On May 5, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published General Licenses (“GL”) 8G related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR Part 587...more
On May 1, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a new General License (“GL”) 42, issued three new FAQs (FAQ 1123, FAQ 1124, and FAQ 1125), and amended existing FAQ 808...more
The U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) prepares official U.S. economic statistics, such as the U.S. international transactions accounts, the national income and product accounts, and the...more
On April 19, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Venezuela-related General License (“GL”) 5K and amended FAQ 595....more
On December 7, 2022, the United States, along with the EU and other G7 nations, imposed a price cap of $60 per barrel on crude oil of Russian Federation origin (“Russian oil”), effective December 5, 2022 (see our related...more
On April 12, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published four new General Licenses (“GL”) (GL 62, GL 63, GL 64, and GL 65), revoked GL 15, and issued FAQ 1122 related to the...more
4/18/2023
/ Blocked Person ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Foreign Policy ,
Foreign Relations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List
Russian “Exit Tax”. As of December 2022, the Russian Federation imposed new laws that could require U.S. persons to pay an “exit tax” prior to divesting assets located in the Russian Federation; any such payment could...more
On February 27, 2022, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a final rule (the “Iran Final Rule”) imposing new export control measures against Iran caused by to its support of Russian...more
On February 24, 2022, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a series of new export controls related to restrictions on trade with Russia and Belarus. The Russia / Belarus final rule...more
On February 24, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released a new determination targeting the metals and mining sector of the Russian Federation economy under Executive Order...more
Following U.S. tracking of the People’s Republic of China’s high-altitude balloon over U.S. airspace, the U.S. Commerce Department’s Bureau of Industry and Security (“BIS”) identified and designated six entities from the...more
On February 8, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published FAQ 1113 related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR Part 587 (the...more
On February 3, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a determination (“Price Cap on Petroleum Products of Russian Federation Origin”) pursuant to section 1(a)(ii), (1)(b)...more
On January 26, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) re-designated PMC Wagner (“Wagner Group”), a Russian private military company, as a significant transnational criminal...more
On January 17, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Venezuela-related General License (“GL”) 5J and amended FAQ 595....more
On January 17, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three Russia-related General Licenses (“GL”) 6C, GL 28B, and GL 54A, and amended four FAQs (FAQ 982, FAQ 1054,...more
On January 9, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Venezuela-related General License (“GL”) 31B and amended FAQ 522, 547, 660, 679, and 680....more
Russia’s Response to Western Oil Price Cap and New OFAC Preliminary Guidance on Implementation of the Price Cap Policy for Petroleum Products of Russian Federation Origin...more
On December 2, 2022, the U.S. Department of Commerce released the highly-anticipated preliminary findings of its investigation into alleged tariff circumvention efforts by Chinese and Southeast Asian manufacturers of solar...more
On December 15, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) (1) designated several individuals and entities to the Specially Designated Nationals and Blocked Persons (“SDN”) List,...more
On December 2, 2022, the United States, along with other G7 nations, including the European Union and Australia, adopted a price cap of $60 per barrel on seaborne crude oil of Russian Federation origin. The cap prevents firms...more
GL 13. On November 21, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) reissued General License (“GL”) 13C related to the Russian Harmful Foreign Activities Sanctions Regulations,...more
On November 18, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 54 related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR Part...more
On November 14, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 40C related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR Part 587...more
G7 leaders agreed last month to implement a price cap on Russian oil sales starting December 5, 2022. In conjunction with the G-7 agreement, on October 31, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets...more