Several companies recently disclosed potential export control or sanctions violations or updated the status of their current disclosures, including several technology businesses, a pharmaceutical company and a cryptocurrency software platform company. The disclosures describe potential violations of U.S. sanctions against several countries -- including Russia, Iran and North Korea -- and one company receiving a no-action letter from the Office of Foreign Assets Control.
The Office of Foreign Assets Control on Feb. 29 updated a general license that authorizes certain transactions with Venezuela’s flagship airline. General License 45B, which replaced License 45A, updated and removed language relating to the types of transactions that are authorized with Venezuela’s Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, also known as Conviasa.
Companies should continue to see more Chinese additions to the U.S. Entity List this year, although Russia sanctions likely will continue to dominate the government’s time and resources, trade lawyers said this week.
The Office of Foreign Assets Control last week sanctioned Russian state-owned shipping company and fleet operator Joint Stock Company Sovcomflot along with 14 of its crude oil tankers. Deputy Treasury Secretary said the designation will deal a “huge blow” to Russia’s shadow fleet operations (see 2303230010), which it uses to try to evade the global price cap on Russian oil.
The U.S. announced a new set of sweeping Russia-related export controls and sanctions last week to mark the two-year anniversary of Moscow’s invasion of Ukraine and to respond to Russian opposition figure Alexei Navalny's death in prison. The measures include nearly 100 additions to the Commerce Department’s Entity List, more than 500 sanctions designations by the Treasury and State departments and new government guidance, including a new business advisory to warn companies about Russia-related compliance risks.
The U.S. announced a new set of sweeping Russia-related export controls and sanctions this week to mark the two-year anniversary of Moscow’s invasion of Ukraine and to respond to Russian opposition figure Alexei Navalny's death in prison. The measures include nearly 100 additions to the Commerce Department’s Entity List and more than 500 sanctions designations by the Treasury and State departments in what the U.S. said is its largest single tranche of designations since Russia began the war in 2022.
The Office of Foreign Assets Control on Feb. 16 issued a new guidance document on U.S. sanctions against Ansarallah, also known as the Houthis, to coincide with sanctions taking effect on the Yemeni group that same day pursuant to its formal addition to the Specially Designated Nationals list.
The Office of Foreign Assets Control is modifying its North Korea sanctions regulations to amend a general license for humanitarian activities carried out by non-governmental organizations in North Korea. The agency also is adding three new general licenses for Commerce Department-authorized transactions, agricultural and medical goods, and some journalistic activities, it said.
The U.K. will allow a general license involving the price cap on Russian oil to expire later this month, according to the Office of Financial Sanctions Implementation. The license, set to expire Feb. 18, authorizes the supply or delivery by ship of Russian crude oil and oil products below the $60 per barrel price cap. The U.K. didn't provide more information.
The Office of Foreign Assets Control this week sanctioned four entities and identified one vessel for violating the price cap on Russian oil. OFAC said they were involved in a “price cap violation scheme” in late 2023 that included making calls at Russian ports.