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Paul Amberg (Spain)

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EU adopts 21st Russia sanctions package

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On 23 July 2026, the European Council adopted its 21st package of Russia sanctions as well as additional measures targeting Belarus. The package concentrates on sectors with the greatest impact on Russia’s war economy, including energy, shipping, gold, financial services (including crypto), trade, and the Russian military-industrial complex. Key elements include a full-year suspension of the oil price cap adjustment, a new tool allowing transaction bans on named refineries that process Russian crude (listing one…

US Initiates Process to Rescind Syria’s State Sponsor of Terrorism Designation

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On July 8, 2026, the US Department of State announced that President Trump had notified Congress of his administration’s intent to rescind Syria’s designation as a State Sponsor of Terrorism (“SST”). The notification initiates a 45-day period that must elapse before the rescission takes effect. In the accompanying press statement, Secretary of State Marco Rubio said that “[l]ifting sanctions on Syria will unlock international trade and investment, give Syria a chance to rebuild, and open…

U.S. House Passes Ukraine Support Act, Advancing Additional Russia-Related Sanctions and Trade Measures

By and 6 Mins Read

On June 4, 2025, the U.S. House of Representatives passed the Ukraine Support Act (H.R. 2913) (the “Act”), a broad measure that would, if enacted, (1) impose new Russia-related sanctions, (2) codify and tighten existing U.S. export controls, (3) impose duties of at least 500% on Russian imports and taxation of blocked assets, and (4) authorize additional Ukraine-related security and reconstruction measures. The bill now moves to the Senate, where its prospects remain uncertain. If…

OFAC Issues General License No. 58 Authorizing Certain Services to the Government of Venezuela Involving Potential Debt Restructuring

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On May 5, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 58 (“GL 58”), authorizing transactions ordinarily incident to the provision of certain services in connection with potential debt restructuring of the Government of Venezuela. GL 58 provides a limited authorization for specified transactions, subject to conditions and exclusions, and reflects OFAC’s continued use of general licenses to relax US sanctions on Venezuela. Our prior blog…

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