Tag Archives: sanctions

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

Overview of 2016 French Financial Regulations

The ACPR and AMF, French financial regulators, focused on anti-money laundering and anti-terrorism, internal control procedures, conflicts of interest and market abuse infringements in 2016.  While the focus may have shifted, financial sanctions made up 90% of the penalties in 2016.  In fact, financial regulators’ powers of sanction have drastically broadened over the last decade … Continue Reading

Drastic Changes to Sudan Sanctions with New OFAC General License

Before President Obama’s exit from The White House, he removed most of the sanctions in place against Sudan.  While President Trump and the Secretary of State ultimately have the final decision, it is believed they were consulted by the Obama administration about these changes.  The relaxed Sudan sanctions will allow U.S. persons to engage in … 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

North Korea Facing New Wave of International Trade Sanctions

As a direct result of nuclear and ballistic weapons tests conducted by the Democratic Peoples’ Republic of North Korea earlier this year, the United Nations, the European Union and the United States imposed increased sanctions against the country.  These new restrictions affect various industries, including minerals, energy, shipping, banking, finance, and aviation. In keeping with … Continue Reading

The Latest on Cuban Sanctions

Reed Smith has been closely monitoring developments in U.S.-Cuba relations.  With President Obama’s historic visit to Cuba in the books, we invite you to take a closer look at some recent amendments that were made to Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR).  These changes provide significant benefits in the travel, shipping, … Continue Reading

Cuban Relations with the United States: Further Amendments to Export and Travel Policy

In keeping with the continued efforts of the White House to re-establish diplomatic relations with Cuba, the United States recently modified its stance on travel to Cuba and eased certain export restrictions.  Reed Smith’s International Trade & National Security team has authored a client alert that summarizes the policy amendments, and explains the implications for … Continue Reading

News on Iran Sanctions: Adoption Day of the Joint Comprehensive Plan of Action

18 October 2015, marked ‘Adoption Day’ for the Joint Comprehensive Plan of Action (JCPOA).  The JCPOA was agreed upon 90 days earlier, between the United States, Russia, China, the United Kingdom, France, and Germany, together with Iran.  While the latest measures taken by the EU, the United States and Iran make the necessary legal preparations … Continue Reading

Further Amendments to the Cuban Assets Control Regulations (CACR) and the Export Administration Regulations (EAR)

In keeping with the Obama Administration’s efforts to normalize relations with Cuba, the U.S. government is making further amendments to CACR and EAR.  While the overall embargo is still in place, these amendments will lessen the degree of various restrictions.  The effects will be seen in areas including travel, telecommunications and internet-based services, commercial and … Continue Reading

Iran: Joint Comprehensive Plan of Action agreed, but no immediate sanctions relief

On 24 November 2013, the P5+1 countries (comprising the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, agreed the Joint Plan of Action (JPOA), which relaxed some of the sanctions imposed against Iran by the EU and U.S. The JPOA was intended to provide interim sanctions relief, while the parties worked … Continue Reading

Inadequate Screening Processes Result in $7.65 Million Settlement for Violations of Various U.S. Sanctions Programs

On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent violations of various financial sanctions. Between 2009 and 2013, PayPal, a digital payments processor, apparently processed hundreds of transactions in violation … Continue Reading

Further U.S. Sanctions Target Russia’s Energy, Defense and Financial Sectors

As the United States and Russia continue to clash over Russia’s actions in the Ukraine, on September 12, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued additional sanctions further restricting designated Russian financial institutions’ access to capital markets, targeting Russian defense entities, and prohibiting exports to Russian entities that have been specifically … Continue Reading

OFAC REVISES SDN OWNERSHIP GUIDANCE

On August 13, 2014, the Office of Foreign Assets Control (“OFAC”) revised its guidance on the status of entities owned by persons designated on the Specially Designated Nationals List (“SDN List”).  Under the new guidance, OFAC will consider an entity to be blocked if it is 50 percent or more owned, directly or indirectly, in … Continue Reading

