On August 24, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) launched Operation Economic Outcast, a campaign that OFAC has characterized as an “economic D-Day” against Iran. The action follows OFAC’s earlier “Economic Fury” campaign against Iran, on which we have previously reported here and here. OFAC stated these actions “mark the beginning of a sustained and systematic campaign to close every financial resource that supports the leading state sponsor…
On August 24, 2026, the US Department of State rescinded Syria’s designation as a State Sponsor of Terrorism (“SST”) and revoked the designation of al-Nusrah Front, also known as Hay’at Tahrir al-Sham (“HTS”), as a Specially Designated Global Terrorist (“SDGT”). Concurrently, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) removed HTS from the Specially Designated Nationals and Blocked Persons List (“SDN List”), revoked Syria General License 25 (“GL 25”), and updated…
On July 23, 2026, the US Department of State designated multiple entities and individuals in Cuba, and the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three new Cuba-related general licenses. The actions are intended to further restrict revenue streams supporting the Cuban government, including activities tied to the energy sector, sanctions evasion networks, financial services, and Cuba’s overseas medical missions program. The designations and general licenses were issued under Executive…
On July 17, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced certain updates and changes to its Hong Kong-related sanctions program following the expiration of the national emergency declared in Executive Order (“EO”) 13936, The President’s Executive Order on Hong Kong Normalization. Key changes include: What Changed? OFAC explained that the expiration of EO 13936 does not affect the continuing validity of either the HKAA or the Hong Kong…