Cleary International Trade and Sanctions Watch

Cuba Sanctions Tighten: OFAC Limits Cuba Travel

By Paul Marquardt & Michael G. Sanders on 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

China to Establish “Unreliable Entity List” in Response to “Unilateralism and Trade Protectionism”

By Paul Marquardt, Cunzhen Huang & Huanbing Xu on June 3, 2019

China’s Ministry of Commerce (MOFCOM) announced at a special press conference on May 31 that it will institute an “Unreliable Entity List” system based on China’s Foreign Trade Law, Anti-Monopoly Law, and National Security Law. The planned “Unreliable Entity List” will include foreign companies, organizations, and individuals that do not obey market rules, act contrary to the spirit of contract, engage in boycott or suspension of supply against Chinese enterprises without commercial justifications, or seriously…

Cleary International Trade and Sanctions Watch

Sanctions Tighten on Iranian Metals Sectors

By Paul Marquardt & Samuel H. Chang on May 10, 2019

On May 8, 2019, President Trump issued a new Executive Order expanding secondary sanctions against the iron, steel, aluminum, and copper sectors of Iran. The Executive Order provides authority to impose sanctions on foreign persons who operate in the covered metals sectors or who facilitate significant transactions in connection with those sectors. Unlike direct sanctions (which have long prohibited unlicensed dealings with Iran with a connection to U.S. jurisdiction), secondary sanctions threaten the imposition of…

Cleary International Trade and Sanctions Watch

New OFAC Guidance On Compliance Programs

By Paul Marquardt & Nathanael Kurcab on May 9, 2019

On May 2, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control released “A Framework for OFAC Compliance Commitments”, providing general guidance on the elements OFAC considers to compose an effective sanctions compliance program. Broadly, the framework endorses a risk-based approach to compliance (recognizing that no two compliance programs will be identical) and the need for a formal SCP that includes five essential components: management commitment, risk assessment, internal controls,…

Cleary International Trade and Sanctions Watch

EU Trade Quarterly Summary

By Cleary Gottlieb on April 24, 2019

This Trade Summary provides an overview of WTO dispute settlement decisions and panel activities, and EU decisions and measures on commercial policy, customs policy and external relations, for the first quarter of 2019. If you have any questions regarding the above, do not hesitate to contact fclaprevote@cgsh.com or tmuelleribold@cgsh.com. …

Cleary International Trade and Sanctions Watch

End of Suspension of Title III of the Helms-Burton Act: Authorization of Claims Under U.S. Law for “Trafficking” In Certain Cuban Properties (Updated)

By Ari D. Mackinnon, Paul Marquardt, Jean‑Yves Garaud, Guillaume de Rancourt, Aren Goldsmith, James Brady & Murat N. Akuyev on April 19, 2019

As we have discussed in prior posts, the Trump Administration has threatened since January 2019 to permit claims under Title III of the Helms-Burton Act for “trafficking” in property claimed by Americans and expropriated by Cuba to proceed. Title III has been suspended since the Helms-Burton Act was enacted in 1996. On April 17, 2019, the Trump Administration announced that it will no longer maintain the suspension of Title III. This means that as of…

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 on 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 International Trade and Sanctions Watch

CFIUS Forces Kunlun to Unwind 2016 Acquisition of Grindr Over Concerns About the Protection of Sensitive Personal Data

By Paul Marquardt, John P. McGill, Jr. & Chinyelu Lee on April 4, 2019

On March 27, 2019, journalists affiliated with Reuters reported that the Kunlun Group (“Kunlun”), a China-based tech firm, was preparing to sell its wholly owned subsidiary, Grindr, after the Committee on Foreign Investment in the United States (“CFIUS”) informed the group that Kunlun’s continued ownership of Grindr constituted a national security risk. This forced divestiture of Grindr is a pointed reminder that CFIUS remains focused on protecting the sensitive personal data of U.S. citizens, has…

Cleary International Trade and Sanctions Watch

France, Germany, UK Launch INSTEX to Facilitate Trade With Iran

By Polina Lyadnova, Sujin Chan-Allen & Sarah Haddad on March 11, 2019

On January 31, 2019, France, Germany and the UK (the “E3”) announced the creation of the Instrument in Support of Trade Exchanges (“INSTEX”), a special purpose vehicle intended to facilitate legitimate trade between European companies and Iran, registered in France. This initiative is supported by the European Union. The vehicle was created in the wake of the U.S.’ withdrawal in 2018 from the Iran nuclear deal (the Joint Comprehensive Plan of Action (“JCPOA”)), in addition…

Cleary International Trade and Sanctions Watch

OFAC Extends Wind Down Periods for Certain Financial Contracts Involving Pre-Sanctions Government of Venezuela Bonds and PdVSA Debt and Equity

By Paul Marquardt & Nathanael Kurcab on March 8, 2019

On March 8, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) further amended the general licenses governing secondary trading of pre-sanctions Government of Venezuela (GoV) debt and Petróleos de Venezuela, S.A. (PdVSA) debt and equity by issuing new General Licenses (GL) 3D and 9C. In both, OFAC extended the authorization for all transactions and activities ordinarily incident and necessary to winding down financial contracts or other agreements entered into before…

Cleary International Trade and Sanctions Watch

Blog Authors

Cuba Sanctions Tighten: OFAC Limits Cuba Travel

China to Establish “Unreliable Entity List” in Response to “Unilateralism and Trade Protectionism”

Sanctions Tighten on Iranian Metals Sectors

New OFAC Guidance On Compliance Programs

EU Trade Quarterly Summary

End of Suspension of Title III of the Helms-Burton Act: Authorization of Claims Under U.S. Law for “Trafficking” In Certain Cuban Properties (Updated)

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

CFIUS Forces Kunlun to Unwind 2016 Acquisition of Grindr Over Concerns About the Protection of Sensitive Personal Data

France, Germany, UK Launch INSTEX to Facilitate Trade With Iran

OFAC Extends Wind Down Periods for Certain Financial Contracts Involving Pre-Sanctions Government of Venezuela Bonds and PdVSA Debt and Equity

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