Trade and Manufacturing Monitor
U.S. and EU Conduct Fourth Meeting of the Trade and Technology Council
On May 31, 2023, the United States and European Union held the fourth ministerial meeting of the U.S.-EU Trade and Technology Council (“TTC”). The TTC is a consultative forum created to coordinate approaches to key…
OFAC Revamps and Updates Website
On April 3, 2023 the Office of Foreign Assets Control (“OFAC” or “the agency”) launched a new domain for its website at ofac.treasury.gov . This update aims to make it easier for users to navigate OFAC’s sanctions…
Anniversary Round of U.S. Sanctions, Export Controls Impose and Enhance Restrictions Against Financial and Material Support for Russia’s War Efforts
Last Friday, on the anniversary of the Ukraine invasion, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) took significant action by imposing sanctions against the Russian economy, targeting…
OFAC Settlement Highlights Need for Compliance Training Across Subsidiaries for Multinational Firms
The Office of Foreign Assets Control (“OFAC”) recently announced a settlement agreement with Danfoss A/S (“Danfoss” or “the company”) in response to allegations that Danfoss directed its customers in Iran, Syria, and…
OFAC Sanctions Potanin, Interros, and Rosbank; but Norilsk Nickel is Excluded
Today, the Office of Foreign Assets Control (“OFAC”) added Russian oligarch Vladimir Potanin along with several of his companies to the Specially Designated Nationals (“SDN”) List. OFAC’s action specifically targets…