This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its recent encroachments on Hong Kong and its reported mistreatment of ethnic minorities. OFAC continued to target shipping companies dealing in Venezuelan oil, and also imposed sanctions on the global subsidiaries of Iran’s largest steel manufacturer. Meanwhile, Congressional leaders mull dramatic new sanctions to prevent completion of the controversial Nordstream 2 and Turkstream pipelines. OFAC also issued global advisories warning of the North Korean cyber-threat, and set forth “best practices” for the maritime industry to avoid sanctions exposure. Finally, a non-U.S. bank agreed to pay $86 million to regulators and prosecutors for sanctions violations caused by AML/KYC compliance failures.