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 Announces Sanctions on Illicit Gold Companies Funding Wagner Forces and Wagner Group Facilitator, New Burma Sanctions

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

BIS and OFAC Reach Sanctions Settlement with Microsoft

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

OFAC Issues Sanctions Alert and New Designations of Individuals and Companies Involved with Burma’s Military Regime

On March 24, 2023, the Office of Foreign Assets Control (OFAC) issued a sanctions alert that informed individuals, businesses, and other persons of the sanctions risks associated with the provision of jet fuel to Burma’s military regime. In addition, OFAC designated two individuals and six entities pursuant to Executive Order (E.O.) 14014. The designated individuals … Read more

Sanctions Tracker Summary – Global Sanctions Responses to the Crisis in Ukraine

Updates from February 4, 2022 through March 11, 2022. Within a brief period, the international sanctions environment applicable to trade with Russia has been fundamentally transformed, such that Russia is, in many respects, now a comprehensively sanctioned jurisdiction.  We have published a number of recent updates regarding sanctions measures that have been proposed and enacted … Read more

Sanctions Tracker – Japan Update on Sanctions Responses to the situation in Ukraine

In response to Russia’s ongoing actions with respect to Ukraine, including the “annexation” of Crimea in 2014, Japan had already implemented the following financial sanctions, in place since 2014: to freeze assets of individuals and entities considered to be directly involved in the annexation of Crimea or the destabilisation of the eastern part of Ukraine; … Read more

U.S. Regulators Publish Myanmar Sanctions Advisory

On January 26, 2022, the U.S. government issued an advisory discussing certain risks and considerations for businesses and individuals with exposure to entities responsible for “undermining democratic processes, facilitating corruption, and committing human rights abuses” in Myanmar (the “Advisory”). According to a press release, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) … Read more

Designated: A Sanctions Podcast EP3: Cross over event with The Bettor’s Verdict

In a special podcast cross over event, the Designated team joins The Bettor’s Verdict to discuss the Impact of Crypto on Sanctions and AML Laws in the United States.  In this episode, Designated host Jonathan Cross, is joined by The Bettor’s Verdict host Steve Jacobs, and Herbert Smith Freehills Partner John O’Donnell. Jonathan, Steven and … Read more