On May 1, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State sanctioned nearly 300 individuals, businesses, and vessels abroad to further degrade Russia’s...more
Throughout 2022, the U.S. government continued to expand its economic and trade sanctions programs, particularly given the conflict in Ukraine and its global ramifications. During the year, the U.S. Department of the...more
The U.S. Expands Sanctions Against Russia to Include the Accounting, Trust and Corporate Formation Services, and Management Consulting Sectors of the Russian Economy and Expands Export Controls to Russian Industrial and...more
What are primary sanctions? Sanctions programs administered by the Office of Foreign Assets Control (“OFAC”) require the “blocking” or “freezing” of assets of an “SDN.” U.S. persons are generally prohibited from engaging in...more
Russia’s recent invasion against Ukraine is prompting the United States (U.S.) and other countries to issue sanctions and restrictions on Russia. Companies that do business in Russia or in the region should take steps to keep...more