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U.S. Treasury Economic Sanctions Financial Services Industry

Holland & Knight LLP

OFAC Terminates License Authorizing Certain Petroleum-Related Activities in Venezuela

Holland & Knight LLP on

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

Jones Day

Mitigating Risk From the Designation of Cartels as FTOs and SDGTs

Jones Day on

The Situation: After President Trump issued an Executive Order ("EO") that creates a process to designate international cartels and other organizations as "Foreign Terrorist Organizations" ("FTOs") or "Specially Designated...more

Guidepost Solutions LLC

Mexican Cartels as Foreign Terrorist Organizations: A New Era of Risk for Global Businesses

On January 20, 2025, President Trump issued an executive order titled “Designating Cartels and Other Organizations as Foreign Terrorist Organizations and Specially Designated Global Terrorists.” This directive instructs the...more

BakerHostetler

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

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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

The Volkov Law Group

OFAC Settles with Individual for $45,179 for Violations of the Global Magnitsky Act

The Volkov Law Group on

OFAC means what it says — in more ways than one.  In a precedent setting case, OFAC brought its first enforcement action against an individual for violating the Global Magnitsky Sanctions Regulations....more

Pillsbury - Global Trade & Sanctions Law

Framework for Collaboration Between U.S. and UK Sanctions Authorities

Earlier this week, the U.S. Office of Foreign Assets Control (OFAC) and the UK Office of Financial Sanctions Implementation (OFSI) published a Memorandum of Understanding (MoU), which was previously signed on October 9, 2024,...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday January 2, 2025

Paul Hastings LLP on

December 30, 2024- U.S. Senate Banking, Housing and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) released his 2024 Year-in-Review and Oversight Report for the 118th Congress, highlighting Banking Committee...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions additional persons in Bosnia and Herzegovina

On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three individuals in Bosnia and Herzegovina (BiH), pursuant to Executive Orders 14033 or 14059. ...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

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 supplemental guidance on humanitarian sanctions exceptions

On February 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued supplemental guidance for the provision of humanitarian assistance. ...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions persons supporting North Korea

On March 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three entities and two individuals for their roles in illicitly generating revenue to support the government of...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

Brownstein Hyatt Farber Schreck

Anniversary of Ukraine Invasion Brings New Sanctions for Russia

On Feb. 24, 2023, the White House announced a slate of additional sanctions against Russia, marking the one-year anniversary of the invasion of Ukraine. The additional sanctions follow President Biden’s recent travel to Kyiv...more

Orrick, Herrington & Sutcliffe LLP

OFAC issues sanctions compliance guidance for transactions related to Syrian earthquake disaster relief

On February 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued sanctions compliance guidance for authorized transactions related to Syrian earthquake disaster relief. The OFAC Compliance...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

Treasury official warns Turkish companies on engaging with Russian entities

On February 3, Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, met with the Banks Association of Turkey to discuss international sanctions actions against Russia for its war against...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 announces sanctions tied to Central America drug trafficking

On February 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13581, against an individual based in Honduras and another individual based in Nicaragua...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 persons connected to Burma’s military regime

On January 31, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against six individuals and three entities connected to Burma’s military regime. ...more

Orrick, Herrington & Sutcliffe LLP

OFAC sanctions evasion network supporting Russia’s military-industrial complex

On February 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced it is imposing “full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions...more

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