Darshak Dholakia

Darshak Dholakia

Dechert LLP

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Novel U.S. and EU Sanctions Targeting Russian Financing Activities Raise Unique Compliance Considerations for Global Financial...

Since March 2014, the United States and European Union have imposed multiple rounds of sanctions restricting certain activities with Russian and Ukrainian individuals and companies as a result of the ongoing crisis in...more

10/16/2014 - EU Financial Instruments Russia Sanctions SSI List Ukraine

New OFAC Guidance on 50% Rule Expands Reach of US Sanctions

The U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) revised its guidance with respect to entities owned 50 percent or more in the aggregate by more than one blocked persons. The new guidance, issued on...more

8/18/2014 - Extraterritoriality Rules OFAC Russia Sanctions Ukraine

Additional US and EU Sanctions Imposed on Russia and the Russian Government Reaction

On July 16, 2014, the U.S. Government imposed additional sanctions against Russian and Ukrainian individuals and companies as a result of the ongoing crisis in Eastern Ukraine. In addition to adding five individuals and 11...more

7/18/2014 - EU Russia Sanctions US

BNP Paribas Agrees to Record Penalty for Violating US Sanctions Laws

On June 30, 2014, BNP Paribas SA (“BNPP”), the largest bank in France, pled guilty to conspiring to violate U.S. sanctions laws and agreed to pay a total of nearly $8.9 billion in criminal forfeiture and penalties to the U.S....more

7/2/2014 - Banks BNP Paribas Corporate Criminal Fines Enforcement Enforcement Actions Foreign Banks International Emergency Economic Powers Act Sanctions Trading with the Enemy Act

Latest Round of US and EU sanctions on Russia and the Russian Government Reaction

In response to recent events in Ukraine, the United States and European Union imposed yet another round of sanctions this week. In response, Russia is considering a number of countermeasures that may affect U.S. and EU...more

4/30/2014 - BIS EU Executive Orders Exports Licenses OFAC Russia Sanctions Ukraine Visas

US, EU and Russia Swap Sanctions

President Obama issued yet another new Executive Order (E.O.) blocking property of additional Russian persons the U.S. Government holds responsible for the situation in Ukraine on 20 March 2014. For its part, on 21 March...more

3/26/2014 - EU Foreign Policy Russia Sanctions Ukraine

US and EU Impose Additional Sanctions on Russia

The United States and the European Union imposed new targeted sanctions on Russian and Ukrainian political figures viewed as responsible for undermining Ukrainian sovereignty on 17 March 2014. Both the EU and U.S. have made...more

3/26/2014 - EU Foreign Policy Russia Sanctions Ukraine

Two Non-U.S. Banks Agree to Pay Penalties Totaling $160 Million for Violations of U.S. Sanctions Laws Resulting from Omnibus...

Recent enforcement actions brought by the U.S. Government against non-U.S. banks for violations of U.S. sanctions laws demonstrate the need for financial institutions, particularly those that act as custodians or financial...more

1/30/2014 - Anti-Money Laundering Bank Secrecy Act Banks Compliance FinCEN Foreign Banks Iran ITSR OFAC Sanctions U.S. Treasury

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