Timely news and analysis of the latest developments in international trade law
On August 24, 2026, President Donald Trump and the Department of the Treasury announced implementation of “Operation Economic Outcast,” marking further efforts remove the Islamic Republic of Iran “and its enablers” from all available financial resources supporting the Iranian regime.
According to a press release, the Treasury Department “has mapped the networks, facilitators, and financial channels…
On July 8, 2026, on the sidelines of the NATO summit, President Donald Trump announced his intention to remove Syria from the State Sponsor of Terrorism list, a significant move that would assist Syria’s efforts to re-engage in the global political and financial systems and rebuild the country after more than a decade of civil…
On July 7, 2026, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) revoked Iran-related General License X and issued Iran-related General License X1, for the “Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian Origin.”…
All persons subject to U.S. jurisdiction 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, 2026. This required reporting applies to all relevant persons, not only financial institutions.
This report is pursuant to 31…
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has launched a Reconsideration Portal for the submission of requests by persons or entities seeking to be removed from an OFAC sanctions list. The portal provides an overview of the process for requesting removal from a list as well as information on OFAC’s…
UPDATE: On July 7, 2026, this Iran-related General License X was revoked by OFAC and any activities under this general license must be wound down no later than July 17, 2026. See Thompson Hine Update of July 8, 2026 for additional details.
On June 22, 2026, the Department of the Treasury’s Office of Foreign Assets…
On June 1, 2026, the Office of Foreign Assets Control (OFAC), an office of the Department of Treasury, published an “Introduction to the Office of Foreign Assets Control.” OFAC administers and enforces economic sanctions against targeted foreign jurisdictions and regimes, as well as individuals and entities engaging in harmful activity, such as terrorists…
On May 1, 2026, President Donald Trump issued an Executive Order (EO) titled, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy.” Pursuant to the EO, the Secretary of State and/or Secretary of Treasury are able to designate for blocking sanctions any foreign person…
On April 14, 2026, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two general licenses in the continuing relaxation of certain sanctions involving Venezuela. These new general licenses authorize certain commercial and banking transactions in the country.
Venezuela General License 56, “Authorizing Commercial-Related Negotiations of Contingent Contracts with the Government…
