News & Analysis as of

Office of Foreign Assets Control (OFAC) Foreign Relations Executive Orders

Troutman Pepper Locke

Unprecedented "Secondary Tariffs" for Oil Trade With Venezuela

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On April 2 — labeled “Liberation Day” by President Trump — the Trump administration is set to add a new sanctions-like boost to its tariff strategy, with a threat to impose unprecedented “secondary tariffs” of 25% on “all...more

BakerHostetler

Current State of U.S. Export Controls in Response to the Russian Federation’s Invasion of Ukraine - May 2024

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In response to Russia’s invasion of Ukraine, the U.S. government has deployed a whole-of-government approach to impose sanctions and tighter export controls on Russia. ...more

Dorsey & Whitney LLP

Biden Administration Adds Sanctions Against Foreign Financial Institutions Supporting Russia’s Military-Industrial Base

Dorsey & Whitney LLP on

As the February 2022 Russian invasion of neighboring Ukraine approaches its second anniversary and as Russia has increasingly turned to covert relationships with third country providers to avoid U.S., European Union and other...more

Troutman Pepper Locke

New U.S. Presidential Order Bans ‎Import of Russian Seafood

Troutman Pepper Locke on

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

Vedder Price

Latest Round of Russia Sanctions Targets Foreign Financial Institutions Supporting Russia's Military-Industrial Base

Vedder Price on

On December 22, 2023, President Biden issued Executive Order (E.O.) 14114 further addressing the Russian Federation’s (Russia) continued use of its military-industrial base to support its aggression against Ukraine and to...more

The Volkov Law Group

New Executive Order Expands Treasury’s Authority to Impose ‘Secondary Sanctions’ on Foreign Financial Institutions Involved in...

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On December 22, 2023, President Joseph R. Biden, Jr. issued an executive order—”Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities”—that subjects certain foreign financial institutions that...more

Blank Rome LLP

New U.S. Russia Sanctions Target Financial Support of Military-Industrial Base and Expand Ban of Seafood Imports

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The Biden Administration recently issued the latest round of U.S. sanctions against Russia, focusing on (1) secondary sanctions applicable to foreign financial institutions (“FFIs”) that engage in certain transactions in...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions network supporting Iran’s missile and military programs

On June 6, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions, pursuant to Executive Order 13382, against seven individuals and six entities in Iran, China, and Hong Kong for supporting Iran’s...more

Orrick, Herrington & Sutcliffe LLP

OFAC announces new Sudan E.O., issues and amends several sanctions general licenses and FAQs

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) recently announced several sanctions-related actions, including President Biden’s new Executive Order (E.O.) Imposing Sanctions on Certain Persons...more

Latham & Watkins LLP

Sanctions Update: US, EU, UK Introduce New Sanctions and Export Controls to Mark One-Year Anniversary of Russian Invasion of...

Latham & Watkins LLP on

New announcements and rules expand the scope of existing sanctions and export controls on Russia. This Client Alert is published in the context of ongoing developments and should be read in conjunction with the Latham’s...more

Holland & Knight LLP

No Time for a Year in Review with a Bear on the Loose

Holland & Knight LLP on

The Biden Administration continues to place pressure on Russia, and on Feb. 24, 2023, marked the one-year anniversary of Russia's invasion of Ukraine with additional sanctions, export controls and tariffs. These new policies...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - March 2023

In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS)...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

Alston & Bird

U.S. Sanctions and Export Controls Against Russia Continue Expansion as Efforts to Target Sanctions Evasion Come into Clearer...

Alston & Bird on

As the Russian invasion of Ukraine enters its fifth month, the United States continues to enact economic measures to discourage Russia from continuing hostilities, as well as impair their military operations in the country. ...more

Kelley Drye & Warren LLP

More Sanctions on Russia: Import Bans, Revocation of MFN Status, Luxury Goods Ban, USD Ban, Other Measures

In coordination with the European Union and G7 countries, the United States announced a raft of new sanctions and trade control measures targeting Russia today in response to the ongoing war in Ukraine. The new measures...more

Eversheds Sutherland (US) LLP

In the latest tranche of sanctions, the US bans imports of Russian oil and coal

In the latest action to expand sanctions against Russia in response to its invasion of Ukraine, on March 8, 2022, President Biden announced in a televised speech a ban on imports of Russian oil, natural gas, and coal into the...more

Wilson Sonsini Goodrich & Rosati

President Biden Issues Executive Order Amending Restrictions on Chinese Military and Surveillance Companies

On June 3, 2021, President Biden signed Executive Order 14032 (Addressing the Threat from Securities Investments That Finance Certain Companies of the People's Republic of China), modifying the prohibitions placed by the...more

Akin Gump Strauss Hauer & Feld LLP

Biden Administration Revamps Sanctions Program Targeting Publicly Traded Securities of Designated Chinese Military Companies

On June 3, 2021, President Biden issued Executive Order 14032 (Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China) (“CMIC EO”) that modifies the Trump-era...more

Cozen O'Connor

OFAC Amends and Reissues More Comprehensive Somalia Sanctions Regulations

Cozen O'Connor on

In a final rule issued last week, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) has amended and reissued the Somalia Sanctions Regulations, which can be found in 31 C.F.R. Part 551....more

Proskauer Rose LLP

Chinese Military Companies Trading Ban: Overview of OFAC’s Ongoing Guidance

Proskauer Rose LLP on

On November 12, 2020, the Trump Administration issued an Executive Order prohibiting U.S. persons from trading securities and related derivatives in “Communist Chinese Military Companies” (CCMCs), effective 60 days later on...more

Morgan Lewis

OFAC Publishes Hong Kong Sanctions Regulations: Implications for Business With Hong Kong Entities

Morgan Lewis on

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published final rules on January 15, 2021, implementing the sanctions put in place by Executive Order 13936 (EO 13936) and the Hong Kong Autonomy Act...more

Stinson - Government Contracting Matters

EO Addressing Threat from Securities Investments in Chinese Military Companies

As a preface to this blog, I recently gave a presentation with Nate Picarsic and Emily de la Bruyere at the American Bar Association Public Contract Law Section Fall Procurement Symposium on “China’s Military-Civil Fusion...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Imposes New Restrictions on Chinese Military Companies

On November 12, 2020, President Trump signed Executive Order 13959 prohibiting U.S. persons from engaging in any transaction in publicly traded securities in “Communist Chinese military companies” (CCMCs), effective January...more

Morgan Lewis

Implications of the New Executive Order Prohibiting Transactions in Publicly Traded Securities of Chinese Military Companies

Morgan Lewis on

The new Executive Order (EO or the Order) bans transactions by US persons in publicly traded securities of companies identified as “Chinese military companies,” and includes a ban on trading in derivatives of those securities...more

Mayer Brown Free Writings + Perspectives

Executive Order Prohibiting U.S. Investments in Communist Chinese Military Companies

A Presidential executive order was issued on November 12, 2020 finding that “the People’s Republic of China (“PRC”) is increasingly exploiting United States capital to resource and to enable the development and modernization...more

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