On December 30, 2014, the Office of Foreign Assets Control (“OFAC”) issued General License No. 5 to authorize certain otherwise prohibited activities necessary to wind down operations involving the Crimea region of Ukraine, which has been occupied by Russia since March 2014. OFAC’s announcement is available here. The general license follows the December 19, 2014 issuance of Executive Order 13685, which imposed comprehensive sanctions on Crimea and provided the authority for blocking certain persons…
Following Monday’s agreement between the P5+1 countries and Iran to extend for a second time the Joint Plan of Action (JPOA) for an additional seven months to enable further progress in nuclear talks, the US Treasury Department’s Office of Foreign Assets Control (OFAC) has published key documents regarding continued implementation of the temporary sanctions relief provided for under the JPOA. The latest documents essentially republish OFAC’s earlier guidance and FAQs on the sanctions easing and OFAC’s Statement…