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Nov 29, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On November 21, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated Gazprombank, over 50 internationally connected Russian banks, more than 40 Russian securities registrars, and 15 Russian finance officials as part of a sweeping effort to curtail Russia’s access to the global financial system; therefore, all property and interests in property of the designated persons in the U.S. or in U.S. persons’ possession or control are blocked (frozen) and...
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Nov 27, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On October 28, 2024, the U.S. Department of the Treasury (the “Treasury”) released final regulations (the “Final Rule”) to implement Executive Order 14105, titled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (“EO 14105” or the “Outbound Order”) issued by President Biden on August 9, 2023.
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Nov 21, 2024 | 
jdsupra.com | John Emmanuel |Gerald Francese |Ryan Last
On November 13, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended several insurance-related Frequently Asked Questions (“FAQs”) (61, 62, 63, 64, 65, 68, 69, 102, 103, and 104) as part of its ongoing process of publishing updated guidance to the industry, and published two new insurance-related FAQs (1199 and 1200).
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Nov 15, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On October 31, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released guidance to the maritime shipping industry to help stakeholders identify and avoid sanctions evasion tactics. The guidance leverages scenario-based case studies to highlight common due diligence challenges and provides best practices for compliance.
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Nov 7, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On October 10, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Frequently Asked Question (“FAQ”) 1197 on securities held at the National Settlement Depository (“NSD”) in connection with Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587 (“RuHSR”).
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Oct 29, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On October 21, 2024, the Price Cap Coalition—comprising the G7, European Union, Australia, and New Zealand—released an updated advisory to address the rising risks of price cap evasion associated with the maritime oil trade, particularly concerning Russian Federation origin crude oil and petroleum products. The advisory focuses on the “shadow fleet,” a term used to describe aging vessels that engage in deceptive and illegal practices to circumvent sanctions and price caps.
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Oct 22, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On October 9, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued its first-ever guidance to financial institutions (“FIs”) on best practices to comply with the Export Administration Regulations (“EAR”). BIS notes that export violations are usually facilitated by payments through FIs. The BIS guidance provides recommendations to help FIs minimize the risk of inadvertently violating General Prohibition 10 (“GP 10”) and other aspects of the EAR.
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Oct 16, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On September 30, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) imposed a civil penalty of $151,875 against a U.S.-based technology company to resolve 45 alleged violations of the antiboycott provisions of the Export Administration Regulations (“EAR”). These violations occurred between July 2018 and December 2019 and involved requests from a distributor located in the United Arab Emirates (“UAE”) to refrain from importing Israeli-origin goods.
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Oct 15, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On September 11, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Interim Final Rule amending its Reporting, Procedures, and Penalties Regulations under 31 C.F.R. Part 501. This rule extends the recordkeeping requirements for certain transactions from 5 to 10 years and will take rolling effect starting on March 12, 2025.
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Oct 14, 2024 | 
jdsupra.com | Gerald Francese |Ryan Last
On September 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 8 alongside amendments to various Frequently Asked Questions (“FAQs”) in connection with the Global Magnitsky Sanctions Regulations, 31 CFR part 583, and the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587.
