Jeffrey Orenstein

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United States fully reimposes secondary sanctions on Iran

On November 5, the United States reimposed the final tranche of sanctions on Iran, which had been lifted pursuant to the Joint Comprehensive Plan of Action (“JCPOA”) in 2016. The vast majority of these sanctions are “secondary sanctions,” being those which target non-U.S. persons and companies even where there is no U.S. nexus (e.g. the … Continue Reading

President Trump Issues Executive Order Expanding North Korea Sanctions

President Trump issued a new executive order (the EO) on September 21st that greatly expands the U.S. sanctions against North Korea, particularly secondary sanctions. Secondary sanctions apply to non-U.S. individuals and corporations and are imposed by the U.S. Secretary of the Treasury, in consultation with the U.S. Secretary of State. The EO establishes the following: … Continue Reading

Iran Missile Test Leads to New Sanctions

On February 2nd the Office of Foreign Assets Control (“OFAC”) imposed new sanctions on 13 individuals and 12 entities that were believed to be “involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods … Continue Reading

OFAC Gives Clarity on Cuba Sanctions with New FAQs

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added five new Frequently Asked Questions (FAQs) on 6 January 2017. The new FAQs were in reference to a general license that OFAC issued on October of 2016.  The license considerably lessened the ‘180-day’ rule – a restriction that makes foreign-flag vessels wait at least … Continue Reading

Acquisition of Some Non-TAA-Compliant Drugs to be Permitted by Veterans Affairs

The Department of Veterans Affairs recently announced that it will now require all covered drugs under the Veterans Health Care Act to be offered on Federal Supply Schedule contracts, regardless of whether they meet the “country of origin” standards of the Trade Agreements Act. This decision represents a major reversal in policy for the VA.  … Continue Reading

Crude Oil Shipments Affected by Recent U.S. Customs Ruling

In a recent ruling, U.S. Customs and Border Protection (“CBP”) decided that shippers must employ costly U.S.-flag vessels when shipping processed condensate to and from a foreign country to be blended as a diluent with heavy crude.  The ruling comes as a surprise to many because it assumes processed condensate and heavy crude oil are … Continue Reading

10 Things Exporters Need to Know About Crude Oil Swap Licenses

Despite recent efforts to repeal the U.S. ban on crude oil exports, the restrictions remain firmly in place.  Recently, however, the Bureau of Industry & Security (“BIS”) authorized exports of U.S. light crude oil in exchange for imports of Mexican heavy crude, causing a stir in the industry and some confusion regarding the legal context … Continue Reading

BIS Addresses ‘Commingling’ in Crude Oil Exports

On December 30, 2014, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) issued its first-ever published guidance on the Short Supply Controls, the regulations that limit the export of crude oil out of the United States. The guidance, provided in the form of Frequently Asked Questions (“FAQs”), is of particular interest to … Continue Reading

BIS Issues First Published Guidance on the Short Supply Controls

Today, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) issued the first-ever published guidance on the Short Supply Controls, the regulations that limit the export of crude oil out of the United States. The guidance, provided in the form of Frequently Asked Questions (“FAQs”), sheds light on a number of issues, including … Continue Reading

Condensate Exports Raise Compliance Questions for Purchasers

Recent press reports covering the sale and export of lightly processed condensate from the Eagle Ford Shale have characterized such transactions as a major test to the four-decade-long ban on crude oil exports, and a sign that the ban is crumbling. They are not exactly that. However, as condensate exports become more common, they will … Continue Reading

DC Circuit Invalidates Conflict Mineral Reporting Regulations

This week the U.S. Court of Appeals for the D.C. Circuit held that the Security and Exchange Commission’s (“SEC”) final rule concerning “conflict mineral” disclosures is unconstitutional.  Nat’l Assoc. of Mfrs v. SEC, No. 13-5252 (D.C. Cir., decided April 14, 2014).  The SEC rule requires registrants to disclose annually on a Form SD whether their … Continue Reading

The SEC’s New Rules on Conflict Minerals

What do the SEC and Leonardo DiCaprio have in common? Both have brought attention to the area of “conflict resources” in Africa. But whereas Leo has acted in a movie about so-called “blood diamonds,” the SEC is turning the spotlight on “conflict minerals.” Regrettably, the public will not be enjoying an SEC-produced summer blockbuster regarding … Continue Reading

Senate Approves Revisions to the Iran Sanctions

This post was also written by Matthew J. Thomas. Just ahead of this week’s meeting in Baghdad between Tehran and other nations concerning Iran’s controversial nuclear program, the U.S. Senate passed an Iran sanctions bill by a unanimous voice vote. This bill is the Senate counterpart to the “Iran Threat Reduction Act of 2011” (H.R. 1905), … Continue Reading
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