Tag Archives: sanctions

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

Sanctions Against Iran Increased by United States

This post was also written by Matthew J. Thomas and Charles A. Brown. Yesterday, Treasury’s Office of Foreign Assets Control (OFAC) made dozens of significant additions to its list if Iran-linked sanctioned parties, adding new energy, finance and shipping companies, as well as many new individuals and vessels. An update from our shipping, energy and commodities … Continue Reading

U.S. Government’s $619 Million Settlement With ING Bank and Increased Sanctions on Iran Present New Challenges for Non-U.S. Banks

This post was also written by Matthew J. Thomas. ING Bank N.V., a Dutch financial institution, has agreed to pay $619 million in a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC), the Department of Justice (DOJ) and the Manhattan District Attorney. The settlement is the result of OFAC’s investigation into an … Continue Reading

U.S. Government Eases Sanctions on Burma: Authorizes Financial Services and New Investment

On July 11, 2012, the Office of Foreign Assets Control (“OFAC”) implemented two general licenses authorizing the exportation of financial services and new investment in Burma (Myanmar). These general licenses follow earlier announcements that the U.S. government would take steps to ease sanctions on Burma, and follows the lead of Canada and the European Union. … Continue Reading

U.S. Company’s Back-Office Support of a Foreign Affiliate’s Sales in Cuba Leads to OFAC Sanctions Penalty

On July 10, 2012, OFAC announced that Great Western Malting Co. (“Great Western”), a U.S. company, agreed to pay $1.35 million to settle apparent violations of the Cuban Assets Control Regulations. Great Western produces malt for the brewing, distilling and food markets. OFAC’s settlement announcement indicates that Great Western’s U.S.-based personnel provided back-office support for a … 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

Sanctions Targets

The last eighteen months have seen numerous new sanctions regimes introduced by the EU, UN and the U.S. Reed Smith has issued a series of Client Alerts already this year as and when new or changed sanctions regimes have been introduced. Amongst the energy and commodity trading and the shipping communities, there has naturally been … Continue Reading

Iran and Syria Sanctions Update

This post was written by Matthew J. Thomas. US and EU sanctions continue to escalate on Iran and Syria, catching an ever-broadening group of global targets, as detailed in this latest update.  While the EU continues to add dozen of names to its lists of blocked parties, the US today began imposing secondary sanctions on … Continue Reading

SANCTIONS UPDATE

This post was written by Matthew J. Thomas. “Have you seen these new Mideast sanctions? I don’t think we can go ahead with our contracts there. Can we just cancel them?” This common dilemma is at the heart of a new Reed Smith Client Alert discussing the application of sanctions-based contract cancellation clauses. Use of … Continue Reading

California Contracting Notice

For everyone out there contracting with the State of California — here is a quick heads up. Remember way back in 2010 when Congress passed the Comprehensive Iran Sanctions, Accountability, and Divestment Act? Well, it turns out that California has decided to take advantage of the Divestment part. The Iran Contracting Act of 2010 requires … Continue Reading

Ramped-Up Libyan Sanctions Impacting U.S. Business; More to Come

This post was written by Joelle E.K. Laszlo. In response to the increasingly grave political, commercial, and humanitarian turmoil that Libya has endured in the recent weeks, the international community has combined forces in an effort to subdue Muammar Qadhafi’s brutal regime. The United Nations Security Council has called its Member States to enact, among other … Continue Reading

You’re Disqualified! UK competition authority looks set to target directors.

This post was written by Richard Waite. The UK’s main competition authority, the OFT, appears to be gearing itself up to make greater use of its powers to target individuals involved in anti-competitive practices in the UK. Individuals have faced the threat of enforcement action in the UK since 2003, in the form of disqualification … Continue Reading

The Freakonomics of the Iran Sanctions?

This post was written by Anne Borkovic. After months of intense global negotiations, and facing increased sanctions from the United States, the EU, and the United Nations, what is life like in Iran?  As expected, Iranians are experiencing increased gas prices, and the Iranian Revolutionary Guard is having some financing difficulties.  Some of the more interesting effects, … Continue Reading

Narcotics Kingpins: How Much Could You Save?

This post was written by Anne Borkovic. Who knew that gecko was mixed up with such unsavory characters? On June 3, 2010, the U.S. Treasury, Office of Foreign Assets Control (“OFAC”) announced that GEICO General Insurance Company paid $11,000 to settle allegations that, from approximately September 2006 to June 2007, it provided a car insurance … Continue Reading

Increased Iranian Sanctions: Washington Responds to Continued Nuclear Development by Tehran

On July 1, 2010, President Barack Obama, preceded by Congressional voting signaling overwhelming support, signed into law the Comprehensive Iran Sanctions Accountability and Divestment Act (“Act”). The Act is an effort by the United States to hinder what appears to be Iran’s intent to develop nuclear weapons. Action by the United States comes at a … Continue Reading
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