International Trade Finance & Banking Elections & Politics

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Angola's New Private Investment Law

On 11 August 2015, Angola's New Private Investment Law ("NPIL") came into force on its publication in Angola's Gazette, repealing the previous 2011 law. Like its predecessor, the NPIL sets out the rules applicable to...more

On the application of personal sanctions by Ukrainian banks (Ukrainian)

By a new Resolution of the National Bank of Ukraine (the "NBU") No. 654 dated 1 October 2015 (the "Resolution") a procedure on application of sanctions was introduced....more

On the application of personal sanctions by Ukrainian banks

By a new Resolution of the National Bank of Ukraine (the "NBU") No. 654 dated 1 October 2015 (the "Resolution") a procedure on application of sanctions was introduced....more

Treasury updates sanctions

Treasury has updated the sanctions lists in respect of Ukraine....more

Iran Sanctions Relief: Opportunities and Challenges for US and EU Financial Institutions

Although US and EU sanctions targeting Iran are not likely to be lifted before early 2016, there are a number of issues which US and EU-based financial institutions should be aware of in preparation for sanctions relief as a...more

U.S. Departments of the Treasury and Commerce Announce Additional Revisions to Cuba Sanctions Regulations

Last week, the Department of the Treasury and the Department of Commerce announced additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building off the changes put...more

OFAC Updates Cuban Assets Control Regulations Easing Sanctions on Cuba

On September 18, OFAC issued a final rule amending the Cuban Assets Control Regulations (CACR) to reflect policy changes previously announced by the Obama administration. With respect to financial transactions, the...more

You Want to Export to Cuba? Get Ready, But You Probably Can’t Quite Yet.

New rules came out on September 21, 2015 from both the Commerce and Treasury Departments. Although for the most part these changes only slightly broaden or clarify pre-existing exceptions to the embargo against Cuba, they...more

US revises Cuba sanctions regulations to further normalize trade with Cuba

On September 18, 2015, the US Department of Treasury and US Department of Commerce released significant revisions to the US embargo on Cuba, as set out in the Cuban Assets Control Regulations (CACR) and the Export...more

Checking In on Sanctions Enforcement

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

Cuba Sanctions Relief: The Knot Further Loosens

Effective September 21, the U.S. Department of Treasury amended its Cuban Assets Control Regulations (CACR), providing further Cuba sanctions relief. In a coordinated action, the U.S. Department of Commerce simultaneously...more

Capital Controls in Greece

On 28 June the Greek government imposed capital controls and introduced a bank holiday period, during which the banks remained closed. On 18 July 2015 a new legislative act was passed, with which the bank holiday period ended...more

Iran Deal “Clears” Congress, But No Sanctions Relief Yet

On September 10, 2015, Senate Democrats in the U.S. Congress blocked a vote on a widely anticipated resolution to reject the Joint Comprehensive Plan of Action (“JCPOA”) regarding Iran’s nuclear program. On September 11, the...more

The Iran Sanctions Program: Is There Relief in Sight for Re/Insurers Under The Iran Nuclear Agreement?

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers complex and comprehensive trade and financial sanctions against the Government of Iran. The Iran sanctions prohibit virtually all...more

Will China's Currency Devaluation Complicate the Trans-Pacific Partnership?

As trade ministers from 12 Pacific Rim countries continue to negotiate the Trans-Pacific Partnership (TPP) deal, China’s recent currency devaluation has sparked a debate over the inclusion of currency manipulation controls in...more

US China Trade War — Stock Market Crash, Presidential Trade Politics, Trade Policy, Customs, Antitrust and Securities

The Chinese stock market crash and world- wide effect on stock markets around the World has created a crisis with day to day developments. The World Stock market crash stated on August 24, 2015 and went through to August...more

For the First Time in 50 Years, U.S. and Cuban Banks Unite

Why it matters - A Florida bank has connected with a Cuban bank to allow direct transactions between the financial institutions—the first time such transfers will be possible in 50 years. Stonegate Bank, based in Pompano...more

A Welcome Change: Congress Finally Conforms FBAR and Tax Return Filing Deadlines

Last week Congress passed, and the President signed, a bill entitled “The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” While this legislation was primarily directed at extending federal...more

International Trade Alert: Business Opportunities in Iran - Are You Properly Equipped to Join the Race?

As European business gears up for a post-sanctions environment and the strengthening of relationships in an economically significant emerging market, many clients continue to face mixed messages with regards to what they can...more

OFAC Provides Guidance to Financial Institutions to Help Comply with Crimea Sanctions Regulations

On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been used to circumvent or evade U.S. sanctions involving the Crimea region as described in Executive Order 13685. The Advisory...more

OFAC Releases Crimea Sanctions Advisory

On July 30, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a Crimea Sanctions Advisory highlighting certain practices that have been used to circumvent or evade U.S. sanctions...more

OFAC Warns Financial and International Trade Sectors on Evasion of Crimean Sanctions

On Dec. 19, 2014, President Obama issued Executive Order 13685, “Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine,” to impose sanctions relating to the...more

First EU Steps to Prepare for Sanctions Relief under Iran Deal

On July 31, 2015, the European Union (EU) adopted the first measures to prepare for the implementing of the Joint Comprehensive Plan of Action (JCPOA) with Iran by allowing EU Member States to authorise certain activities...more

The Nuclear Deal With Iran: The Lifting of Sanctions and Implications for Business

On July 14, 2015, after two years of sometimes intense negotiations, the United States, the United Kingdom, France, Germany, Russia, and China (known as the “P5+1” countries), along with the European Union, signed a Joint...more

US Issues Crimea Sanctions Advisory, Designates Additional Russian and Ukrainian Individuals and Entities

On July 30, 2015, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a Crimea Sanctions Advisory, identified certain subsidiaries of entities included on the Sectoral Sanctions Identifications...more

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