On June 25, 2020, the Department of Commerce’s Bureau of Industry and Security (BIS) announced that it would be delaying the effective date for certain filing requirements set forth in April 2020 regulations on military-related exports to China, Russia and Venezuela. After significant pushback from industry representatives that more time was needed to transition to
Venezuela
OFAC Issues General License 37 After Blocking Entities and Vessels Operating in Venezuela’s Oil and Shipping Sectors
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it has issued General License (“GL”) 37 (Authorizing the Wind Down of Transactions Involving Delos Voyager Shipping Ltd, Romina Maritime Co Inc, and Certain Vessels), which expires on July 21, 2020. Additionally, OFAC issued frequently asked question (“FAQ”) 834 addressing the…
OFAC Revokes Venezuela-Related General License 13E and Issues General Licenses 3H and 9G to Remove Nynas AB
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced its revocation of general license 13E and issuance of general licenses 3H (“Authorizing Transactions Related to Dealings in Certain Bonds”) and 9G (“Authorizing Transactions Related to Dealings in Certain Securities”) to remove references to Nynas AB. Nynas is no longer being blocked…
BIS Tightens Export Controls on National Security-Controlled Items: Focus on Diversion for Military End Use in China, Russia and Venezuela
The Department of Commerce’s Bureau of Industry and Security (BIS) has issued two final rules and one proposed rule intended to prevent efforts by entities in China, Russia and Venezuela to acquire U.S. technology that could be used in development of weapons, military aircraft or surveillance technology through civilian supply chains or under civilian-use pretenses.…
OFAC Issues Venezuela General License Authorizing Continued Transactions Related to PdVSA Bond
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…
OFAC Issues Amended Venezuela-Related General License Involving Nynas AB
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…
President Trump Touts USMCA and “Phase One” China Deal in Third State of the Union Address
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…
United States Tightens Sanctions on Cuba, Lowers De Minimis Level of U.S. Content in Foreign Goods
The Department of Commerce’s Bureau of Industry and Security (BIS) further tightened U.S. sanctions on Cuba “for its repression of the Cuban people and its support of the Maduro regime in Venezuela.” Overall, the United States maintains a comprehensive embargo on trade with Cuba, and the export and reexport to Cuba of items subject to…
OFAC Issues Additional Economic Sanctions Targeting Iran, Russia and Venezuela
In September, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) continued to tighten its sanctions on Iran and Venezuela, and addressed a sanctions-evading scheme for Syria involving several Russian entities.
- Iran: On September 20, 2019, OFAC announced that it was designating the Central Bank of Iran (CBI), the National Development
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United States to Further Tighten Cuban Sanctions
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that, effective October 9, 2019, the Cuban Assets Control Regulations (CACR) will be amended to further restrict certain financial transactions involving Cuba and to deny Cuba access to hard currency. In a press release, OFAC announced that these changes will amend certain…