US Treasury, Commerce Department Sanction Hundreds of Individuals and Entities in Reaction to Navalny Death, Russian Invasion of Ukraine

On February 23, 2024, the US Treasury’s Office of Foreign Assets Control (“OFAC”) and the Commerce Department’s Bureau of Industry and Security (“BIS”) sanctioned nearly 300 individuals and entities in relation to their operations associated with Russia’s invasion of Ukraine. Together with actions from the US Department of State, this marks the largest number of … Read more

OFAC PUBLICATION OF PRICE CAP COALITION ALERT

On February 1, 2024, the United States Department of Treasury’s Office of Foreign Assets Control (“OFAC”) published a Price Cap Coalition Compliance and Enforcement Alert (the “Alert”). Per the Alert, the “Price Cap Coalition,” which consists of the G7, the European Union, and Australia, has two key objectives: (1) constraining Russian revenues that could otherwise … Read more

OFAC Makes Further Iran-related Designations, Counter Terrorism Designations

The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) on January 30, 2024, designated two cybersecurity experts affiliated with the Islamic State of Iraq and Syria (“ISIS”) for providing ISIS leadership and supporters with cybersecurity training, enabling their use of virtual currency, and supporting the terrorist group’s recruitment. Additionally, OFAC designated an … Read more

OFAC TIGHTENS PRICE CAP WITH NEW SANCTIONS AND IMPOSES SANCTIONS ON MORE THAN 150 INDIVIDUALS AND ENTITIES SUPPLYING RUSSIA’S MILITARY-INDUSTRIAL BASE

On December 20, 2023, the United States Department of Treasury’s Office of Foreign Assets Control (“OFAC”) tightened enforcement of the price cap on Russian oil. OFAC, in coordination with the Price Cap Coalition, updated the Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin, implementing more … Read more

OFAC DESIGNATES PERPETRATORS OF HUMAN RIGHTS ABUSE AND COMMEMORATES THE 75TH ANNIVERSARY OF THE UNIVERSAL DECLARATION OF HUMAN RIGHTS

On December 8, 2023, the United States Department of Treasury’s Office of Foreign Assets Control designated twenty individuals from nine different countries identified as perpetrators of human rights abuses. OFAC noted that, as December 10, 2023 marks the 75th anniversary of the Universal Declaration of Human Rights, and these designated are intended to reaffirm OFAC’s … Read more

Ghost Fleet Update: OFAC Designates Additional Vessels, Companies

On December 1, 2023, the Office of Foreign Assets Control (“OFAC”) imposed sanctions on three entities and identified three vessels as blocked property that used G7 Price Cap Coalition services while carrying Russian crude oil above the Coalition-agreed price cap. These sanctions build on Treasury’s previous actions, most notably including letters recently sent to nearly … Read more

Sanctions Tracker – OFAC Sanctions 130 Russian Evasion and Military-Industrial Targets

On November 2, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated 130 new Russian entities and individuals that OFAC identified as supporting Russia’s war in Ukraine by “providing Russia with much-needed technology and equipment from third countries.” On the same day, the U.S. Department of State issued nearly 100 … Read more

OFAC Imposes Sanctions Restrictions on Myanmar’s State-Owned Oil and Gas Company

On October 31, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) imposed additional sanctions related to Myanmar. In particular, OFAC issued Directive 1 pursuant to Executive Order (“E.O.”) 14014, which imposes extensive sanctions restrictions on Myanma Oil and Gas Enterprise (“MOGE”). In addition, OFAC designated additional individuals and entities in … Read more

OFAC ISSUES NEW VENEZUELA GENERAL LICENSES IN RESPONSE TO ELECTORAL ROADMAP

On October 18, 2023, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued multiple general licenses that suspend some sanctions, including those relating to oil and gas transactions with Venezuela’s state-owned oil company, Petroleos de Venezuela, S.A. (“PdVSA”) in response to the signing of an electoral roadmap agreement between the … Read more