The Office of Foreign Assets Control updated its Nicaragua Sanctions Regulations and added a general license authorizing certain U.S. government activities with Nicaragua, a notice said. The notice incorporates the Nicaragua Human Rights and Anticorruption Act of 2018 into the regulations, which includes certain technical edits and the addition of the “delegation of certain functions with respect to the NHRAA,” OFAC said. It also expands a provision of the regulations to include more clarity on blocked transactions and incorporates a previously issued general license that authorizes certain Nicaragua-related activities. The rule is effective July 17.
The Office of Foreign Assets Control on July 16 extended the expiration dates for two Ukraine-related general licenses that authorize certain transactions with U.S.-sanctioned GAZ Group. Both licenses were scheduled to expire July 22 and now expire Jan. 22, 2021. General License No. 13O, which replaces No. 13N, authorizes certain transactions necessary to divestments and debt transfers. General License No. 15I, which replaces No. 15H, authorizes certain transactions related to the “manufacture and sale of existing and new models of vehicles” -- including components, engines and commercial vehicles -- produced by GAZ Group.
The Office of Foreign Assets Control on July 15 updated a Venezuela-related general license and amended a Venezuela-related frequently asked question. General License No. 5D, which replaced No. 5C, authorizes certain transactions related to Petroleos de Venezuela involving an 8.5% bond on or after Oct. 20. The FAQ clarifies which transactions are authorized by the license.
The Office of Foreign Assets Control fined Amazon more than $130,000 for violating several U.S. sanctions programs and failing to follow reporting requirements for hundreds of transactions. Amazon processed online orders sent to a range of sanctioned countries in the Middle East and Asia and did not follow the agency’s reporting requirements for more than 300 transactions conducted under a Crimea general license, OFAC said in a July 8 notice. OFAC said the violations were caused by “deficiencies” in Amazon's sanctions screening program.
The Office of Foreign Assets Control July 2 removed sanctions from eight companies and vessels that had been sanctioned for operating in Venezuela's oil sector. The agency also revoked a general license that authorized certain transactions with two of the shipping companies, Marshall Islands-based Delos Voyager Shipping and its Delos Voyager and the Greece-based Romina Maritime and its Euroforce (see 2006180044). OFAC also removed designations from the Delos Voyager and Euroforce, along with the Marshall Islands-flagged vessel Voyager I, Marshall Islands-based Sanibel Shiptrade Ltd. and Adamant Maritime Ltd., and the Bahamas-flagged vessel Seahero, which were sanctioned June 2 (see 2006020024).
The Office of Foreign Assets Control on July 1 issued a reminder to industry to file annual reports on blocked property by Sept. 30. Companies that are “holders of blocked property” must provide OFAC with a list of all blocked property held as of June 30. Property that was unblocked by an OFAC license or was previously blocked by a sanctions program that was terminated before June 30 does not need to be reported, OFAC said. The notice includes a link to the 2020 blocked property report spreadsheet and an updated guidance on filing blocked property reports.
The Office of Foreign Assets Control sanctioned three people, eight entities and two ships for evading U.S. sanctions against Venezuela, according to a June 18 press release. OFAC also issued a general license authorizing certain wind-down activities with two of the sanctioned entities and the two sanctioned ships.
U.S.-China technology competition and the Trump administration’s restrictions on Huawei have likely dashed the prospects of a phase two trade deal, China experts said. The experts also agreed that the phase one purchase agreements are unlikely to be met, even as the U.S. trade representative continues to tout progress on Chinese purchase commitments (see 2005210036).
An aircraft holding company is suing the Treasury Department after the agency blocked a transaction involving the company and an alleged Specially Designated Global Terrorist, according to court records filed June 2. In the lawsuit, Seychelles-registered Askan Holdings, owned by Romania-based Transylvania International Airlines SRL, argued that no sanctioned party was involved in the transaction and said the Treasury’s Office of Foreign Assets Control failed to identify the blocked party or grant Askan a license. Askan is asking a court to order OFAC to grant the license or to stop blocking the transaction.
The Treasury Department’s Office of Foreign Assets Control announced regulations to implement an October executive order authorizing certain Syria-related sanctions, OFAC said in a June 4 notice. The notice includes detailed descriptions of the regulations, including transactions that are blocked, definitions, licensing procedures and penalties for violations. OFAC said it plans to release a “more comprehensive” set of regulations, including potential guidance documents and general licenses. The regulations take effect June 5.