U.S. Expands Export Restrictions Targeting Russia’s Oil and Gas Production

Effective August 6, 2014, the United States Department of Commerce’s Bureau of Industry and Security (“BIS”) issued new regulations, identified as the “Russian Industry Sector Sanctions,” restricting exports and other transfers of certain items subject to the Export Administration Regulations (“EAR”) that may benefit Russia’s energy sector.  Newly added EAR section 746.5 imposes licensing requirements … Continue Reading

July Sanctions Update: Ukraine and Iran

This post was also written by Laith Najjar. Since March 2014, we have been closely monitoring the developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates. We have set out below a summary of the recent changes in respect of the Ukraine as well as an update … Continue Reading

Crisis in the Crimea: Sanctions Update 4

The European Union has made further additions to the list of sanctioned parties under the regime put in place in response to the Russian Federation’s actions in the Crimea (Regulation 269/2014 and subsequent amendments). On 12 May 2014, the Council of the European Union published Regulation 477/2014, which added an additional 13 individuals to the … Continue Reading

Crisis in the Crimea: Sanctions Update 3

The Russian Federation and the United States continue to clash over the proposed annexation of Crimea from Ukraine, with the United States adding 20 Russian officials and related persons to its list of sanctioned persons. Some of the persons recently added to the United States’ SDN List were recently sanctioned by the EU, as we … Continue Reading

Crisis in the Crimea: Sanctions Update 2

Tensions continue to mount between the Russian and Ukrainian governments in the wake of a controversial referendum that threatens to expand the borders of the Russian Federation. The results of that Crimean plebiscite show that an estimated 97 percent of voters favor the Russian annexation of Crimea, but the peninsula’s ethnic Tartars boycotted the referendum. … Continue Reading

Crisis in the Crimea: Are sanctions against Russia imminent?

Speaking on Sunday’s talk-show circuit, Secretary of State John Kerry condemned Russia’s military intervention in the Crimea, accusing the Kremlin of invading the Ukraine and violating the UN Charter.  The condemnation echoes calls from Capitol Hill to impose immediate sanctions against Russia, but Putin will likely persist despite such threats.  In the past, Russia ignored … Continue Reading

Smoke with No Fire: Despite Agreement in Geneva, U.S. Sanctions Continue To Prohibit Most Iran Transactions

On November 23, 2013, the White House issued a Press Release (“the Announcement”)  outlining the first of a two-step negotiation process between Iran and the United States, the United Kingdom, Germany, France, Russia, and China (the “P5+1”).  The Announcement calls for the P5+1 countries to provide limited sanctions relief to Iran in exchange for Iran’s … Continue Reading

GCC-Singaporean Trade Agreement Becomes Effective During U.S. Sanctions Exemption

This post was also written by Gautam Bhattacharyya. In June 2013, Secretary of State John Kerry issued a statement announcing that Singaporean financial institutions would be temporarily exempt from U.S. sanctions under Section 1245 of the National Defense Authorization Act. Singapore, and eight other countries, qualified for the exceptions because they reduced their volume of … Continue Reading

Manhattan Office Building Would Be the Largest Terrorist-Related Forfeiture

As members of the United Nations prepared to descend upon Manhattan’s East Side, the U.S. government was moving to seize a building only 13 blocks away. On Monday, September 16, 2013, following a civil complaint originally filed in 2008 by the Manhattan U.S. Attorney’s Office, the U.S. District Court for the Southern District of New … Continue Reading

President Obama Enacts New Iran Sanctions

On January 2, 2013, President Obama signed into law an act that imposes new sanctions on Iran. The new sanctions target certain entities and transactions, but largely focus on the energy, shipping, and shipbuilding sectors of the Iranian economy. Several of these provisions will become effective on July 1, 2013. Please click here to read … Continue Reading
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