The outbreak of COVID-19 is impacting international trade as global markets deal with uncertain supply and companies and governments work to ensure personal safety while developing contingency plans for handling the virus. In...more
3/12/2020
/ Breach of Contract ,
Bureau of Industry and Security (BIS) ,
Coronavirus/COVID-19 ,
Economic Sanctions ,
Export Controls ,
Exports ,
Force Majeure Clause ,
General Licenses ,
Humanitarian Assistance ,
Infectious Diseases ,
Medical Supplies ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Sanction Violations ,
Supply Chain
The U.S.Treasury Department’s Office of Foreign Assets Control (“OFAC”) added Rosneft Trading SA (“Rosneft Trading”), a subsidiary of Russian oil major Rosneft Oil Company (“Rosneft”), to the List of Specially Designated...more
2/25/2020
/ Crude Oil ,
Debt Instruments ,
Economic Sanctions ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Risk Assessment ,
Russia ,
Sanction Violations ,
SDN List ,
Secondary Sanctions ,
SSI List ,
U.S. Treasury ,
Venezuela ,
Winding Down
On April 25, 2019, Haverly Systems, Inc. (Haverly) agreed to pay a penalty of $75,375 to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to settle charges related to two violations of sanctions...more
4/30/2019
/ Compliance ,
Corporate Counsel ,
Economic Sanctions ,
Enforcement Actions ,
Goods or Services ,
Office of Foreign Assets Control (OFAC) ,
Payment Terms ,
Penalties ,
Russia ,
Sanction Violations ,
SSI List
On December 1, 2018, acting at the request of the United States, Canadian authorities arrested a senior officer of Huawei Technologies Co. (“Huawei”), the Chinese telecommunications equipment and consumer electronics device...more
12/12/2018
/ Arrest ,
China ,
Criminal Investigations ,
Export Controls ,
Financial Institutions ,
Financial Transactions ,
Hong Kong ,
HSBC ,
Iran Sanctions ,
Sanction Violations ,
Supply Chain ,
Tariffs ,
Trade Relations ,
US Trade Policies
Following the U.S. decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) and reimpose sanctions on Iran, the EU has confirmed its full commitment to keep the agreement alive for the remaining parties, as...more
6/13/2018
/ Blocking Statutes ,
EU ,
European Commission ,
Exemptions ,
Foreign Relations ,
General Licenses ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Sanction Violations ,
Secondary Sanctions ,
Trade Relations ,
Trump Administration ,
Waivers ,
WTO