Tag Archives: U.S. Office of Foreign Assets Control (OFAC)

OFAC imposes strong sanctions on Venezuela’s PDVSA

On Monday January 28, the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) imposed strong sanctions on Petróleos de Venezuela, S.A. (PdVSA), a major Venezuelan state-owned oil and natural gas company. The U.S. is now prohibited from engaging in transactions with the company, and all property and interests in property of PdVSA that are … Continue Reading

OFAC lifts sanctions on three Russian entities

On January 27, 2019, the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) removed UC Rusal plc (Rusal), En+ Group plc (En+), and JSC EuroSibEnergo (ESE) from the Specially Designated Nationals (SDN) List, reducing the number of Russian entities sanctioned by the United States. Our Sanctions Team explores the implications in our recent client … 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

Iran Sanctions Update

This post was also written by Paul Skeet and Dan Gallagher. Introduction: Recent weeks have seen the United Nations, the United States and the European Union all tightening sanctions against Iran with the aim of impeding the country’s nuclear programme. As many of the new sanctions are directed particularly at Iran’s trade, transport links and banks, it … Continue Reading
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