Trade and Manufacturing Monitor
U.S. Extends General License No. 8, Authorizing Dealings with Certain U.S. JVs in Venezuela
Yesterday, the Office of Foreign Assets Control (OFAC) issued General License No. 8D, authorizing U.S. persons to engage in transactions and activities involving Petroleos de Venezuela, S.A. (PdVSA) that are…
BIS tightens Cuba restrictions, lowers de minimis threshold to 10 percent
Today, the U.S. Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) to further tighten restrictions on Cuba. The changes, which are effective immediately, are part of a broader…
U.S. Issues New Primary and Secondary Sanctions Targeting Turkey
Yesterday, the U.S. government issued an Executive Order (E.O.) imposing new primary and secondary sanctions that target the government of Turkey in response to the escalating conflict in northern Syria. Pursuant to…
New Sanctions on Venezuela’s National Oil Company, PDVSA
Yesterday, the Office of Foreign Assets Control (“OFAC”) listed Petroleos de Venezuela, S.A. (“PdVSA”) as a Specially Designated National (“SDN”) pursuant to its authority under Executive Order 13850. As a result of…
U.S. Sanctions on Iran Have Been Fully Re-imposed
Today the U.S. Office of Foreign Assets Control (OFAC) amended the Iranian Transactions and Sanctions Regulations (ITSR, 31 C.F.R. Part 560 ) to fully re-impose U.S. sanctions on Iran following a wind down period that…