Even if a transaction is authorized by a Treasury Department sanctions license or a Commerce Department export license, it still may be subject to prohibitions or notification requirements under Treasury’s new outbound investment rules (see 2410280043), the agency said in new FAQs.
The Census Bureau added two new license codes and revised an existing license code in the Automated Export System this week to reflect the Bureau of Industry and Security's latest export controls on semiconductor manufacturing equipment and high-bandwidth memory (HBM) (see 2412020016).
The U.S. this week issued a host of new sanctions against Russia, targeting Gazprombank, the country’s largest remaining non-designated bank, along with more than 50 smaller banks tied to Moscow, more than 40 securities registrars Russia has used to evade sanctions and 15 Russian finance officials. The agency also issued new and updated general licenses and warned foreign banks that they could be sanctioned for participating in a Russia-linked financial messaging system.
The Office of Foreign Assets Control fined a U.S. citizen more than $1 million for evading U.S. sanctions against Iran by using foreign money services businesses to buy an Iranian hotel.
A new U.K. general license released this week authorizes certain payments involving sanctioned Iranian airline Iran Air. The license, effective Nov. 18, allows payments that are required to "exercise Iran's right" to "overfly the United Kingdom" or "make a Stop for Non-Traffic purposes in the United Kingdom" in line with the Convention on International Civil Aviation and its Annexes. The license also allows for payments from Iran Air for "contractual obligations that arose prior to Iran Air's designation in respect of ground services or airport services in the UK," including ticket refunds from canceled flights to or from the U.K., as long as no payments are made to another sanctioned party.
The U.S. this week sanctioned three entities and several people for their ties to violence in the West Bank or for undermining peace in the region, including an organization that aids Israelis previously designated by the U.S.
The Office of Foreign Assets Control issued a final rule this week to revise its sanctions regulations for Myanmar, releasing a “more comprehensive set of regulations” with more guidance and definitions. The rule, effective Nov. 13, also includes general licenses and “other regulatory provisions that will provide further guidance to the public,” OFAC said. The new regulations replace the rules that were published in “abbreviated form” in 2021.
The Office of Foreign Assets Control this week extended two Venezuela-related general licenses, one that renews the current authorization for certain transactions with state-owned energy company Petroleos de Venezuela and another that delays an exemption that would authorize certain transactions with PdVSA.
The Office of Foreign Assets Control this week sanctioned Prointer ITSS general director Vladimir Perisic and Elpring d.o.o. Laktasi for their ties to a “corrupt patronage network” that supports the president of Bosnia and Herzegovina and the country’s sanctions evasion attempts. OFAC said President Milorad Dodik and his son use Perisic and others to control private companies that are awarded government contracts, including Elpring.
A Texas-headquartered offshore drilling company is filing a voluntary disclosure with the Office of Foreign Assets Control after its former Russian subsidiary may have breached U.S. sanctions, according to corporate filings.