On November 21, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed Gazprombank – Russia’s largest remaining non-designated bank – and more than 50 other Russian banks on its Specially...more
In a sweeping, coordinated effort across federal agencies, the US government has taken a giant leap forward to prevent access to data that could be exploited to the detriment of national security. On February 28, 2024,...more
3/8/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Biden Administration ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Covered Person ,
Covered Transactions ,
Cuba ,
Data Protection ,
Data Security ,
Department of Justice (DOJ) ,
Executive Orders ,
International Data Transfers ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Personal Data ,
Prohibited Transactions ,
Russia ,
Sensitive Personal Information ,
Venezuela
After months of speculation, the US government took steps to regulate outbound investment in specific foreign industries of concern. President Biden on August 9, 2023, issued Executive Order 14105 directing the Department of...more
8/16/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
Biden Administration ,
China ,
Electronics ,
Executive Orders ,
Foreign Investment ,
Hong Kong ,
Macau ,
National Security ,
Notice Requirements ,
Office of Foreign Assets Control (OFAC) ,
Outbound Transactions ,
Popular ,
Prohibited Transactions ,
Semiconductors ,
Technology Sector ,
U.S. Treasury
Broadening its response to Russia’s one-year-old assault on Ukraine, the United States announced additional export control and sanctions measures, effective February 24, 2023.
These new measures expand restrictions on...more
3/7/2023
/ Belarus ,
Biden Administration ,
Blocked Person ,
Bureau of Industry and Security (BIS) ,
Commerce Control List ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Trade Regulations ,
General Licenses ,
Iran ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Technology Sector ,
Ukraine
The U.S. Government has announced additional measures to counter Russia’s war against Ukraine. On May 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) blocked certain Russian financial...more
5/12/2022
/ Biden Administration ,
Blocked Person ,
Bureau of Industry and Security (BIS) ,
Commerce Control List ,
Consultants ,
Exports ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Russia ,
SDN List ,
Supply Chain ,
Ukraine
By Executive Order of March 11, 2022, President Biden took yet additional steps to punish Russia for its incursions in Ukraine and to pressure it to change course.
This bars:
- The importation into the United States of...more
3/15/2022
/ Belarus Sanctions ,
Biden Administration ,
Economic Sanctions ,
Executive Orders ,
Export Controls ,
Exports ,
Foreign Investment ,
General Licenses ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine
As Russia’s invasion of Ukraine continues, the White House countered with another wave of sanctions and export controls.
Building on the restrictions discussed in our Phase I and Phase II alerts, these new measures further...more
3/7/2022
/ Belarus ,
Bureau of Industry and Security (BIS) ,
Commerce Control List ,
Defense Sector ,
Economic Sanctions ,
Entity List ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Financial Institutions ,
Foreign Direct Product Rule ,
General Licenses ,
Military End Use ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Russia ,
SDN List ,
Software Developers ,
Source Code ,
U.S. Commerce Department
Earlier this week, following Russia’s aggressive incursion into Ukraine, we reported on the imposition of U.S. sanctions in response — a modest response that reserved the heavier sanctions that have been anticipated.
On...more
2/25/2022
/ Banking Sector ,
Belarus ,
Bureau of Industry and Security (BIS) ,
CAPTA List ,
Commerce Control List ,
Economic Sanctions ,
End-Users ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
Foreign Direct Product Rule ,
General Licenses ,
Military End Use ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Russia ,
SDN List
To counter Russia’s escalating incursions into Ukraine and threats to its sovereignty, the United States has imposed a series of sanctions on Russian and Ukrainian persons and interests, to be implemented by the U.S....more
2/24/2022
/ Biden Administration ,
Economic Sanctions ,
Executive Orders ,
Exports ,
Financial Institutions ,
Foreign Policy ,
General Licenses ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Russia ,
SDN List ,
Sovereign Debt ,
Ukraine
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has implemented new sanctions affecting China pursuant to Executive Order (“E.O.”) 13959, one of the Trump Administration’s final actions. The...more
The Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) released brief policy guidance on April 20, 2020, addressing the COVID-19 pandemic’s impact on the capability of the global business...more
On Friday, the Office of Foreign Assets Control (OFAC) issued FAQ 551 stating that U.S. persons who deal in the prospective Venezuelan digital currency (the “Petro”) may be exposed to U.S. sanctions risk under Executive Order...more
Effective October 12, 2017, U.S. sanctions against Sudan have been lifted. U.S. persons are no longer prohibited from engaging in most transactions involving Sudan and the government of Sudan....more
Alleging that Venezuelan President Nicolas Maduro is corruptly selling off state assets at below value to enrich persons supporting his regime, and in order to deprive it of hard currency, the United States has imposed new...more
On January 13, 2017, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued a Final Rule, announcing that it would amend the Sudanese Sanctions Regulations to authorize all transactions previously...more
On January 16, 2016, the International Atomic Energy Agency verified that Iran had carried out its nuclear commitments under the Joint Comprehensive Plan of Action (“JCPOA”), triggering reciprocal obligations by the United...more