The United States eased certain economic sanctions against Venezuela on 18 October 2023 in response to the signing of an electoral roadmap agreement between the Maduro regime and Venezuela’s Unitary Platform. Under this...more
On 8 May 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a Determination pursuant to Executive Order (EO) 14071 (6 April 2022) (the Determination) that prohibits the export,...more
On 6 April 2022, the United States imposed a new round of sanctions on Russia in response to its continued actions in Ukraine. K&L Gates covered previous rounds of sanctions in alerts on 24 February, 25 February, 15 March,...more
4/8/2022
/ Attorney General ,
Banks ,
Biden Administration ,
Blocking Sanctions ,
Economic Sanctions ,
EU ,
Executive Orders ,
Financial Institutions ,
G7 ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine
As an update to our previous alerts of 24 February, 25 February, and 15 March, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 24 March announced an additional round of sanctions on Russia—one...more
As an update to K&L Gates’ previous alerts of 24 February and 25 February, U.S. President Joe Biden issued two executive orders (EOs) last week imposing additional sanctions against Russia. The first order, EO 14066, issued...more
3/16/2022
/ Belarus ,
Biden Administration ,
Economic Sanctions ,
Energy Sector ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Export Controls ,
Foreign Investment ,
Foreign Policy ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Trade Restrictions
As an update to K&L Gates’ previous alert on 24 February, U.S. President Joe Biden announced sanctions and export controls against Russia that are in addition to those imposed on the 21st and 22nd of February. This escalation...more
This week, the United States imposed new economic sanctions in response to efforts by the Russian Federation to undermine the sovereignty and territorial integrity of Ukraine. As discussed herein, they consist of: (1) an...more
2/25/2022
/ Blocking Sanctions ,
Economic Sanctions ,
Embargo ,
Export Controls ,
Foreign Policy ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Pipelines ,
Russia ,
SDN List ,
Sovereign Debt ,
Ukraine
Banks and trust companies maintaining collective investment funds (CIFs) took notice when the U.S. Securities and Exchange Commission (SEC) announced enforcement proceedings on 30 September 2020 against Great Plains Trust...more
Overview -
In a major expansion of U.S. sanctions against Venezuela, the Department of the Treasury, Office of Foreign Assets Control (“OFAC”), named Petróleos de Venezuela, S.A. (“PdVSA”)—Venezuela’s state-owned oil and...more
On May 8, 2018, President Trump formally announced that the United States would cease participation in the Iran nuclear deal, also called the Joint Comprehensive Plan of Action (“JCPOA”). In accordance with a Presidential...more
5/21/2018
/ Economic Sanctions ,
Exports ,
Foreign Policy ,
Imports ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Trump Administration
On October 13, 2017, President Trump announced that he was “decertifying” Iran’s compliance with the Joint Comprehensive Plan of Action (“JCPOA”), the multi-nation agreement on Iran’s nuclear program that was implemented in...more
Effective October 12, the Trump administration revoked the U.S. embargo on Sudan in accordance with Executive Order 13761 (Jan. 13, 2017) and Executive Order 13804 (July 11, 2017). As a result of this action, Sudan and the...more
On August 2, 2017, President Trump signed into law the Countering American’s Adversaries Through Sanctions Act (the “Act”). Passed by overwhelming bipartisan majorities in both Houses of Congress, the Act combines several...more
The United States imposed trade sanctions on Myanmar (a.k.a. Burma) beginning in May 1997 after determining that the military junta had committed large-scale repression of the democratic opposition in Burma. The Burma...more
On January 16, 2015, the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”), and the Bureau of Industry and Security, U.S. Department of Commerce (“BIS”), each published regulations implementing the...more
1/26/2015
/ Amended Regulation ,
Banking Sector ,
Barack Obama ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Embargo ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Telecommunications ,
Trade Relations ,
Travel Permits ,
U.S. Treasury
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
10/13/2014
/ Asset Freeze ,
Australia ,
Banking Sector ,
Bureau of Industry and Security (BIS) ,
Defense Sector ,
Energy Sector ,
EU ,
Export Administration Regulations (EAR) ,
ITAR ,
Japan ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
SDN List ,
SSI List ,
Travel Ban ,
Ukraine
U.S. Sanctions -
On September 12, the United States, in coordination with the EU, imposed additional sanctions against Russia in connection with events in Ukraine. Specifically...
- the Office of Foreign Assets...more
9/23/2014
/ Banking Sector ,
Bureau of Industry and Security (BIS) ,
Defense Sector ,
Energy Sector ,
Export Controls ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
SDN List ,
SSI List ,
U.S. Treasury ,
Ukraine
On July 16, 2014, the United States ratcheted up its sanctions on Russia in connection with escalating tensions in Eastern Ukraine. Specifically, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”)...more
Following the agreement between G7 leaders on 25 April to promptly impose additional sanctions on Russia as it has failed to deliver on its Geneva commitments, the EU and the U.S. have now added new individuals and entities...more
On 14 April 2014, the EU Foreign Affairs Ministers identified four additional individuals as responsible for misappropriation of Ukrainian state funds and added them to the list, subject to restrictive measures in view of the...more
On Sunday, Crimea voted to secede from Ukraine. The EU and U.S., which consider Sunday’s referendum in Crimea to be illegal, retaliated with sanctions. The nature of these is set out below as a further update to the Alert...more
As the tension in the Ukraine continues, particularly in relation to Crimea, foreign investors in the region will be monitoring developments with some concern.
In addition to unrest on the ground in the Ukraine, both...more