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Nov 4, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Eunkyung Shin |Rob O'Brien |Bart M. McMillan
On October 11, 2024, the Office of Foreign Assets Control (“OFAC”) issued a determination under Section 1(a)(i) of Executive Order 13902 dated January 10, 2020 (“EO 13902”) designating the petroleum and petrochemical sectors of the Iranian economy as subject to US secondary sanctions.
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Jul 23, 2024 | 
sanctionsnews.bakermckenzie.com | Kerry Contini |Terence Gilroy
On July 23, 2024, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets.
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May 8, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Alexandre Lamy |Yu ZHANG
On May 1, 2024, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) and the US Department of State designated nearly 300 individuals, entities, and vessels to the List of Specially Designated Nationals and Blocked Persons (“SDN List”) mainly targeting Russia’s military capacity. On the same day, OFAC also issued three new general licenses (“GLs”) authorizing limited transactions involving certain SDNs. We summarize these developments below.
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Mar 22, 2024 | 
lexology.com | Terence Gilroy |Geoff Martin |Rob O’Brien
On March 7, 2024, the US Department of Justice (“DOJ”) National Security Division (“NSD”) published a revised (“Enforcement Policy”). The Enforcement Policy was first issued by the NSD on December 13, 2019 and subsequently updated March 1, 2023. Our blog post discussing the original policy is here.
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Mar 21, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Geoff Martin |Rob O'Brien
On March 7, 2024, the US Department of Justice (“DOJ”) National Security Division (“NSD”) published a revised (“Enforcement Policy”). The Enforcement Policy was first issued by the NSD on December 13, 2019 and subsequently updated March 1, 2023. Our blog post discussing the original policy is here.
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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...
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Feb 1, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Eunkyung Shin |Michael Amberg
On December 11, 2023, the US Departments of Commerce, the Treasury, Justice, State, and Homeland Security issued a “Quint-Seal” Compliance Note titled Know Your Cargo: Reinforcing Best Practices to Ensure the Safe and Compliant Transport of Goods in Maritime and Other Forms of Transportation (“Note”).
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Nov 15, 2023 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Alexandre Lamy
On November 6, 2023, the Department of Commerce’s Bureau of Industry Security (“BIS”) and the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a joint notice (“Joint Notice”) to announce a new Suspicious Activity Report (“SAR”) key term for financial institutions when reporting possible attempts by entities or individuals to evade US export controls.
