On May 12, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 22, which authorizes certain transactions, including processing or transfer of funds on behalf of third-country entities, otherwise prohibited under
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Thompson Hine LLP Blogs
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OFAC Issues Russia-Related General Licenses Regarding Certain Banks and Gazprom Germania GmbH
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued several Russia-related general licenses under the Russian Harmful Foreign Activities Sanctions Regulations, 31 C.F.R. Part 587 (RuHSR). These licenses authorize certain activities which would otherwise be prohibited…
Provision of Certain Professional Services to Russia Prohibited under U.S. Sanctions
Key Notes:
- Persons, including non-U.S. persons, providing accounting, trust and corporate formation, and management consulting services in Russia may be added to the SDN List.
- U.S. persons are prohibited from providing these same services to Russian persons unless the recipient
…
OFAC Issues General License Related to Patents, Trademarks and Copyrights in Russia
On May 5, 2022, the Treasury Department’s Office of Foreign Assets Control (OFAC) issued much anticipated Russia-related general license (GL) 31, “Authorizing Certain Transactions Related to Patents, Trademarks, and Copyrights.” GL 31 authorizes certain transactions otherwise prohibited by the…
OFAC Imposes Additional Sanctions on Russian Telecommunications, Shipping and Defense Companies
On May 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented additional sanctions on several sectors of the Russian economy. OFAC designated three Russian telecommunications companies and placed them on the Specially Designated Nationals (SDN)…
BIS Expands Russian Export Controls: Significant Expansion of Supplement No. 4 List
The Department of Commerce’s Bureau of Industry and Security (BIS) issued on May 9, 2022, a Final Rule that greatly expands the list of items requiring a license to export to Russia. The export restrictions impact a broad range of…
BIS Creates Russia Export Control Resources Web Page
The Department of Commerce’s Bureau of Industry and Security (BIS) has created a web page offering “Resources on Export Controls Implemented in Response to Russia’s Invasion of Ukraine.” The web page provides convenient links to relevant BIS press…
U.S. International Trade Commission to Investigate Effects of Section 232 and Section 301 Tariffs on U.S. Industries
On May 5, 2022, the U.S. International Trade Commission (ITC) announced the initiation of a general factfinding investigation that will examine the impact of tariffs on U.S. imports under section 232 of the Trade Expansion Act of 1962 and section…
OFAC Replaces 2014 “Ukraine Related Sanctions Regulations” With More Comprehensive Set of Regulations
On May 2, 2022, new amendments to the Ukraine Related Sanctions Regulations, renaming them “Ukraine-/Russia-Related Sanctions Regulations” (URSR), were published by U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in the Federal Register. The Ukraine-/Russia-Related Sanctions Regulations went into…
SEC Issues Sample Comment Letter Regarding Disclosure Obligations Related to Russia’s Invasion of Ukraine
On May 3, 2022, the Securities and Exchange Commission’s Division of Corporation Finance issued a sample comment letter outlining public company disclosure requirements relating to the business impact of Russia’s invasion of Ukraine and the international response.
To the extent…