News & Analysis as of

Russia Office of Foreign Assets Control (OFAC) Financial Services Industry

King & Spalding

Recent OFAC and DOJ Activity Signals Potential New Era of Control-Based Sanctions Enforcement

King & Spalding on

U.S. sanctions enforcement is evolving to adopt a “control” analysis similar to the analysis employed by the European Union and United Kingdom based on a recent major enforcement action by the U.S. Department of the...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed in Response to Russia’s Invasion of Ukraine - January 29, 2025

BakerHostetler on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Russia’s Energy, Financial and Defense Sectors Are the Focus of the Last Round of Sanctions Under Biden

In the days before former President Joe Biden left office, the U.S. announced two new rounds of sanctions against Russia, including expansive new sanctions against Russia’s energy sector. According to its press release, the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Political Changes Are Unlikely To Fundamentally Alter Key Sanctions

Key Points - - Political transitions in the West notwithstanding, we expect economic sanctions to remain a key response to geopolitical issues. - Current sanctions policy priorities are unlikely to shift markedly in...more

Seward & Kissel LLP

OFAC Takes More Aggressive Action to Deter Foreign Financial Institutions’ Participation in Russian Financial Sector

Seward & Kissel LLP on

On November 21, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took further action to restrict Russia’s access to the international financial system by designating Gazprombank Joint Stock...more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

The Volkov Law Group

State Street’s $7.45MM OFAC Penalty Highlights Importance of Sanctions in M&A Due Diligence

The Volkov Law Group on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has released a $7.45 million penalty against State Street Bank and Trust Company and its non-bank, fintech subsidiary Charles River Systems for...more

Seward & Kissel LLP

Compliance Flash: OFAC Announces New Reporting Requirement for Financial Institutions Under the REPO for Ukrainians Act

Seward & Kissel LLP on

The supplemental appropriations legislation signed into law on April 24, 2024 enacted numerous high-profile provisions addressing aspects of U.S. foreign policy and national security, including provisions that broaden and...more

Snell & Wilmer

OFAC’s Reach: Shockwaves in Russia’s Financial System and Global Trade

Snell & Wilmer on

The recently announced sanctions by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) sent shockwaves through the Russian financial system, forcing the Moscow Exchange (MOEX) to halt trading of U.S....more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed in Response to Russia’s Invasion of Ukraine - March 2024 #2

BakerHostetler on

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. This alert summarizes key economic sanctions imposed by...more

Ballard Spahr LLP

The American Front in Russia’s War on Ukraine: DOJ’s “Task Force KleptoCapture” Continues Focus on Operations of Sanctioned...

Ballard Spahr LLP on

We previously have blogged on actions taken by the DOJ’s “Task Force KleptoCapture,” an interagency law enforcement task force with a mandate to target sanctioned Russian and pro-Russian oligarchs. While explicitly launched...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

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. This alert summarizes key economic sanctions imposed by...more

K2 Integrity

Sanctions Against Russia: U.S. Introduces New Russia-Related Sanctions Targeting Foreign Financial Institutions And Tightens Other...

K2 Integrity on

On 22 December 2023, the Biden administration issued Executive Order 14114, “Taking Additional Steps with Respect to the Russian Federation’s Harmful Activities” (EO 14114), thereby amending EOs 14024 and 14068. The new EO...more

Foley Hoag LLP

Russia Sanctions Update – May 2023

Foley Hoag LLP on

On May 19, 2023, the United States along with other members of the G7 and other allied countries imposed additional sanctions and export controls meant to further restrict Russian economic activity and degrade Russia’s...more

American Conference Institute (ACI)

[Event] 17th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - April 25th - 26th, Washington, DC

The American Conference Institute is hosting their 17th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance on April 25-26, 2023, in Washington! Don’t miss the opportunity to stay current with the...more

Cadwalader, Wickersham & Taft LLP

Tri-Seal Compliance Note Warns of Sanctions Evasion

On March 2, the Department of Commerce, Department of Justice, and Department of the Treasury issued a Tri-Seal Compliance Note warning companies to be vigilant for Russia-related sanctions evasion. The Note sets forth a...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions Russian human rights abusers

On March 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order (E.O.) 13818, against three individuals involved in serious human rights abuses against a...more

Orrick, Herrington & Sutcliffe LLP

Agencies flag intermediaries in evading Russia-related sanctions

On March 2, the DOJ, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), and the Department of Commerce’s Bureau of Industry and Security (BIS) issued a joint compliance note on the use of third-party...more

Orrick, Herrington & Sutcliffe LLP

OFAC issues more Russian sanctions and metals and mining determination

On February 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced significant measures targeting the metals and mining sector of the Russian Federation economy under Executive Order 14024....more

Orrick, Herrington & Sutcliffe LLP

Treasury official warns that the cost of doing business with Russia is steep

On February 21, Deputy Secretary of the Treasury Wally Adeyemo discussed sanctions efforts and export controls taken by a coalition of more than 30 nations over the past year to immobilize the majority of Russia’s sovereign...more

Orrick, Herrington & Sutcliffe LLP

Treasury roundtable examines effectiveness of Russian sanctions and export controls

On February 10, Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable to hear from sanctions and U.S. foreign policy experts on the effectiveness of the unprecedented sanctions and export controls imposed on...more

Orrick, Herrington & Sutcliffe LLP

OFAC, UK announce joint sanctions on Russia-based cybercrime gang

On February 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), in coordination with the UK, announced sanctions against seven individuals who allegedly are involved in a Russia-based cybercrime gang...more

Orrick, Herrington & Sutcliffe LLP

OFAC FAQ clarifies Russia-related investment prohibitions

On February 8, OFAC published Russia-related FAQ 1113 to clarify whether new investment prohibitions in Executive Order (E.O.) 14066, E.O. 14068, or E.O. 14071 prohibit U.S. persons, including U.S. financial institutions,...more

Orrick, Herrington & Sutcliffe LLP

OFAC offers more guidance on price caps for Russian petroleum

On February 3, the U.S. Treasury Department’s Office of Foreign Assets Control published additional guidance on the implementation of the price cap policy for crude oil and petroleum products of Russian Federation origin. ...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions senior executives of Iranian UAV manufacturer

On February 3, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13382 against eight senior executives of an Iran-based firm that was previously sanctioned by the...more

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