News & Analysis as of

Office of Foreign Assets Control (OFAC) Cybersecurity Russia

Skadden, Arps, Slate, Meagher & Flom LLP

Political Changes Are Unlikely To Fundamentally Alter Key Sanctions

Key Points - - Political transitions in the West notwithstanding, we expect economic sanctions to remain a key response to geopolitical issues. - Current sanctions policy priorities are unlikely to shift markedly in...more

Holland & Knight LLP

Commerce Department: Final Determination of Russia-Backed Cybersecurity, Antivirus Software

Holland & Knight LLP on

The U.S. Department of Commerce's Office of Information and Communications Technology and Services (OICTS) within the Bureau of Industry and Security (BIS) issued a Final Determination on June 20, 2024, pursuant to Executive...more

Morrison & Foerster LLP

OFAC Year in Review 2023 – Part 1

2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional sanctions on Russia in...more

WilmerHale

Building Ransomware Resilience - A Proactive Strategy for Businesses and Regulators

WilmerHale on

The rise of ransomware attacks has prompted the international community to explore a range of approaches to deter these attacks, including the use of sanctions, the further development and instantiation of norms governing...more

The Volkov Law Group

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

The Volkov Law Group on

In today’s world of cyber threats, many companies have fallen victim to ransomware attacks.  Corporate boards and senior executives face serious issues when their companies are attacked. The payment of ransom is not only...more

Kohrman Jackson & Krantz LLP

Why are Company Ransomware Payments Dropping Dramatically?

Companies are increasingly choosing not to pay ransom for ransomware and extortionware due to the growing associated risks. In fact, a recent report by crypto-crime analyst firm Chainalysis found that payments to threat...more

Braumiller Law Group, PLLC

Hot Topics in International Trade - October 2022 - OFAC Reissues Cyber-Related Sanctions Regulations

An inherent aspect of any new technology is that it doesn’t take long for bad actors to figure out how it can be weaponized for nefarious purposes. Cyber-related technologies represent an increasingly dangerous area of risk...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - October 5, 2022

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On September 15, President Biden issued the first ever executive order (E.O.) regarding the Committee on Foreign Investment in the United States (CFIUS). While the E.O. does not change the law or regulations related to CFIUS...more

Ankura

LockBit Implements New Technique by Leaking Victim Negotiations

Ankura on

While many ransomware groups come and go, LockBit seems to be the one that persists. First discovered in September 2019 using the name ABCD, and then gaining notoriety as LockBit in April 2020, the group has outlasted many of...more

Bracewell LLP

Sanctions and Cyber and Crypto, Oh My: The Convergence of Emerging Regulatory and Enforcement Risks Requires Nimble Responses...

Bracewell LLP on

At a sanctions conference held in Washington D.C. on May 5, government officials, practitioners and corporations highlighted the government’s broadening focus on anti-corruption enforcement, across more traditionally siloed...more

American Conference Institute (ACI)

[Event] 16th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - May 5th - 6th, Washington, DC

ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance is widely regarded as the premier conference designed for those working in global sanctions compliance, internal audits and investigations,...more

The Volkov Law Group

How to Avoid Sanctions Liability Following a Ransomware Attack

The Volkov Law Group on

Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure their internal systems are able to withstand cybercrime attacks. ...more

K2 Integrity

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

K2 Integrity on

The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

Lowenstein Sandler LLP

Trade Matters, February 2022: A monthly newsletter covering global trade & national security developments

1. Treasury Mandates Reporting of Foreign Securities Holdings of $200M or More- All U.S. persons (custodians and end investors) who manage $200 million or more in foreign securities for themselves or others must file a...more

Lowenstein Sandler LLP

Trade Matters - November 2021

Lowenstein Sandler LLP on

1. New Cybersecurity Export Controls From BIS Go Into Effect in January - The Bureau of Industry and Security (BIS) has released an interim final rule establishing new export controls on certain cybersecurity items and...more

Morrison & Foerster LLP

Biden Administration Issues Sweeping New Sanctions On Russia In Response To Election Interference, Malicious Cyber Activity, And...

On April 15, 2021, following discussions just days earlier of a potential summit between President Biden and Russian President Putin and as Russian troops amassed along the Ukrainian border, the Biden Administration issued...more

Holland & Hart LLP

President Biden Gets Tough on Russia with New Executive Order

Holland & Hart LLP on

President Biden issued yesterday an Executive Order imposing sweeping sanctions on Russia in response to Russia’s cyberespionage campaign against the United States, efforts to influence the 2020 presidential election, its...more

Society of Corporate Compliance and Ethics...

US sanctions Russian research facility for alleged cybercrimes

CEP Magazine (January 2021) - The United States Department of the Treasury’s Office of Foreign Assets Control announced sanctions against the State Research Center of the Russian Federation FGUP Central Scientific Research...more

Bradley Arant Boult Cummings LLP

Facilitating Ransomware Payments Entails Sanctions Risks, OFAC Warns

The Treasury Department’s Office of Foreign Assets Control (OFAC) issued an advisory on October 1, 2020, warning companies that engage with the victims of ransomware attacks that they run the risk of violating U.S. sanctions...more

Ballard Spahr LLP

U.S. Treasury and DOJ Targets “Evil Corp”

Ballard Spahr LLP on

Organization Excels at Niche Branding but Stumbles in Avoiding Enforcement - The first paragraph of the press release sums it up: Today the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) took action...more

Husch Blackwell LLP

OFAC Imposes More Russian Cyber Sanctions And Foreshadows Future Oligarch Sanctions

Husch Blackwell LLP on

On March 15, 2018 the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) exercised its authority to issue cyber sanctions under Executive Order 13694 and the new Countering America’s Adversaries Through...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - October 2017

ANTICORRUPTION DEVELOPMENTS – Global Compliance Overhaul for SAP as DOJ and SEC Investigate Payments Allegedly Related to South African Government Contracts – On October 26, 2017, German software company SAP SE...more

Akin Gump Strauss Hauer & Feld LLP

Implementing CAATSA - OFAC Issues Amended Russian-Related Sectoral Sanctions Under Directives 1 and 2

On September 29, 2017, OFAC modified Directives 1 and 2 of Executive Order 13662 to reduce the permissible maturity for new debt issued by Russian financial and energy entities designated under these directives, as well as...more

Latham & Watkins LLP

Expanded Russia, Iran, and North Korea Sanctions; Top 10 Takeaways (Japanese Translation)

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President Trump signs the “Countering America’s Adversaries Through Sanctions Act,” which — among other measures — requires Congressional review to ease Russia-related sanctions. On Wednesday, August 2, 2017, President...more

Holland & Knight LLP

Obama Uses Executive Order Authority to Respond to Malicious Russian Cyber Activity - President Amends EO 13964 From April 2015 in...

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President Barack Obama amended Executive Order (EO) 13964 on December 29, 2016, in response to intelligence community findings that the Russian government engaged in malicious cyber activity with respect to the U.S. electoral...more

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