On April 25, 2022, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued General License 13R (“GL 13R”) and General License 15L (“GL 15L”), narrowing those authorized activities with GAZ Group and entities owned 50% or more by GAZ Group (“GAZ”), as further described below. OFAC also issued a set of updated FAQs to clarify the scope of authorized activities under these GLs. Our most recent blog post on these GLs is available…
On February 2, 2022, the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued seven new Frequently Asked Questions (“FAQs”) (FAQs 957 through 963) and on February 25, 2022, issued General License 20, “Authorizing Transactions Involving Afghanistan or Governing Institutions in Afghanistan” (“GL 20”) to expand authorizations for commercial and financial transactions in Afghanistan and seven new FAQs (FAQs 991 through 997). OFAC also made updates to FAQs to account for the new…
On March 24, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two new and two reissued General Licenses and issued new and revised Frequently Asked Questions (FAQs). OFAC also added more than 400 parties to the Specially Designated Nationals and Blocked Persons List (“SDN List”). A summary of these developments can be found on OFAC’s Recent Actions page here and here. New and Revised General Licenses OFAC issued two…
On March 11, 2022, the US Government issued a number of additional sanctions measures against Russia. The latest measures include the issuance of (i) a new Russia-related Executive Order 14068, “Executive Order on Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression” (“EO 14068”) and (ii) four new General Licenses (“GLs”) related to Russia and Ukraine. These measures include a ban on exports and sales of a range of luxury…