Events listed in [OFAC] Office of Foreign Assets Control
Issuance of Russia-related General Licenses and Amended Russia-related Frequently ...
ID 21493
The Office of Foreign Assets Control (OFAC) has published a press release to announce the issuance of three new Russia-related general licenses and the modification of several Russia-related frequently asked questions (FAQs), all in connection with prohibitions stipulated in Executive Order 14024, Executive Order 14071, and Statutory Instrument 31 CFR Part 587, the „Russian Harmful Foreign Activities Sanctions Regulations“. Below, you’ll find a brief ...
Issuance of Venezuela-related General License and Amended Venezuela-related ...
ID 21485
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License 5J (superseding General License 5I) in connection with Venezuela-related sanctions. Specifically, the license authorizes financial transactions related to the Petroleos de Venezuela, S.A. 2020 8.5% Bond on or after April 20, 2023. OFAC also updated a corresponding frequently asked question (FAQ) 595 which reads as follows – as quoted: ...
Issuance of Counter Terrorism General License and Amended Frequently Asked Question
ID 21434
The Office of Foreign Assets Control (OFAC) has published a press release informing about new sanction measures. Specifically, in a first step, the Office has issued a new General License (GL 21B) to permit (financial) transactions that are necessary to provide „Limited Safety“ in connection with specified sanctioned vessels (e.g. emergency repairs, actions necessary to provide the safety of crew members, etc.) that would ...
Implementation of the Federal Civil Penalties Inflation Adjustment Act
ID 21432
The Office of Foreign Assets Control (OFAC) has published a final rule on its website regarding penalties for violations of OFAC sanction regulations. The rule has meanwhile been published in the Federal Register as well. Specifically, the Office is making inflation adjustments to the civil monetary penalties outlined in numerous instruments – in each case in § 701 – for violations of any terms ...
Issuance of Venezuela-related General License and Amended Frequently Asked Questions
ID 21383
The Office of Foreign Assets Control (OFAC) has published a press statement to inform of the issuance of a new Venezuela-related General License (GL) and several revised frequently asked questions (FAQs) in this context. Specifically, OFAC has issued new license GL 31B which supersedes GL 31A to permit „Certain Transactions Involving the IV Venezuelan National Assembly, the Interim President of Venezuela, and Certain Other ...
Iran-related Designations and Designation Update; Non-Proliferation Designations ...
ID 21378
The Office of Foreign Assets Control (OFAC) has published a press release to inform about new sanction measures. Specifically, the Office added several individuals to its Specially Designated Nationals and Blocked Persons List (SDN List) pursuant to existing sanction regulations (Executive Order 13382) for their engagement in the Iranian company „Qods Aviation Industries (QAI)“ which is involved in the production of unmanned aerial vehicles ...
Counter Terrorism Designations
ID 21373
The Office of Foreign Assets Control (OFAC) has published a press release to inform about new sanction measures. Specifically, the Office added several individuals and two entities to its Specially Designated Nationals and Blocked Persons List (SDN List) pursuant to existing sanction regulations to combat global terrorism (31 CFR Part 594 and Executive Order 13224). The following persons and entities are affected and now ...