Asset Freeze

News & Analysis as of

EU asset freeze developments: Ukraine state fund misappropriation list, Syria, Libya

The EU has recently removed four persons from its asset freeze list featuring persons deemed responsible for misappropriation of Ukrainian state funds, and added 13 parties to the Syria related asset freeze list. In addition,...more

EU adds more separatists and five Russian officials to Ukraine related asset freeze list

The EU has extended its sanctions in relation to Ukraine by adding 19 persons and nine entities to the asset freeze list. These newly designated parties are deemed to be actively involved in separatist activities in Eastern...more

EU sanctions against Russia: New targets and state of play

On 9 February 2015, the EU Foreign Affairs Council imposed new sanctions - asset freezes and travel bans - against 19 Russian and Ukrainian individuals and 9 entities that have been added to the 'black list' of sanctioned...more

Banks Take A Risk In Freezing A Debtor’s Account During Chapter 7 Proceeding

Introduction - What is a bank to do when an individual depositor files a chapter 7 bankruptcy petition? Do the turnover requirements of the US Bankruptcy Code allow the bank to put a freeze on the debtor’s account, at...more

The Joint Plan of Action: A Recap of the Easing Of Sanctions Against Iran By The United States And European Union

On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran....more

EU Imposes Further Sanctions on Ukrainian Separatists

On 29 November 2014, the European Union (EU) published measures targeting additional individuals and organisations to be added to the scope of EU sanctions measures against Russia. These measures widen the EU sanctions in...more

EU adds separatist names to Ukraine-related asset freeze list

As per a recent request from the EU Council, the EU has extended its sanctions in relation to Ukraine by adding 13 persons and five organizations to the asset freeze list based on their involvement in recent elections in the...more

The "Separate Entity Rule" Remains Alive and Well in New York State

On October 23, 2014, in Motorola Credit Corp. v. Standard Chartered Bank, No. 162, 2014 N.Y. LEXIS 2946 (2014), the New York State Court of Appeals, New York’s highest court, answered in the affirmative the following question...more

Recent Appellate Decisions Limit Access To Customer Assets Held At Foreign Bank Branches

On October 23, 2014, the New York Court of Appeals held for the first time that, under New York law, the "separate entity" rule prevents a court from ordering a foreign bank operating branches in New York from restraining a...more

Motorola Credit Corporation v. Standard Chartered Bank: The New York Court of Appeals Limits Restraints on Assets Held in Foreign...

In Motorola Credit Corporation v. Standard Chartered Bank (“Motorola”), the New York Court of Appeals reaffirmed the “separate entity rule,” holding in a 5 – 2 opinion that a judgment creditor’s service of a restraining...more

Sanctions Relating to Russia Imposed by the U.S., EU, Australia and Japan - A Snapshot of Where We Are Now

Since early March 2014, a number of countries have imposed various types of sanctions against Russia and certain persons in Ukraine in connection with events in Ukraine. We have issued a series of updates covering, in...more

Overview of the U.S. and EU Sanctions on Russia

Over the past six months, the United States and the European Union have coordinated efforts through sanctions and trade controls to respond to Russian activity in Crimea and Ukraine. Following a long series of incremental...more

School Scams: FTC Cracks Down on Florida Online Diploma Mills

Online diploma mills, which require little or no coursework to complete a degree have recently garnered much attention within the online education realm. Websites which offer questionable diplomas for hundreds of dollars...more

SEC Obtains Asset Freeze of Turks and Caicos Company Conducting Ponzi Scheme

The Securities and Exchange Commission has obtained an emergency asset freeze of a Turks and Caicos company that allegedly ran a Ponzi scheme in Florida. According to the SEC’s complaint, between November 2004 and May 2014,...more

A new round of EU sanctions against Russia

On Friday 12 September 2014, an additional set of EU sanctions measures entered into force against the Russian Federation. Background - On 31 July 2014, the European Union adopted Regulation 833/2014, imposing...more

EU Strengthens Economic Sanctions Against Russia

The European Union (EU) put into effect on Friday (September 12, 2014) a new round of economic sanctions against Russia over its role in Ukraine. ...more

Sanctions: European Union significantly toughens its stance towards Russia

Note: This is an update to our last bulletin on this subject of 13 August 2014. The new measures are relevant to Harneys' core jurisdictions: Cyprus, the British Virgin Islands and the Cayman Islands. Concurrent with...more

Ukraine Crisis Update: US and EU Expand and Align Sanctions

The US and EU take coordinated action to broaden and align their Russia-related sanctions — which may evolve further depending on Ukraine peace plan progress. On September 12, 2014, the US and the EU announced new and...more

New EU Russia sanctions: ban on oil project services; wider capital market sanctions (loans and credit, shorter-term equity, with...

Today, the EU published a second round of targeted sanctions against Russia. These new measures expand the EU’s existing Russia sanctions and restrict access to capital markets covering certain loans and credit, trade in...more

European Regulation On The Freezing Of Bank Accounts

A new regulation establishing a European Account Preservation Order (EAPO) came into force on 17 July 2014 and will be applied by participating Member State courts from 18 January 2017. This instrument represents a new (and...more

Revised OFAC Guidance on "Shadow" SDNs

OFAC expands the scope of its 50% rule. On August 13, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued “Revised Guidance on Entities Owned by Persons Whose Property and Interests in...more

EU Sanctions Against Russia: Possible Effects on Aircraft Sector

Against the background of recent European Union (EU) sanctions targeting Russian airline Dobrolet, this note provides a general overview of relevant issues – especially in the context of the aircraft sector. I....more

Sanctions Update: Ukraine, Crimea and Sevastopol—the Ukrainian Parliament, the EU and the U.S. impose further measures

This Alert follows our previous alerts on the Russia/Ukraine sanctions available on our website. July continued to be a busy time as the Verkhovna Rada (the Ukrainian Parliament), the EU and the United States intensified...more

EU And US Impose Coordinated Sanctions Against Russia

Following an intense week of diplomatic negotiations, on July 29, the European Union and United States jointly announced a new round of economic sanctions targeting certain sectors of the Russian economy. The development...more

Ukraine Crisis Update: EU Enacts Sanctions Targeting Military Exports, Oil Sector and State-Owned Banks

The EU’s “Stage 3” sanctions restrict exports to the Russian military, exports of certain technologies for the oil industry, and certain Russian State-owned banks’ access to EU capital markets. New EU Measures Target...more

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