Sanctions Tracker: US update – Treasury Expands and Intensifies Sanctions Against Russia by Targeting Key Sectors, Evasion Efforts, and Military Supplies

On February 24, 2023, the one-year anniversary of the Russian invasion of Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant actions that targeted Russia’s financial services sector, sanctions evasions, Russia’s military supply chain, and metals and mining sector. Under the authority of Executive Order 14024, OFAC targeted the metals and mining sector and imposed sanctions on 22 individuals and 83 entities. OFAC also designated over 30 third-country individuals and companies connected to Russia’s sanctions evasion efforts, including those related to arms trafficking and illicit finance. Read more

Corporate Crime Webinar – G7 Russian oil price cap

Herbert Smith Freehills recently hosted a webinar to discuss the way in which the recent Russian oil price cap measures will operate across the UK, EU and US and to consider the potential challenges that may arise for companies wishing to deal in Russian oil and those who provide related services. The introduction of the … Read more

The impact of the war in Ukraine on Trade Policy

The war in Ukraine will change the world in many ways. One change that deserves more attention is how it is impacting trade policy and thus changing trade flows and creating trade opportunities. The evolving content of Western sanctions is tracked on our Sanctions Notes pages. In this note we will look at the legal … Read more

Managing the risks of mobile messaging

This briefing looks at why the regulators care, and what firms can do to manage the risks and take all reasonable steps to preserve data where channels have been used outside policy. Read more

US Enacts LIBOR Transition Law

President Biden on March 15, 2022 signed into law the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”), long-awaited federal legislation to address the potential disruption of contractual continuity and litigation risk posed by financial instruments that incorporated US Dollar LIBOR as a term for the payment of interest but lacked a workable – or in some cases, any – “fallback” rate to replace LIBOR in the event of its cessation, which is now a reality. Read more