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Jan 14, 2025 | 
sanctionsnews.bakermckenzie.com | Paul Amberg |Ben Smith |Lise S. Test |Sophie Armstrong
On 10 January 2025, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the UK’s Office of Financial Sanctions Implementation (“OFSI”) announced the designations of two major Russian oil companies, PJSC Surgutneftegas and Gazprom Neft. The US and the UK have introduced new general licenses to permit limited activity relating to these entities, detailed further below.
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Nov 27, 2024 | 
sanctionsnews.bakermckenzie.com | Lise S. Test |Vivian Tse |Rob O'Brien |Kerry Contini
On November 21, 2024, the US Department of the Treasury‚Äôs Office of Foreign Assets Control (‚ÄúOFAC‚ÄĚ) designated dozens of Russian banks, including Gazprombank and other Russian banks, securities registrars, and finance officials, to the List of Specially Designated Nationals and Blocked Persons (‚ÄúSDN List‚ÄĚ).
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Nov 27, 2024 | 
sanctionsnews.bakermckenzie.com | Lise S. Test |Vivian Tse
On November 21, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated dozens of Russian banks, including Gazprombank and other Russian banks, securities registrars, and finance officials, to the List of Specially Designated Nationals and Blocked Persons (“SDN List”).
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Sep 6, 2024 | 
sanctionsnews.bakermckenzie.com | Kerry Contini |Lise S. Test |Rob O'Brien
On August 23, 2024, the eve of Ukraine’s Independence Day (August 24, 2024), the US Departments of Commerce and Treasury issued new export controls and sanctions in response to Russia’s invasion of Ukraine. The new controls target the procurement networks who support Russia’s war on Ukraine and its military industrial complex and payment channels.
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May 13, 2024 | 
sanctionsnews.bakermckenzie.com | Kerry Contini |Lise S. Test |Vivian Tse
On May 10, 2024, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued an interim final rule (“IFR”), effective on August 8, 2024, amending the Reporting, Procedures and Penalties Regulations under 31 CFR 510 (the “Regulations”). The IFR includes revisions and clarifications to certain procedures and reporting requirements related to certain OFAC submissions, including reports of blocked property and rejected transactions.
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May 13, 2024 | 
lexology.com | Kerry Contini |Lise S. Test |Vivian Tse
On May 10, 2024, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued an interim final rule (“IFR”), effective on August 8, 2024, amending the Reporting, Procedures and Penalties Regulations under 31 CFR 510 (the “Regulations”). The IFR includes revisions and clarifications to certain procedures and reporting requirements related to certain OFAC submissions, including reports of blocked property and rejected transactions.
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Apr 17, 2024 | 
sanctionsnews.bakermckenzie.com | Kerry Contini |Lise S. Test
Last month, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) published updated guidance materials for freight forwarders and exporters and updated their “Don’t Let This Happen to You” guidance document. BIS also published a new resource to help identify boycott-related requests. Updated GuidanceBIS issued updated guidance for freight forwarders and exporters who use freight forwarders to help them ensure compliance with US export controls and regulatory requirements.
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Mar 5, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Lise S. Test |Michael Amberg
On February 16, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a Compliance Communiqué containing Guidance for the Provision of Humanitarian-Related Assistance and Critical Commodities to the Yemeni People (“Guidance”). The Guidance follows the January 17, 2024 announcement of the redesignation of Ansarallah (or Ansar Allah), commonly known as the Houthis, as a Specially Designated Global Terrorist (“SDGT”) , which became effective on February 16, 2024.
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Feb 13, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Lise S. Test |Michael Amberg
In a new rule announced on January 23, 2024, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) has (i) expanded the scope of the Russian and Belarusian Industry Sector Sanctions under the Export Administration Regulations (“EAR”); (ii) revised restrictions aimed at preventing Iran from supplying unmanned aerial vehicles (“UAVs”) (i.e., drones) to Russia; (iii) expanding the scope of items for which there is no de minimis level of certain US-origin items incorporated into...
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Feb 13, 2024 | 
lexology.com | Terence Gilroy |Lise S. Test |Michael Amberg
In a new rule announced on January 23, 2024, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) has (i) expanded the scope of the Russian and Belarusian Industry Sector Sanctions under the Export Administration Regulations (“EAR”); (ii) revised restrictions aimed at preventing Iran from supplying unmanned aerial vehicles (“UAVs”) (i.e., drones) to Russia; (iii) expanding the scope of items for which there is no de minimis level of certain US-origin items incorporated into...
