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Agencies Amend Cuba Sanctions to Implement President Trump’s June National Security Presidential Memorandum

Posted in BIS, Economic Sanctions, Trade Policy

Last week, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of Commerce’s Bureau of Industry and Security (BIS), and the U.S. Department of State took steps to implement restrictions on tourism and trade with Cuba, which were announced by President Trump in June. Consistent with the National Security… Continue Reading

Treasury Imposes New Sanctions on Venezuela

Posted in Economic Sanctions

On August 24, 2017, President Trump signed Executive Order 13808 imposing new sanctions against Venezuela largely in response to the political situation in the country, including the “establishment of an illegitimate Constituent Assembly, which has usurped the power of the democratically elected National Assembly and other branches of the Government of Venezuela.”   The new sanctions… Continue Reading

Treasury Department Adds 16 Entities/Individuals to SDN List

Posted in Economic Sanctions

One day after President Trump reluctantly certified that Iran has been complying with the terms of the Joint Comprehensive Plan of Action relating to its nuclear program, the U.S. Treasury Department sanctioned 16 entities and individuals for supporting the Iranian military and Iran’s Islamic Revolutionary Guard Corps.  The designated entities are reported to have assisted… Continue Reading

AIG Settles Potential Violations of U.S. Sanctions Regulations

Posted in Economic Sanctions

On June 26, 2017, the Office of Foreign Assets Control (OFAC) announced a settlement with global insurance giant American International Group, Inc. (AIG) for apparent violations of multiple U.S. sanctions regimes, including the regimes relating to Iran, Sudan, Cuba, and Weapons of Mass Destruction Proliferators.   The apparent violations involved 555 transactions totaling approximately $396,530 in… Continue Reading

Trump Administration Announces Curbs On Travel and Trade With Cuba

Posted in BIS, Economic Sanctions, Trade Policy

President Trump today announced plans to restrict tourism and trade with Cuba, retreating from certain aspects of the Obama Administration’s liberalization of ties with the communist regime. Intended to strictly enforce the statutory ban on tourism to Cuba and to restrict the flow of money to the Cuban military, intelligence, and security services, the new… Continue Reading

Treasury Publishes List of Boycotting Countries

Posted in Compliance

On March 30, 2017, the U.S. Department of the Treasury (Treasury) published its current list of countries that require cooperation with an international boycott. Treasury, along with the U.S. Department of Commerce (Commerce), administers antiboycott laws and associated guidelines that were enacted in response to the Arab League’s boycott of Israel. Treasury’s rules apply to… Continue Reading

Easing Sanctions Against Russia? Congress Says Not So Fast, Mr. President

Posted in Economic Sanctions

Despite early rumors that President Trump would lift the Obama Administration’s economic sanctions against Russia, it might not be so quick or so easy, if Congress has its way.  Two pieces of legislation have been introduced in Congress, the first aimed at inhibiting the President’s ability to ease the current Russian sanctions regime and the… Continue Reading

Trump Administration Imposes Fresh Sanctions on Iran

Posted in Economic Sanctions

On February 3, 2017, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned more than two dozen individuals and entities related to Iran’s ballistic missile program and the Islamic Revolutionary Guard Corps – Qods Force (IRGC-QF).  The move comes amid escalating tensions between the Trump Administration and the Iranian government. The… Continue Reading

OFAC Targets Ukraine/Russia-Related Sanctions Evaders

Posted in Economic Sanctions

As part of its continued efforts to oppose Russia’s conduct in Ukraine and its occupation of Crimea, on September 1, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 37 individuals and entities related to the conflict in Ukraine.  The new designations are, in part, intended to address attempts to circumvent… Continue Reading

OFAC Further Eases Travel Restrictions to Cuba

Posted in Economic Sanctions

Following the United States government’s easing of sanctions against Cuba last year, the Office of Foreign Assets Control (OFAC) loosened travel restrictions for U.S. persons.  At the beginning of last year, OFAC authorized 12 categories of travel (detailed here).  Effective January 27, 2016, OFAC has further eased travel restrictions within certain of those categories. Exportation,… Continue Reading

