News & Analysis as of

Office of Foreign Assets Control (OFAC) Trump Administration Oil & Gas

Eversheds Sutherland (US) LLP

Syria sanctions lifted after decades

On May 23, 2025, the Office of Foreign Assets Control (OFAC) issued General License 25 (GL 25), authorizing transactions prohibited by the Syrian Sanctions Regulations, effectively lifting sanctions on Syria. This comes 10...more

Holland & Knight LLP

Trump Administration Provides Significant Sanctions Relief to Syria

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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on May 23, 2025, announced a significant relaxation of the comprehensive economic sanctions imposed on Syria through the issuance of General...more

DLA Piper

US Treasury Takes on Cartels Part Deux: Combating Cartel-Connected Oil Smuggling Schemes

DLA Piper on

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of Foreign Assets Control (OFAC), the US Drug Enforcement Administration (DEA), the Federal Bureau of...more

Miles & Stockbridge P.C.

Left Out of ‘Liberation Day’: Demystifying Continuing Import Sanctions and Tariffs on Russia

President Donald Trump issued an executive order (EO) earlier this month announcing sweeping “reciprocal” tariffs on imports from countries across the world. One country missing from the EO’s increased tariffs was Russia,...more

American Conference Institute (ACI)

[Event] Trade & Sanctions Compliance for the Oil and Gas Industry - May 21st - 22nd, Houston, TX

Between tariffs, tightening export controls, evolving sanctions, and ramped up enforcement, the cost and complexity of compliance is rising for oil and gas supply chains. ACI’s Trade & Sanctions Compliance for the Oil and...more

Bracewell LLP

Post Liberation Day --"Secondary Tariffs" Raise Costs Even Higher for International Actors

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President Trump has used tariffs as a significant point of geopolitical leverage since the beginning of his second term. Indeed, his administration dubbed April 2, 2025 “Liberation Day” in honor of a sweeping set of tariffs...more

Paul Hastings LLP

Venezuela Sanctions: Wind-Down of General License 41 and Introduction of ‘Secondary Tariffs’

Paul Hastings LLP on

The dynamic pace of early policymaking by the new U.S. administration has continued into the spring of 2025, including in the context of sanctions on Venezuela. While Venezuela is not, and has not been, subject to...more

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

American Conference Institute (ACI)

[Event] 19th Annual Flagship Conference on Economic Sanctions Enforcement and Compliance - April 30th - May 1st, Washington, DC

With unprecedented change and intensifying enforcement, now is the time to ensure your team is prepared for what’s ahead. Ensure that you don’t miss out on critical U.S. and international economic sanctions updates and the...more

Troutman Pepper Locke

Financial Transactions Related to Russian Energy Now Prohibited: Expiration of OFAC ‎General License 8L

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On March 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) allowed General License (GL) 8L under the Russian Harmful Foreign Activities Sanctions Regulations to expire. As a result, broad OFAC...more

A&O Shearman

Widening the sanctions net in uncertain times: latest developments in the U.S., EU, and U.K.'s sanctions targeting Russia

A&O Shearman on

In the context of the third anniversary of Russia’s invasion of Ukraine, the U.S., EU, and U.K. continue to implement new measures to stifle Russia’s war efforts. The Biden administration continued to escalate sanctions...more

Troutman Pepper Locke

Latest Sanctions Developments: Venezuela, Russia, and Yemen

Troutman Pepper Locke on

The Trump administration continues to ramp up sanctions on Venezuela and Yemen's Houthis, while sending mixed signals about its intentions with respect to Russia. We provide brief updates on these three areas, following up...more

Holland & Knight LLP

OFAC Terminates License Authorizing Certain Petroleum-Related Activities in Venezuela

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President Donald Trump announced on Feb. 26, 2025, that he was reversing the authorization granted to Chevron Corp. and its subsidiaries (Chevron) by the Biden Administration as a concession aimed at promoting free elections...more

