secondary sanctions Archives - Corruption, Crime & Compliance

16 Jul, 2024

OFAC Amends SDN and SSI List Entries to Incorporate Secondary Sanctions Warnings

On July 3, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it had amended entries for a multitude of entities sanctioned under the Treasury’s Russian Harmful Foreign Activities Sanctions regime. The updated designations for the entities—all of which are referenced on either OFAC’s List of Specially Designated Nationals and Blocked Persons (“SDN List”) or the Sectoral Sanctions Identifications...

New Executive Order Expands Treasury’s Authority to Impose ‘Secondary Sanctions’ on Foreign Financial Institutions Involved in Russian Federation Activities

General

8 Jan, 2024

New Executive Order Expands Treasury’s Authority to Impose ‘Secondary Sanctions’ on Foreign Financial Institutions Involved in Russian Federation Activities

Alexander J. Cotoia currently serves as the Regulatory Compliance Manager at The Volkov Law Group, where he regularly advises the firm and its clients on the latest developments implicating trade compliance concerns. He may be reached at [email protected]. On December 22, 2023, President Joseph R. Biden, Jr. issued an executive order—”Taking Additional Steps With Respect to the Russian Federation’s Harmful Activities”—that subjects certain foreign financial institutions...

The Long Arm of OFAC: Secondary Sanctions, Facilitation, and Causing a Violation

Uncategorized

22 Apr, 2019

The Long Arm of OFAC: Secondary Sanctions, Facilitation, and Causing a Violation

Matt Stankiewicz, Senior Associate at The Volkov Law Group, rejoins us for a blog posting on OFAC sanctions law. Matt can be contacted at [email protected]. Sanctions law can be complex. The sanctions programs themselves are often a tangled web of do’s and don’t’s – various wind down periods, General Licenses, payment structures, and more. In order to enforce these laws and regulations, OFAC must necessarily...

Episode 55 — Update on the Iran Sanctions Program

Podcasts

9 Sep, 2018

Episode 55 — Update on the Iran Sanctions Program

On May 8th, 2018, the Trump administration withdrew from the Joint Comprehensive Plan of Action or JCPOA and began to reimpose the U.S. nuclear-related sanctions. All of the sanctions in existence prior to the JCPOA including nuclear-related secondary sanctions will be effective on November 5, 2018. The wind-down of Iran-related activities pursuant to authorizations provided by the JCPOA is required in two wind-down periods – a 90 day...

OFAC Begins to Re-Impose Iran Sanctions and Expands Reach of Previous Sanctions

Uncategorized

29 Aug, 2018

OFAC Begins to Re-Impose Iran Sanctions and Expands Reach of Previous Sanctions

The Trump Administration issued a new executive order on August 6, 2018, in order to reimpose the first tranche of the Iran sanctions lifted by the former Joint Comprehensive Plan of Action (“JCPOA”). In doing so, the executive order consolidates relevant sanctions authorities and broadens the scope of the previous restrictions. Companies will now have to comply with a renewed set of secondary sanctions, and...