The Office of Foreign Assets Control last week sanctioned two companies, in Hong Kong and the United Arab Emirates, along with their vessels, for shipping Iranian goods on behalf of a financial facilitation network for the Houthi rebels.
A new U.S. executive order significantly raises Russia-related compliance risks for foreign banks that may have thought they weren’t subject to U.S. sanctions authorities, law firms said this month. The order also could lead to new risks for U.S. businesses, the firms said, which may need to conduct more due diligence on any foreign financial institutions with ties to their supply chains.
The Office of Foreign Assets Control is adjusting its civil monetary penalties for inflation, the agency said in a notice this week. The new amounts include higher maximum penalties for violations of the Trading With the Enemy Act, the International Emergency Economic Powers Act, the Antiterrorism and Effective Death Penalty Act, the Foreign Narcotics Kingpin Designation Act and the Clean Diamond Trade Act. The agency also updated two references to “one-half the IEEPA maximum" penalty, which changed from $178,290 to $184,068. OFAC also adjusted the record-keeping penalty amounts in the agency's Economic Sanctions Enforcement Guidelines. The changes take effect Jan. 12.
The Office of Foreign Assets Control this week sanctioned one person, two entities and three aircraft with ties to Russia, according to a Jan. 11 update to its Specially Designated Nationals List. The designations target Vladimir Vladimirovich Mikheychik, Ashuluk Firing Range, and Vladimirovka Advanced Weapons and Research Complex. OFAC also sanctioned aircraft with tail numbers RF-78757, RF-82011 and RF-86898.