Alston & Bird

U.S. Continues “Maximum Pressure” Campaign Against Iran with More Sanctions

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In the latest effort to implement its “maximum pressure” campaign targeted at putting a total stop to Iranian oil exports, the Trump administration has imposed another round of sanctions targeting Iran’s oil distribution...more

Morgan Lewis

Mexican Companies Face Risk of Secondary Sanctions From Mexican President’s Offer to Sell Gasoline to Venezuela

Morgan Lewis on

Mexican President Andrés Manuel López Obrador recently announced that Mexico is willing to ship gasoline to Venezuela notwithstanding the threat of US sanctions against such activity. ...more

Kelley Drye & Warren LLP

Implications for Suppliers – Chevron Ordered to Wind Down Venezuela Business By December 1, 2020 (with Limited Wind-Down...

On April 22, 2020, President Trump ordered Chevron to “wind down” its business in Venezuela by December 1, 2020. This will have a significant impact on companies that supply Chevron with equipment used for oil and gas...more

Society of Corporate Compliance and Ethics...

Sanctions news: US targets China, Syria, Venezuela and Iran

Report on Supply Chain Compliance 3, no. 7 (April 2020) The United States Department of the Treasury’s Office of Foreign Assets Control has stayed busy during the coronavirus outbreak. The office made several new additions...more

Jones Day

U.S. Imposes Sanctions on Turkish Officials, Ministries in Response to Syrian Offensive

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The Situation: In response to events in Syria and in the face of strong Congressional pressure to act, President Trump introduced sanctions targeting Turkey. The Result: Although the President indicated that a ceasefire...more

A&O Shearman

Sanctions Round Up: Third Quarter 2019

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This quarter, the U.S. acted pursuant to statute to punish Russia for its alleged role in the chemical weapons attack on Sergei Skipal and targeted a handful of individuals and entities for certain other malign activities....more

Holland & Knight LLP

Navigating the Recent U.S. Sanctions on COSCO (Dalian) and Other Chinese Companies

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The U.S. Office of Foreign Assets Control (OFAC) on Sept. 25, 2019, designated COSCO Shipping Tanker (Dalian) Co. Ltd. (COSCO Dalian), Kunlun Shipping Company Ltd., and certain other entities and individuals as Specially...more

BCLP

Trump Administration Targets Government of Venezuela in Expanded Sanctions

BCLP on

In a show of support for Venezuelan Interim President Juan Guaidó last week, and in opposition to the Maduro regime, President Trump issued Executive Order 13884, which imposes blocking sanctions on the Government of...more

Akerman LLP

Struggle For Control Over Venezuelan Assets

Akerman LLP on

While the ongoing struggle for control over the Venezuelan state between embattled President Nicolas Maduro and National Assembly leader and interim President Juan Guaidó has captured the world’s attention in recent weeks, a...more

Akin Gump Strauss Hauer & Feld LLP

Podcast: Venezuela – The Roots and Future of U.S. Sanctions

In this episode, Akin Gump public law and policy senior advisor and former U.S. Rep. Ileana Ros-Lehtinen and international trade partner Nnedi Ifudu discuss U.S. sanctions on Venezuela. Among the topics covered: • the...more

Akin Gump Strauss Hauer & Feld LLP

Recent U.S. Sanctions Designations Create Additional Risks for Companies Doing Business with Venezuela

• OFAC recently added a Moscow-based Russian-Venezuelan joint venture bank, Evrofinance Mosnarbank (“Evrofinance”), to the List of Specially Designated Nationals and Blocked Persons (the “SDN List”) for engaging in sanctions...more

Akerman LLP

Venezuela Sanctions Update

Akerman LLP on

As noted in ”A Shifting Landscape: Recent Developments Raise Questions about Venezuela’s Future,” the United States has moved in recent weeks to increase pressure on embattled Venezuelan President Nicolás Maduro through the...more

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