On June 12, 2024, the US Departments of Treasury and Commerce issued new sanctions and export controls in response to Russia’s continued war in Ukraine. Below we outline key categories of these new and expanded trade measures designed to restrict the flow of support to the Russian military-industrial base. New Sanctions Restrictions The new sanctions issued by the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) are directed at Russia’s foundational financial infrastructure…
On May 28, 2024, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) amended the Cuban Assets Control Regulations (“CACR”) and issued new and updated frequently asked questions (“FAQs”) to further implement a policy originally announced by the Biden Administration on May 16, 2022 to increase support for the Cuban people and private sector entrepreneurs. The CACR has been revised as follows: Clarification and Expansion of Authorized Internet-Based Services and Software: The authorization for…
The US and UK introduced new prohibitions last month related to Russian-origin aluminum, copper, and nickel produced on or after April 13, 2024. The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two determinations imposing new restrictions on the importation of Russian-origin aluminum, copper, and nickel produced on or after to April 13, 2024 (the “Covered Russian Metals”) into the United States, and on the provision by US persons or within…
Please join Baker McKenzie and ICPA for a fireside chat with Lawrence Scheinert, Associate Director for Enforcement, Compliance, and Analysis at the US Treasury Department’s Office of Foreign Assets Control (OFAC). During the discussion, Lawrence will outline OFAC’s enforcement program and priorities. He will also share his insights on enforcement actions, multilateral coordination and cooperation with other US regulators such as BIS, FinCEN, and the DOJ, impact of enforcement actions on non-US companies, among other topics. Please…