to undermine and manipulate the outcome of the October 2024 Moldovan presidential election.
OFAC Issues Final Rule on Procedures Related to Blocking Property
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a final rule on Updating Provisions Related to Blocking and Other Actions Related to Specific Property or Interests in Property. The rule is effective as of September 17, 2024.
The new rule aims to clarify OFAC’s process for issuing orders that block
Annual Blocked Property Reports Due to OFAC by September 30
All U.S. persons and persons otherwise subject to U.S. jurisdiction, not only U.S. financial institutions, holding property blocked pursuant to various Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctions programs must file their Annual Report of Blocked Property (ARBP) by September 30, 2024.
This report is pursuant to 31 C.F.R. §§ 501.603
BIS and OFAC Impose New Prohibitions Against Kaspersky’s Entities and Operations
BIS Prohibition on Kaspersky Products
On June 20, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a Final Determination that bans a range of transactions involving Kaspersky Lab, Inc. and its related entities’ (Kaspersky) cybersecurity and anti-virus products and services. The Final Determination prohibits Kaspersky from engaging in certain Information
OFAC and BIS Significantly Extend Sanctions and Export Control Restrictions Against Russia and Belarus
- New sanctions and export controls on Russia and Belarus became effective June 12, 2024.
- New OFAC prohibition on certain IT and software services to Russia begins September 12, 2024.
- Hundreds of individuals and entities designated as SDNs for supporting Russia’s war efforts.
- New license requirements for certain software exports to Russia and Belarus
Commerce and Treasury Departments Announce New Sanctions and Export Control Restrictions on Russia and Belarus
On June 12, 2024, the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) announced new sanctions and export control restrictions on Russia and Belarus. These measures have significant implications for companies that do business with or in these regions, as they may face new licensing requirements, limitations, or prohibitions
OFAC Updates Cuban Regulations to Increase Support for Cuban People
On May 28, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) revised the Cuban Assets Control Regulations (CACR) to enhance support for the Cuban people and independent Cuban private sector entrepreneurs. These amendments, effective on May 28, 2024, aim to promote internet freedom and broaden financial services in Cuba. In
U.S. Aid Package for Ukraine, Israel and the Indo-Pacific Incorporates Extensive Sanctions and Export Control Reforms
On April 24, 2024, President Biden signed into law a broad national security package which included the Israel Security Supplemental Appropriations Act, 2024; Ukraine Security Supplemental Appropriations Act, 2024; Indo-Pacific Security Supplemental Appropriations Act, 2024; 21st Century Peace through Strength Act; FEND off Fentanyl Act; and the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act.
New Legislation Extends U.S. Sanctions Enforcement Period to Ten Years
On April 24, 2024, President Biden signed into law a significant amendment to the statute of limitations for violations under U.S. sanctions laws, as part of the national security package (H.R. 815). This change extends the period for enforcement actions from five to ten years, reflecting a more robust approach to national security
United States Bans Imports of and Services Related to Russian-Origin Aluminum, Copper and Nickel
On April 12, 2024, the Office of Foreign Assets Control (OFAC) signed a new determination under section 1(a)(i)(A) of Executive Order 14068 of March 11, 2022 as amended by Executive Order 14114 of December 22, 2023. According to this determination, the importation and entry into the United States, including importation for admission into a foreign