Ending several weeks of speculation about a shift in US policy towards Cuba, on June 16, 2017, President Trump announced changes reversing some of the steps undertaken by the Obama administration to ease the decades-long US embargo of that country. He has directed US government agencies, including the Treasury Department’s Office of Foreign Assets Control (“OFAC”), which is responsible for the administration of the US sanctions against Cuba, to “initiate a process to adjust” their respective regulations within 30 days to implement the changes. Importantly, FAQs issued by OFAC clarify that the 30-day deadline is only to begin the process of amending the regulations and that the announced changes will not take effect until new or amended regulations are issued. Otherwise, no deadline for when the regulations must be amended is specified and OFAC states only that it “expects to issue its regulatory amendments in the coming months.”
On February 2, 2017, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) amended the List of Medical Devices Requiring Specific Authorization (“List”), to update and clarify the scope of medical devices not authorized for export/reexport to Iran pursuant to the general license (“Ag/Med GL”) at section 560.530(a)(3)(i) of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (“ITSR”).
On October 14, 2016, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) and the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced final rules amending the Export Administration Regulations (“EAR”), 15 C.F.R. Part 730 et seq., and the Cuban Assets Control Regulations (“CACR”), 31 C.F.R. Part 515, respectively, to authorize additional activities relating to Cuba. The final rules became effective on October 17, 2016, upon publication in the Federal Register.
On 17 May 2016, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced amendments to the Burmese Sanctions Regulations (“BSR”), 31 C.F.R. Part 537, by issuing new and amending existing general licenses intended to, support trade with Burma, facilitate the movement of goods within Burma, allow most transactions involving designated Burmese financial institutions, and allow certain transactions related to “U.S. Persons” (defined below) residing in Burma. These BSR amendments take effect today (18 May 2016) and are summarized in more detail by OFAC here.