On July 20, 2021, Deputy Secretary of the Treasury Wally Adeyemo held a virtual roundtable discussion with six former U.S. government sanctions leaders from the last three presidential Administrations to discuss the application of U.S. economic and financial sanctions. The roundtable comes as part of a series of discussions Deputy Secretary Adeyemo is leading to review, identify challenges, and improve the use of U.S. sanctions. The goal of this bipartisan meeting is part of the Treasury Department’s commitment that sanctions continue to effectively advance U.S. national security, foreign policy, and economic aims.

A notable takeaway from the group of former sanctions leaders was that U.S. sanctions work most effectively “when employed in the context of a broader U.S. government strategy to address foreign policy or national security threat.” The Deputy Secretary and the group also discussed the importance of calibrating both economic and financial sanctions to limit their unintended impact on U.S. business, foreign partners, and other third parties, including those engaging in legitimate humanitarian activities.

A readout from the meeting is available here.

For more information regarding sanctions and the Treasury’s Office of Foreign Assets Control (OFAC), contact our team and see previous posts below.

U.S. Government Issues Business Advisory – Warns Companies About Risks of Doing Business in Hong Kong | International Trade Law (cmtradelaw.com)

President Biden Imposes Additional Sanctions on Russia | International Trade Law (cmtradelaw.com)

Print:
Email this postTweet this postLike this postShare this post on LinkedIn
Photo of Anand Sithian Anand Sithian

Anand Sithian is a counsel in Crowell & Moring’s New York office. He is a member of the International Trade and the White Collar & Regulatory Enforcement groups. Anand advises clients on a variety of regulatory issues and investigations relating to anti-money laundering…

Anand Sithian is a counsel in Crowell & Moring’s New York office. He is a member of the International Trade and the White Collar & Regulatory Enforcement groups. Anand advises clients on a variety of regulatory issues and investigations relating to anti-money laundering (AML), the Bank Secrecy Act (BSA), U.S. economic sanctions, including those administered by the Office of Foreign Assets Control (OFAC), and asset forfeiture matters. Anand routinely counsels clients on the novel application of these laws and regulations to issues involving financial institutions, technology and social media, virtual currency and digital assets (including the seizure and forfeiture of virtual currencies), and the evolving cannabis industry.

Photo of Frances P. Hadfield Frances P. Hadfield

Frances P. Hadfield is a counsel in Crowell & Moring’s International Trade Group in the firm’s New York office. Her practice focuses on forced labor and withhold release orders (WRO), import regulatory compliance, and customs litigation. She regularly advises corporations on matters involving…

Frances P. Hadfield is a counsel in Crowell & Moring’s International Trade Group in the firm’s New York office. Her practice focuses on forced labor and withhold release orders (WRO), import regulatory compliance, and customs litigation. She regularly advises corporations on matters involving customs compliance, audits, customs enforcement, as well as import penalties.

Frances represents clients before the U.S. Court of International Trade and the U.S. Court of Appeals for the Federal Circuit, as well as in proceedings at the administrative level. She advises corporations on both substantive federal and state regulatory issues that involve U.S. Customs and Border Protection, the Federal Trade Commission, Food and Drug Administration, and U.S. Fish & Wildlife in matters pertaining to product admissibility, audits, classification, import restrictions, investigations, marking, licenses, origin, penalties, and tariff preference programs.

Photo of Martín Yerovi Martín Yerovi

Martín Yerovi is an international trade analyst in Crowell & Moring’s Washington, D.C. office. He provides practice support to the International Trade Group on import regulatory matters pending before the Office of the U.S. Trade Representative (USTR) and U.S. Customs and Border Protection…

Martín Yerovi is an international trade analyst in Crowell & Moring’s Washington, D.C. office. He provides practice support to the International Trade Group on import regulatory matters pending before the Office of the U.S. Trade Representative (USTR) and U.S. Customs and Border Protection (CBP). He works closely with attorneys developing courses of action for clients impacted by investigations under Section 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act of 1962. He also supports unfair trade investigations, including antidumping (AD) and countervailing duty (CVD) investigations, sunset reviews, and changed circumstance reviews before the Department of Commerce and the International Trade Commission (ITC).