On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) implemented further economic sanctions and export controls targeting Russia and Belarus. The OFAC press release and BIS press release both underscore the US Government’s close coordination with international partners and allies to align new restrictions on Russia and Belarus. In addition, the Leaders of the G7 released…
On May 1, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License No. 42 (“GL 42”) under the Venezuela Sanctions Regulations (“VSR”), three new Venezuela-related Frequently Asked Questions (“FAQs”), and also amended one Venezuela-related FAQ. These developments occurred in the context of efforts by creditors to enforce judgments against Venezuela and appear to have been in response to a request from the Special Master for the US District…
By making the first entry to the national sanctions list, the Czech Republic has taken another step in its efforts to use its sanctions powers to respond more rapidly to the Russian invasion of Ukraine. Earlier this year, the Czech Republic adopted the Sanctions Act, which implements the process for including entities on the Czech national sanctions list or the EU sanctions list and the rules for adopting national restrictive measures against certain entities for…
Effective as of 04 April 2023, Ukraine introduced two new sets of personal sanctions against 273 individuals and 380 legal entities, mainly targeting Russian public officials and the Russian military industry.[1] The Decisions impose extensive sanctions, including asset freeze; ban on trade operations; ban on transit of resources, flights and transportation within the territory of Ukraine; suspension of the performance of economic and financial obligations; restriction on the exit of capital from Ukraine; prohibition on…