OFAC amends the Cuban Assets Control Regulations to ease Cuban sanctions in response to President Obama’s policy changes announced on December 17, 2014. These revisions have major implications for the banking and financial services sector. OFAC and the United Nations levy sanctions against North Korea for its missile testing exercises. Additionally, the European Council continues to impose sanctions against Russia and encourages other countries to sanction the country for its annexation of Crimea and disruptive activities in eastern Ukraine.