On March 20, 2026, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Iran-related General License U (“GL U”), “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026.” One day earlier, on March 19, 2026, OFAC issued Russia-related General License 134A (“GL 134A”), “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on…
Baker McKenzie’s Trade, Sanctions, and Customs Practice is pleased to invite you to join us at our upcoming Milan Trade Day 2026. This event will be essential for Italian companies trying to navigate the trade, sanctions, and customs hurdles in a very disruptive 2026, and will feature short panels of Baker McKenzie Italian trade, customs and criminal law specialists as well as international speakers on US and EU sanctions, export controls, and customs developments. Please register for…
On February 13, 2026, as part of an ongoing series of sanctions-easing measures following the capture of Venezuelan President Nicolás Maduro in January 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two general licenses authorizing certain activities related to operations in Venezuela’s oil and gas sector. As further detailed below, OFAC General License No. 49 (“GL 49”) authorizes US persons to negotiate and enter into contingent contracts for certain…
As summarized in our recent blog post, in response to recent threat of tariffs over the Greenland issue, the EU considered possible responses, including tariffs and triggering of the so-called Anti‑Coercion Instrument (“ACI”). Although these threats appear to have subsided for now, given trade volatility, usage of the ACI remains a live possibility and we wanted to provide a brief overview on the ACI and what companies can do to prepare in the event the…