The U.K. last week updated a general license authorizing insolvency-related payments and activities involving Russian aircraft leasing companies GTLK Europe and GTLK Capital. The changes add new definitions for "notes, Noteholders, Trustee, Relevant non-UK Institution, UK Prohibited Persons and UK Prohibited Persons Account," clarified that certain funds must be held in frozen accounts, revised a notification requirement and a record-keeping requirement, and added a new reporting requirement.
Trade enforcement under President Donald Trump could "look a little different" than how the federal government has previously acted because of how the DOJ seems now to want to focus on holding individuals accountable, as opposed to corporations, according to a trade lawyer speaking during a June 6 webinar hosted by the Massachusetts Export Center.
The U.S. this week sanctioned four International Criminal Court judges and issued several general licenses to authorize certain transactions with those judges or with the ICC that otherwise would be blocked by the Trump administration’s sanctions authorities against the judicial body (see 2502070022).
Export Compliance Daily is providing readers with the top stories from last week, in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
Banks need more guidance from the Office of Foreign Assets Control to comply with the agency’s new timeline for new sanctions-related recordkeeping requirements, which were extended from five years to 10 years (see 2503190003), the American Bankers Association said.
The Trump administration confirmed this week it will not renew a general license from the Office of Foreign Assets Control that has allowed Chevron to wind down certain oil activities in Venezuela.
The Treasury Department issued a new general license last week that it said gives “immediate” sanctions relief to Syria, “effectively lifting sanctions” on the country in the aftermath of last year’s fall of the Bashar Assad regime.
The Office of Foreign Assets Control is authorizing certain transactions related to the M.V. Tinos I, a vessel owned by sanctioned Iranian national and liquified petroleum gas magnate Seyed Asadoollah Emamjomeh (see 2504220032), while it's in the U.S.
The Office of Foreign Assets Control issued a new general license that eliminates the expiration date for certain authorized transactions with the Caspian Pipeline Consortium, an international crude oil transportation project involving Russia, and the Tengizchevroil project, another oil venture involving Chevron and Kazakhstan. New General License 124 authorizes certain transactions with those projects that would normally be prohibited under a January determination that blocks the provision of U.S. petroleum services to parties in Russia (see 2501100027).
The U.K. this week fined a fuel transportation company about $6,600, or 5,000 pounds, for failing to respond to a request for information from the Office of Financial Sanctions Implementation. OFSI said U.K.-registered Svarog Shipping & Trading Company Limited, which does business in the maritime oil shipment sector in Cyprus, didn’t respond in time to OFSI questions last year despite receiving “multiple reminders” about the deadline.