An August 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) further delayed to November 12, 2024, U.S. persons’ rights as bondholders of Petróleos de Venezuela, S.A. (PdVSA) 2020 8.5%...more
On August 21, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a series of new initiatives to assist the public to better understand sanctions and the role of the private sector...more
OFAC Licensing Portal and Hotline Updates -
On July 18, 2024, the Department of the Treasury's Office of Foreign Assets Control (“OFAC”) provided information regarding updates to its Licensing Portal. The updates are...more
The Venezuela Sanctions Regulations, 31 CFR Part 591 (“VSR”), which was enacted pursuant to Executive Order (“EO”) 13850 of November 1, 2018 (“Blocking Property of Additional Persons Contributing to the Situation in...more
On August 2, 2024, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued Russia-related General License ("GL") 99A, which authorizes through October 12, 2024, the wind-down of transactions...more
On June 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a new Determination Pursuant to Section 1 (a)(ii) of Executive Order 14071 (the “Determination”) that prohibits U.S....more
On April 24, 2024, President Biden signed into law H.R. 815 (Pub. L. 118-50), “Making emergency supplemental appropriations for the fiscal year ending September 30, 2024, and for other purposes” (the “Act”), which includes...more
On May 10, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets (“OFAC”) amended General License (“GL”) 8N related to Venezuela Sanctions Regulations, 31 CFR part 591....more
On April 29, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published General License (“GL”) 8I related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR Part...more
On December 6, 2023, and February 24, 2024, the G7 Leaders announced their intention to diminish Russia’s earnings from metal exports. On April 12, 2024, in collaboration with the United Kingdom the United States introduced...more
An April 17, 2024, the U.S. Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) issued General License (“GL”) 44A (“Authorizing the Wind Down of Transactions Related to Oil or Gas Sector Operations in...more
The U.S. Commerce Department’s Bureau of Industry and Security (“BIS”) introduced a significant final rule on March 20, 2024, intending to fortify national security. This rule amendment enhances restrictions under the Export...more
On March 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended and reissued the Global Magnitsky Sanctions Regulations (the “Regulations”) to further the Global Magnitsky Human...more
Money laundering generally refers to financial transactions in which criminals, including terrorist organizations, attempt to disguise the proceeds, sources, or nature of their illicit activities. Money laundering facilitates...more
On March 5, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) and the U.S. Department of Justice (“DOJ”) issued a...more
On February 29, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets (“OFAC”) amended General License (“GL”) 45B related to Venezuela Sanctions Regulations, 31 CFR part 591. Subsequently, on March 1, 2024,...more
In response to the second anniversary of Russia’s illegal war against Ukraine and the death of political opposition leader and anti-corruption activist Aleksey Navalny, the United States Department of the Treasury’s Office of...more
On February 1, 2024 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a comprehensive "Oil Price Cap Compliance and Enforcement Alert" (the “Alert”) to bolster enforcement of the Russian...more
On January 29, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) revoked General License (“GL”) 43 and issued GL 43A (“Authorizing the Wind Down of Transactions Involving CVG Compania...more
On January 18, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated Hennesea Holdings Limited (“Hennesea”) and multiple vessels owned by Hennesea to the Specially Designated...more
On January 16, 2024, the U.S. Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) issued General License (“GL”) 5N (Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5...more
On December 22, 2023, President Biden ordered new U.S. sanctions against Russia by issuing Executive Order (“EO”) 14114 (“Taking Additional Steps with Respect to the Russian Federation’s Harmful Activities”). EO 14114 amends...more
On December 22, 2023, President Biden issued new Executive Order (“EO”) 14114, amending EO 14024 and EO 14068. The new EO grants the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) authority to...more
On December 20, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General Licenses (“GL”) 81 and GL 82 under the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR...more
On December 12, 2023, the Department of the Treasury's Office of Foreign Assets Control (“OFAC”) and the U.S. Department of State (“DOS”) sanctioned more than 250 individuals and entities by adding them to the List of...more