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…
Since August 21, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has made a series of changes to the Venezuela-related general licenses (“GLs”) issued under the Venezuela Sanctions Regulations, 31 CFR part 591 (“VSR”). OFAC removed the US governing-law condition from the GLs that included it and updated the associated Frequently Asked Questions (“FAQs”). It issued two new GLs, (General License No. 61 (“GL 61”), since replaced by GL 61A,…
On August 13, 2026, the Trump Administration introduced a combination of trade measures intended to expand export opportunities for US unmanned aerial vehicle (UAV or drone) manufacturers while increasing incentives to source and produce drone technologies in the United States. The actions reflect a concerted approach to strengthen the US drone sector and address concerns about supply chain resilience and national security. Streamlined Export Controls The US Department of Commerce’s Bureau of Industry and Security…
On August 24, 2026, the US Department of State rescinded Syria’s designation as a State Sponsor of Terrorism (“SST”) and revoked the designation of al-Nusrah Front, also known as Hay’at Tahrir al-Sham (“HTS”), as a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…