News & Analysis as of

Petroleum Office of Foreign Assets Control (OFAC)

The Volkov Law Group

OFAC Rolls Back Venezuelan Sanctions Relief, Again Prohibiting Oil and Gas Transactions

The Volkov Law Group on

On April 17, 2024, OFAC formally rolled back the sanctions relief it previously provided to the Venezuelan oil and gas industry.  While OFAC provided the initial relief believing that Venezuela would permit a fair and open...more

Whitcomb Selinsky, PC

Illegal Export Scheme: US Seizes Funds in Civil Forfeiture Action

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In a recent legal breakthrough that highlights the importance of ITAR compliance and arms regulation, the United States has achieved a significant milestone. Through a rigorous investigation into an illicit scheme involving...more

Seward & Kissel LLP

OFAC Issues New Russian Oil Price Cap Advisory and Sanctions Entities Transporting Oil Sold Above the Price Cap

Seward & Kissel LLP on

On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more

ArentFox Schiff

Stopping Just Short of the Kitchen Sink, USG Requires Licenses for Exports of Entire HTS Chapters to Russia

ArentFox Schiff on

During the G7 meeting in Japan on May 19, 2023, the US Department of Commerce’s Bureau of Industry and Security (BIS) published two new rules aimed at further restricting Russia’s ability to obtain items needed to support its...more

Torres Trade Law, PLLC

Alert on the Russian Oil Price Cap and Possible Evasion

Torres Trade Law, PLLC on

The United States Office of Foreign Assets Control (“OFAC”) issued an Alert on April 17, 2023, warning U.S. persons about the possible evasion of the price cap imposed by the Department of Treasury on Russian oil. Pursuant to...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - March 2023

In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS)...more

Eversheds Sutherland (US) LLP

Services ban and EU import ban come into effect for seaborne Russian petroleum products

On February 5, 2023, the G7 announced that the “price cap” on western-backed seaborne trades of Russian-origin petroleum products to third countries would be set at $45 per barrel ($45/bbl) for Discount to Crude petroleum...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

Orrick, Herrington & Sutcliffe LLP

U.S., EU, and UK Price Cap Sanctions Prohibiting Services for Maritime Transport of Russian Petroleum Products

Effective February 5, 2023, a coalition of G7 countries, Australia, and the European Union have generally forbidden service providers to provide certain services relating to the maritime transport of certain Russia-origin...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions 9 companies for involvement in Iranian petrochemicals and petroleum

On February 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13846, against six Iran-based petrochemical manufacturers or their subsidiaries, as well...more

Seward & Kissel LLP

OFAC Issues Determination and Guidance For Additional Russian Petroleum Products Price Caps

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As noted in our prior alerts (concerning OFAC’s September 9, 2022 preliminary guidance, an October 31, 2022 follow-on FAQ clarifying the applicability of the price cap policy, and the December 5, 2022 effective date of the...more

Holland & Knight LLP

OFAC Updates U.S. Oil Price Cap Policy Against Russia

Holland & Knight LLP on

As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more

Seward & Kissel LLP

Economic Sanctions and the Russian Oil Price Cap Policy

Seward & Kissel LLP on

Background - As the Russia-Ukraine war approaches its one-year anniversary with no end in sight, U.S., EU and UK authorities, among other nations, continue to exert calculated but sustained pressure on the Russian...more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

K2 Integrity on

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

Orrick, Herrington & Sutcliffe LLP

OFAC issues preliminary guidance on price cap policy implementation

On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced preliminary guidance on the implementation of the price cap policy for petroleum products of Russian Federation origin....more

Hogan Lovells

OFAC issues guidance on implementation of G7 price cap on Russian crude oil and petroleum products

Hogan Lovells on

On 9 September 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published “Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne...more

The Volkov Law Group

OFAC Releases Preliminary Guidance on Price Caps for Russian Origin Crude Oil and Petroleum Products

The Volkov Law Group on

On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving Russian Federation...more

Holland & Knight LLP

Navigating the Recent U.S. Sanctions on COSCO (Dalian) and Other Chinese Companies

Holland & Knight LLP on

The U.S. Office of Foreign Assets Control (OFAC) on Sept. 25, 2019, designated COSCO Shipping Tanker (Dalian) Co. Ltd. (COSCO Dalian), Kunlun Shipping Company Ltd., and certain other entities and individuals as Specially...more

Holland & Hart LLP

United States Significantly Expands Sanctions Against Venezuela’s Government

Holland & Hart LLP on

On August 6, 2019, the President issued an Executive Order imposing new sanctions against the government of Venezuela. This sweeping executive action comes after several rounds of escalating U.S. sanctions against the...more

WilmerHale

President Trump Signs Executive Order Blocking the Property of the Venezuelan Government

WilmerHale on

On August 5, 2019, President Donald Trump signed Executive Order 13884, Executive Order Blocking Property of the Government of Venezuela (EO 13884). EO 13884 is designed to further increase pressure on the Nicolás Maduro...more

Baker Donelson

Updated Syria Advisory Warns Petroleum Shippers on Syria and Iran Sanctions

Baker Donelson on

On March 25, 2019, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), along with the U.S. Department of State and the U.S. Coast Guard, issued an updated version of a similar advisory issued on...more

White & Case LLP

United States Expands Venezuela Sanctions, Targets PdVSA

White & Case LLP on

On January 28, 2019, the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Petróleos de Venezuela, S.A. (PdVSA) on the List of Specially Designated Nationals and Blocked Persons (SDN List). PdVSA...more

Holland & Knight LLP

OFAC Designates Petroleos de Venezuela S.A.; U.S. Expands Sanctions on Venezuelan Government - Additional Measures Also Taken...

Holland & Knight LLP on

• Pursuant to Executive Order 13850 (E.O. 13850), the U.S. Department of the Treasury's (Treasury) Office of Foreign Assets Control (OFAC) designated Petroleos de Venezuela, S.A. (PdVSA), effectively blocking PdVSA's property...more

Dechert LLP

End of the Road: U.S. Sanctions on Iran Come Back Into Effect

Dechert LLP on

On November 5, 2018, applicable wind-down periods for certain transactions with Iran ended and the second and final set of U.S. secondary sanctions that had been lifted pursuant to the Iran nuclear deal – the Joint...more

The Volkov Law Group

OFAC Begins to Re-Impose Iran Sanctions and Expands Reach of Previous Sanctions

The Volkov Law Group on

The Trump Administration issued a new executive order on August 6, 2018, in order to reimpose the first tranche of the Iran sanctions lifted by the former Joint Comprehensive Plan of Action (“JCPOA”). ...more

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