Office of Foreign Assets Control (OFAC)

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an updated advisory on potential sanctions risks for companies that facilitate ransomware payments in response to cyberattacks, guidance on preventative measures companies can implement to mitigate such risks, and criteria that OFAC will consider as mitigating factors in

On August 25, 2021, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a License (the License) pursuant to OFAC’s Global Terrorism Sanctions Regulations (GTSR or SDGT Sanctions) and Foreign Terrorism Organizations Sanctions Regulations (FTOSR) following a request from the Department of State.  Under Section 1 of the License, the U.S. Government,

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

On July 19, 2021, the Department of Commerce’s Bureau of Industry and Security (BIS) added six Russian entities to the Entity List for their relation to the Russian government’s “harmful foreign activities” that present a threat to the United States’ national security, foreign policy, and economy. Specifically, the entities were added to the Entity List

May 13, 2021 / 5:30 PM – 6:45 PM EST

Please join this free Thomas Reuters-sponsored webinar with a panel of experts, including Crowell & Moring Counsel Nicole Succar, as they discuss economic sanctions policy and enforcement under the Biden Administration, including what’s happened in the first four months and what we can expect

On April 19, 2021, the Office of Foreign Assets Control (“OFAC”) issued Belarus General License 2H (“GL 2H”) revoking General License 2G (“GL 2G”), which was due to expire on April 25, 2021.

For more than five years, OFAC regularly extended GL 2 G, and earlier versions of it, authorizing U.S. person activity with the

On April 15, 2021, the United States unveiled a sweeping series of additional sanctions on Russia, marking the first major Russia-related sanctions development of the Biden Administration and the most material such U.S. action in several years.  The actions were spearheaded by President Biden’s issuance of an as-yet-unnumbered Executive Order (the “EO”) that grants the

On March 2, 2021, the Biden Administration announced the intelligence community’s finding that Russia’s Federal Security Service (FSB) used a banned chemical nerve agent to poison Russian opposition leader, Aleksey Navalny.  Shortly following the White House’s press briefing, the Departments of State, Commerce, and Treasury issued press releases announcing new sanctions and export controls, summarized

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently announced settlements with two virtual currency service providers, Bit Pay, Inc. (Bit Pay) and BitGo, Inc. (BitGo), for alleged sanctions violations. Separately, Coinbase Global Inc., (Coinbase) the largest virtual currency exchange in the U.S., has disclosed that its services may have been

Less than three weeks after the group’s initial addition to the list of Foreign Terrorist Organizations, the Biden administration removed Ansarallah (the Houthis in Yemen) from the list on February 16, 2021.  As a result, Ansarallah is no longer blocked pursuant to OFAC’s Global Terrorism Sanctions Regulations and U.S. persons do not require authorization from