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 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…
On March 2, 2022, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued two new Russia-related general licenses, reissued two existing general licenses, and published and updated several frequently asked questions (“FAQs”) clarifying various aspects of the Russia-related sanctions imposed over the past weeks. In addition, on March 3, 2022, OFAC issued another new Russia-related general license and designated additional parties to the Specially Designated Nationals and Blocked Persons List (“SDN List”). We summarize…