OFAC Eases Sanctions Against Iran, But Restrictions Remain in Place for U.S. Companies

Posted in Economic Sanctions

As most U.S. companies are aware, on January 16, 2016, “Implementation Day” of the Joint Comprehensive Plan of Action (JCPOA), the United States lifted several prohibitions on doing business with Iran. These include the removal of secondary sanctions against non-U.S. companies and the lifting of restrictions on foreign subsidiaries of U.S. companies doing business with… Continue Reading

Iran Sanctions Relief and Uncertainty Under the JCPOA

Posted in Economic Sanctions

On July 14, 2015, Iran, the United States, the United Kingdom, China, France, Russia, and Germany finalized a Joint Comprehensive Plan of Action (JCPOA) intended to restrict Iran’s nuclear activities in exchange for easing international sanctions against the country.  While the text of the JCPOA provides a relatively detailed framework for the implementation of the… Continue Reading

OFAC Issues Guidance on Travel to and from Cuba

Posted in Economic Sanctions

Following the United States’ recent easing of sanctions against Cuba, the Office of Foreign Assets Control (OFAC) has released additional guidance on travel between the two countries. The guidance is particularly relevant to companies authorized to provide carrier services via aircraft or commercial passenger vessels. According to the guidance, the following individuals may be transported… Continue Reading

Epsilon Files Suit in Rare Challenge to OFAC Penalty Assessment

Posted in Economic Sanctions

The Office of Foreign Assets Control (OFAC) is facing a rare judicial challenge to its authority to impose penalties for violations of U.S. sanctions programs.  The plaintiff, Epsilon Electronics, Inc. (“Epsilon”), is a family-owned California wholesaler of automotive sound and video systems.  Last summer, OFAC hit the company with a civil penalty of more than… Continue Reading

CFIUS Considers Changes to Review Process

Posted in CFIUS, National Security

Reports indicate that in the wake of an order from the D.C. Circuit, the Committee on Foreign Investment in the United States (CFIUS) is considering changes to its review process for transactions involving foreign investment in the United States. Last year, CFIUS was ordered to disclose unclassified information on which it based a recommendation to… Continue Reading

OFAC Eases Restrictions on Travel to Cuba

Posted in Economic Sanctions

On January 16, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control significantly eased restrictions on travel to and from Cuba, as well as transactions normally incident to such travel. While tourist travel to Cuba remains prohibited, travel and transactions for a variety of other purposes will now be permitted: Family visits:  In… Continue Reading

OFAC Expands North Korean Sanctions

Posted in Economic Sanctions

On January 2, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) blocked the property and interests in property of several North Korean entities and representatives operating outside North Korea.  The designations followed the issuance of an Executive Order that authorized sanctions against the government of North Korea and the Worker’s… Continue Reading

Judge Orders CFIUS to Disclose Unclassified Information to Ralls

Posted in CFIUS, National Security

Late in 2012, President Obama blocked Ralls Corporation’s (“Ralls”) acquisition of four Oregon wind farm companies, based on the recommendations of the Committee on Foreign Investment in the United States (CFIUS).  Ralls, whose owners hold senior management positions within the Chinese company, Sany Group, was given 90 days to divest all interest in the wind… Continue Reading

Expanded CFIUS Review Under the DeLauro Bill?

Posted in CFIUS, National Security

2014 continues to be an eventful year for the Committee on Foreign Investment in the United States (CFIUS). On September 18, 2014, Congresswoman Rosa DeLauro has introduced legislation that has the potential to significantly enlarge the Committee’s mandate. Currently, CFIUS reviews foreign acquisitions, mergers, and takeovers of U.S. businesses that raise national security concerns.  The… Continue Reading

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