On July 22, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two new Russia-related general licenses (“GLs”), published two new FAQs regarding these GLs, and amended two existing Russia-related FAQs. The new GLs authorize certain activities related to Russian bonds and securities and appear intended solely to help US investors wind down their financial exposure to Russia and settle certain credit default swaps following Russia’s recent June default on…
On June 2, 2022, the US Government increased sanctions against Russia in stated response to Russian attempts to evade US sanctions, including targeting additional government officials, business leaders and luxury assets. The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a new round of Russia -related designations to the Specially Designated Nationals and Blocked Persons List (“SDN List”). OFAC also amended one existing general license (“GL”), issued two wind-down general licenses,…
Accounting, Trust and Corporate Formation, and Management Consulting Services Ban On May 8, 2022, the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”), in consultation with the US Department of State, issued a Determination Pursuant to Section 1(a)(ii) of Executive Order 14071 (“EO 14071 Determination”) determining that the prohibitions under Section (1)(a)(ii) of Executive Order (“EO”) 14071 (our previous blog regarding EO 14071 can be found here) shall apply to accounting, trust and…
On March 18, 2022 and in response to Russia’s invasion of Ukraine, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) publicly identified 100 commercial and private aircraft that have recently flown into Russia in apparent violation of the Export Administration Regulations (“EAR”). As summarized in our prior blog posts (see here and here), the US has also issued restrictions that effectively ban any aircraft with a nexus to Russia from using US…