Timely news and analysis of the latest developments in international trade law
Ransomware attacks have been increasing, forcing many businesses to choose between paying a ransom and losing access to their confidential and proprietary data or information networks and systems.
On September 21, the Department of the Treasury issued an updated advisory that highlights potential sanctions risks for companies that directly make or otherwise facilitate ransomware payments…
On September 17, 2021, President Biden issued an Executive Order (EO), “Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia,” targeting persons responsible for the conflict in Ethiopia, obstructing humanitarian access and preventing a ceasefire. The White House issued a statement in connection with the new sanctions indicating…
On September 10, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5H, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 21, 2022,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the…
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Recent additions to the Specially Designated Nationals (SDN) List highlight an increasing enforcement focus on corruption and money laundering. On August 24, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Paraguayan individuals and five associated entities to the SDN List in response to a corruption and money-laundering scheme involving…
On August 20, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented additional sanctions on Russia in response to the state-sponsored poisoning of Russian opposition leader Aleksey Navalny in August 2020. Specifically, OFAC has designating nine Russian individuals and two Russian entities found to be involved in Navalny’s poisoning or…
On August 11, 2021, the Department of Commerce’s Bureau of Industry and Security (BIS) and the Department of Treasury’s Office of Foreign Assets Control (OFAC) issued a fact sheet noting existing exemptions and authorizations available for companies, individuals and exporters to provide telecommunications-related goods and services to Cuba. The fact sheet lists OFAC general licenses…
On July 22 and again on July 30, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several Cuban individuals and entities in connection with actions to suppress peaceful, pro-democratic protests in Cuba that began on July 11, 2021. According to Treasury Secretary Janet Yellen, “The Cuban people are protesting…
On July 23, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement agreement with Payoneer Inc. (“Payoneer”), a publicly traded New York-based online money transmitter and provider of prepaid access. Payoneer agreed to pay a civil penalty of approximately $1.4 million to settle its potential liability for 2,260 apparent…
On July 20, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it has issued General License (GL) 5G, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 21, 2021,” which continues to delay U.S. persons’ ability to enforce…
