The Biden Administration recently issued the latest round of U.S. sanctions against Russia, focusing on (1) secondary sanctions applicable to foreign financial institutions (“FFIs”) that engage in certain transactions in...more
PT Bukit Muria Jaya (“BMJ”), an Indonesian corporation, recently agreed to pay a criminal fine of more than $1.5 million and to strengthen its compliance program after violating the U.S. sanctions regime. Similarly-situated...more
Ransomware demands have surged during the pandemic. Earlier this month, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an advisory pertaining to the financial implications of succumbing...more
The recent arrest of a top executive of a Chinese company follows the U.S. Department of Justice’s (“DOJ”) newly announced “China Initiative.” The initiative consists of a task force aimed at identifying suspected Chinese...more
Action Item: The Administration further implemented its new Cuba policy facilitating passenger vessel service to Cuba and opening opportunities in Cuba’s maritime, telecommunications, and construction sectors. Considering the...more
Action Item: On January 16, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control and the U.S. Department of Commerce amended the Cuban Assets Control Regulations and the Export Administration...more
1/22/2015
/ Amended Regulation ,
Bureau of Industry and Security (BIS) ,
Cuban Assets Control Regulations (CACR) ,
Embargo ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Office of Foreign Assets Control (OFAC) ,
Trade Relations ,
U.S. Commerce Department ,
U.S. Treasury
The end of 2014 has seen major developments in U.S. foreign relations and sanctions policy with broad implications for the maritime industry. On December 17, President Obama announced a paradigm shift in relations with Cuba,...more