On February 21, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued OFAC Compliance Communique: Guidance on Authorized Transactions Related to Earthquake Relief Efforts in Syria (“Guidance”). The Guidance responds to specific questions OFAC received related to earthquake relief efforts in Syria and explains how to provide humanitarian assistance to the Syrian people in compliance with US sanctions. The Guidance follows Syria General License 23, issued by OFAC on February…
On February 3, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published a determination pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order 14071 and a determination pursuant to section 1(a)(ii) of Executive Order 14071 (“Determinations”) to implement the price cap policy for Russian petroleum products, building on earlier determinations related to Russian crude oil. OFAC also issued an updated guidance document relating to the price cap policy for Russian crude oil and petroleum…
On February 9, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Syria General License 23, “Authorizing Transactions Related to Earthquake Relief Efforts in Syria.” General License 23 authorizes transactions related to earthquake relief efforts in Syria that would otherwise be prohibited by the Syrian Sanctions Regulations (“SySR”) through 12:01 p.m. eastern daylight time, August 8, 2023. General License 23 does not authorize importation of petroleum or petroleum products of…
On January 17, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended (i) certain Russia-related General Licenses (“GLs”) and (ii) four Russia-related Frequently Asked Questions (“FAQs”). Amended General Licenses Amended GLs include the following: GL 6C, “Transactions Related to Agricultural Commodities, Medicine, Medical Devices, Replacement Parts and Components, or Software Updates, the Coronavirus Disease 2019 (COVID-19) Pandemic, or Clinical Trials,” replaces and supersedes GL 6B (see previous blog post here)…