News & Analysis as of

Office of Foreign Assets Control (OFAC) Banks General Licenses

Troutman Pepper Locke

Financial Transactions Related to Russian Energy Now Prohibited: Expiration of OFAC ‎General License 8L

Troutman Pepper Locke on

On March 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) allowed General License (GL) 8L under the Russian Harmful Foreign Activities Sanctions Regulations to expire. As a result, broad OFAC...more

Goodwin

OFAC Targets Gazprombank and More Than 50 Other Banks in New Wave of Sanctions Against Russia’s Financial System

Goodwin on

On November 21, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed Gazprombank – Russia’s largest remaining non-designated bank – and more than 50 other Russian banks on its Specially...more

Williams Mullen

New Russia Sanctions Target Foreign Financial Institutions, Expand Import Bans

Williams Mullen on

On December 22, 2023, President Biden issued Executive Order (EO) 14114, imposing significant new economic sanctions against Russia to address the ongoing national security threat posed by the country’s invasion of Ukraine...more

Husch Blackwell LLP

OFAC Imposes “First Tranche” of Russia Sanctions Aimed at Russian Banks and Oligarchs

Husch Blackwell LLP on

On February 22, 2022, one day after the Russian Federation formally recognized the Donetsk People’s Republic (“DNR”) and Luhansk People’s Republic (“LNR”) of Ukraine as “independent states” and the Biden Administration...more

Hogan Lovells

U.S. government ends uncertainty surrounding the use of the Central Bank of Iran (CBI) in humanitarian trade with Iran and opens...

Hogan Lovells on

On 27 February 2020, the Office of Foreign Assets Controls (OFAC) issued General License (GL) 8 authorizing certain humanitarian trade transactions involving the Central Bank of Iran (CBI) that are otherwise prohibited under...more

White & Case LLP

US Imposes Additional Sanctions on Russia under the Chemical and Biological Weapons Control and Warfare Elimination Act

White & Case LLP on

On August 2, 2019, the United States announced the imposition of additional sanctions on the Russian Federation under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (CBW Act)....more

King & Spalding

The Trump Administration Imposes Broad Sanctions Against Venezuelan Banks, Escalating Pressure on the Maduro Government

King & Spalding on

On March 22, 2019, the Trump Administration initiated another round of sanctions against Venezuelan entities, sanctioning the Banco de Desarrollo Economico y Social de Venezuela (“Banco de Bandes”) as well as four other...more

Sheppard Mullin Richter & Hampton LLP

Retrenchment on Cuban Sanctions; The Search for a Middle Ground

The Trump Administration has made good on its promise to cut back on the liberalized Cuban policy implemented by the Obama Administration with a new regime that introduces new travel restrictions as well as broad prohibitions...more

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