On March 14, 2023, the UK High Court issued a judgment in the first challenge to a UK sanctions listing under Section 38 of the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”). The challenge was brought by LLC Synesis, a
International Compliance Blog
The International Compliance Blog, published by Steptoe LLP, focuses on developments in international sanctions, export controls, and anti-money laundering regulations. It covers topics such as US and UK sanctions regimes, enforcement actions, regulatory proposals affecting financial institutions and investment advisers, and guidance on compliance risks related to global trade and financial transactions. The blog also discusses government policies on export controls, voluntary self-disclosure programs, and the impact of sanctions on specific sectors like oil shipping and financial markets. It serves as a resource for understanding compliance obligations and enforcement trends in the context of international economic sanctions and regulatory frameworks.
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EU adopts 10th package of sanctions
After weeks of going back and forth, the Council of the European Union (“Council”) was finally able to adopt the 10th package of sanctions against Russia in time to coincide with the first anniversary of Ukraine’s invasion on Friday, 24…
US Imposes Additional Export Controls, Sanctions, and Tariffs targeting Russia, Belarus, and Iran On First Anniversary of Russia’s War Against Ukraine
On February 24, 2023, the US government announced a range of new export controls, sanctions, and tariffs to coincide with the first anniversary of Russia’s ongoing war against Ukraine. These actions by the US Department of Commerce, Bureau of Industry…
Justice and Commerce Departments Announce Creation of Disruptive Technology Strike Force
On February 16, 2023, the Department of Justice (DOJ) and Commerce Department announced the creation of the Disruptive Technology Strike Force with a mission to prevent nation-state “adversaries” from acquiring “disruptive” technologies. The strike force will be co-led by Assistant…
Additional OFAC Guidance and BIS Licensing Policy Statement on Earthquake Relief for Syria
Further to our post about General License (GL) No. 23, on February 21, 2023, the US Department of the Treasury, Office of Foreign Assets Control (OFAC), issued Guidance on Authorized Transactions Related to Earthquake Relief Efforts in Syria (the…
[UPDATED] OFAC Publishes Determinations and Guidance on Implementing the Price Cap Policy for Russian Crude Oil and Petroleum Products
In this blog post, we update our earlier post regarding OFAC’s determination and guidance on implementing the price cap policy for Russian crude oil (see link), by incorporating the recently released determinations regarding the price cap policy for Russian…
OFSI and ECJU Issue General Licences for Earthquake Relief in Syria
On February 15, 2023, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) issued General Licence INT/2023/2711256 (“GL”) in relation to humanitarian activity associated with earthquake relief efforts in Syria and Turkey. OFSI’s action follows a similar move by OFAC last…
OFAC Issues General License for Earthquake Relief in Syria
Recognizing the importance of humanitarian aid to support rescue and recovery efforts in Syria, the US Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a new General License on February 9, 2023 focused on the Syrian earthquake. …
UK Sanctions Russian Cybercrime Gang and Issues New Guidance on Sanctions and Ransomware
On February 9, 2023, the UK announced the designation of seven individuals said to be part of a Russia-based cybercrime gang under the UK’s thematic cyber sanctions regime pursuant to The Cyber (Sanctions) (EU Exit) Regulations 2020. The designations…
UK Expands Guidance on the Supply of Professional and Business Services to Persons Connected with Russia
On February 7, 2023, the UK Department for International Trade (“DIT”) published an expanded version of its guidance on supplying professional and business services to a person connected with Russia (“DIT Guidance”), following a broadening of the types of services…