District Court Decision Incorrectly Holds that OFAC Sanctions Bar PdVSA from Making Payment on Pre-Sanctions Debts

February 13, 2020

On February 11, 2020, Judge Stanton of the U.S. District Court for the Southern District of New York denied Dresser-Rand Company’s (Dresser Rand) motion for summary judgment in a suit to collect on a promissory note issued by Petróleos de Venezuela, S.A. (PdVSA). The Court’s decision turned on a finding that payment by PdVSA was legally impossible under U.S. sanctions. That finding was based on incomplete briefing by the parties and appears seriously flawed given…

Cleary International Trade and Sanctions Watch

United States Designates the Government of Venezuela for Blocking Sanctions

By Paul Marquardt, Nathanael Kurcab & Michael G. Sanders

August 20, 2019

On August 5, 2019, the U.S. Administration imposed blocking sanctions on the Government of Venezuela (“GOV”) under a new executive order. Although named individual officials, the Central Bank of Venezuela, and Petróleos de Venezuela, S.A. (“PdVSA”) were already blocked entities under U.S. sanctions, now all Venezuelan government entities and state-owned enterprises are blocked entities. Unless a license applies: all property and interests in property (broadly defined) of the GOV within U.S. jurisdiction are blocked; and…

Cleary International Trade and Sanctions Watch

Cuba Sanctions Tighten: OFAC Limits Cuba Travel

By Paul Marquardt & Michael G. Sanders

June 4, 2019

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) each announced changes to the Cuba sanctions rules. OFAC is amending the Cuban Assets Control Regulations (CACR) to end group educational or cultural visits referred to as “people-to-people” educational travel, one of the major categories permitting non-family travel to Cuba. People-to-people educational travel that was previously authorized will be allowed…

Cleary International Trade and Sanctions Watch

Venezuela Sanctions Tighten: OFAC Sanctions the Venezuelan Central Bank and Senators Propose Sanctions Legislation

By Paul Marquardt & Michael G. Sanders

April 18, 2019

On April 17, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that the Central Bank of Venezuela has been designated as a specially designated national (SDN) under Executive Order 13850, banning all transactions within U.S. jurisdiction in which it has an interest. As a result, any party who materially assists, sponsors, or provides financial, material, or technological support for, or goods or services to or in support of, the…

Cleary Enforcement Watch

First Ever Criminal Bank Secrecy Act Charge Brought Against U.S. Broker-Dealer

By Paul Marquardt, Nowell D. Bamberger, Patrick Fuller & Michael G. Sanders

January 7, 2019

On December 19, 2018, the United States Attorney’s Office for the Southern District of New York (the “USAO”) announced criminal charges against and entered into a deferred prosecution agreement (the “DPA”) with Central States Capital Markets, LLC (“CSCM”), a Kansas-based broker-dealer, under the Bank Secrecy Act (the “BSA”).[1] The charge was for a felony violation of the BSA, which consisted of CSCM’s willful failure to file a suspicious activity report (“SAR”) regarding the…

Michael G. Sanders

District Court Decision Incorrectly Holds that OFAC Sanctions Bar PdVSA from Making Payment on Pre-Sanctions Debts

United States Designates the Government of Venezuela for Blocking Sanctions

Cuba Sanctions Tighten: OFAC Limits Cuba Travel

Venezuela Sanctions Tighten: OFAC Sanctions the Venezuelan Central Bank and Senators Propose Sanctions Legislation

First Ever Criminal Bank Secrecy Act Charge Brought Against U.S. Broker-Dealer

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