Trade and Manufacturing Monitor
U.S. Temporarily Eases Sanctions Against Venezuelan Energy, Gold
On October 18, the Treasury Department’s Office of Foreign Assets Control (OFAC) eased U.S. sanctions on dealings with Venezuela’s gold and oil and gas sectors by issuing and amending several general licenses.…
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…
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…
New U.S. Sanctions on Russia: Corporate Services Ban, Industrial Export Controls, & New SDNs
In coordination with other G7 countries , the United States announced another significant round of sanctions and export control restrictions on Russia on Sunday, May 8. These include a new ban on the provision of…
OFAC Issues Fact Sheet Summarizing Humanitarian-related Authorizations Under Russia Sanctions, New Humanitarian-related General License
On April 19, 2022, the Office of Foreign Assets Control (OFAC) issued a fact sheet with guidance on various humanitarian general licenses that authorize activities otherwise prohibited by U.S. sanctions, and respond to…