Sanctions

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published amendments in the Federal Register to the North Korea Sanctions Regulations, 31 C.F.R. 510.101-.901 (NKSR), which became effective April 10, 2020. The new amendments incorporate into the NKSR certain provisions of the North Korea Sanctions and Policy Enhancement Act of 2016…

Despite a tightening of economic sanctions on Venezuela under President Donald Trump, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) occasionally issues General Licenses clarifying, authorizing or exempting certain U.S. activities involving the Venezuelan government  or entities directly and indirectly affiliated with Petróleos de Venezuela, S.A (PdVSA).  Starting in January 2019, President…

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the extension of a general license involving Nynas AB, General License 13E, through 12:01 a.m., May 14, 2020. The announcement explained that OFAC was extending the expiration date of this general license to provide additional time for Nynas AB to complete its…

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated 20 Iran- and Iraq-based front companies, senior officials, and business associates for providing support to, or acting on behalf of, the Islamic Revolutionary Guards Corps-Qods Force (IRGC-QF) and for transferring lethal aid to Iranian-backed terrorist militias in Iraq such as Kata’ib Hizballah…

On March 25, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued amended General License 1A “Official Business of the United States Government” and General License 2A “Authorizing the Wind Down of Transactions Involving the Nicaraguan National Police” to clarify they were also issued under the Nicaraguan Human Rights and…

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced its extension of two general licenses related to GAZ Group, Ukraine-related General License No. 13N, “Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group” and Ukraine-related General License No. 15H, “Authorizing Certain Activities…

In its continuing effort to tighten economic sanctions on Iran, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned five United Arab Emirates (UAE)-based companies that facilitate the Iranian regime’s petroleum and petrochemical sales. According to OFAC, these companies in 2019 “collectively purchased hundreds of thousands of metric tons of petroleum…

UPDATED: April 6, 2020 – Major operational changes continue at trade-related U.S. government agencies and courts  due to personnel and public safety concerns over the COVID-19 outbreak in the United States. Below is currently available information on their status. Overall, the Office of Personnel Management has announced that as of March 16, 2020, and until…

In his State of the Union address to Congress last night, President Donald Trump spoke of the “great American comeback” and claimed that “[t]he years of economic decay are over.  The days of our country being used, taken advantage of, and even scorned by other nations are long behind us.” His prepared speech focused briefly…

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned eight individuals and one entity in response to Russia’s continued aggression toward Ukraine and attempted occupation of Crimea, which the United States continues to view as an illegitimate annexation since it occurred in 2014. OFAC has designated and placed on the Specially…