On August 9, 2023, President Biden issued an Executive Order (the “Executive Order”) restricting certain U.S.  investments in Chinese companies which produce technologies and products raising US national security concerns.” On the same day, the Treasury Department issued an “Advanced Notice of Proposed Rulemaking” (“ANPR”) commencing the process to issue regulations imposing the new investment … Read more

On Wednesday, July 26, 2023, the United States Department of Justice, Department of Commerce’s Bureau of Industry and Security (“BIS”), and Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a tri-seal compliance note (the “Note”) focusing on the voluntary self-disclosure policies that apply to U.S. sanctions, export controls, and other national security … Read more

On July 20, 2023, the United States Department of the Treasury’s Office of Foreign Assets control (“OFAC”) sanctioned multiple entities and issued general licenses to further implement the commitments made by the G7 Leaders in February and May 2023 by inhibiting Russia’s access to products that support its military and war efforts, reducing Russia’s revenue … Read more

On June 28, 2023, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and His Majesty’s Treasury’s Office of Financial Sanctions Implementation (“OFSI”) published a joint Humanitarian Assistance and Food Security Fact Sheet (“Joint Fact Sheet”) that provides clarity on U.S. and UK Russia-related sanctions and the relevant authorizations, exceptions, and … Read more

On June 27, 2023, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) imposed sanctions on various entities and one individual connected to the Russian mercenary group PMC Wagner (“Wagner Group”) and its founder and owner Yevgeniy Prigozhin (“Prigozhin”). In this announcement, which can be read in full here, OFAC sanctioned … Read more

On June 20, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) entered a settlement agreement with Swedbank AS (Latvia) (“Swedbank Latvia”), a subsidiary of Swedbank AB, headquartered in Stockholm, Sweden. According to a press release, Swedbank Latvia agreed to pay $3,430,900 to settle its potential civil liability for 386 apparent … Read more

On June 6, 2023, the U.S. U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed additional Iran-related sanctions on individuals and entities. We previously discussed related sanctions imposed by OFAC on March 17, February 7, January 18, and in later posts. In this latest announcement, which can be read in full here, … Read more

On April 6, 2023, the Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) entered into a settlement agreement with Microsoft Corporation resolving sanctions and export-control violations which had been investigated by both BIS and OFAC.  The settlement involves a combined $3.3 million … Read more