The Office of Foreign Assets Control declined to renew two Russia-related licenses that had authorized certain transactions related to Russia’s Moscow Exchange, National Clearing Center and National Settlement Depository (see 2406120036), warning in guidance last week that it planned to let the licenses expire 12:01 a.m. EDT Oct. 12.
The U.K. this week renewed a general license that authorizes certain transactions related to humanitarian activities involving Israel, the “occupied Palestinian territories” and Lebanon. The license was scheduled to expire May 14, 2025, but now will expire Nov. 14, 2025. The U.K. also amended the license’s reporting deadlines and added Lebanon to the scope of regions that are authorized by the license; the license previously covered only Israel and the “occupied Palestinian territories.”
The Office of Foreign Assets Control this week sanctioned three people and a “sham charity” that it said are international financial supporters of the terror group Hamas. It also designated a “longstanding” Hamas supporter and nine of his businesses for their ties to the group. OFAC said they each “play critical roles in external fundraising” for Hamas, often by disguising their support as charity.
The Office of Foreign Assets Control this week renewed a Russia-related general license that authorizes certain transactions involving the Russian Federation's Central Bank, Wealth Fund and Ministry of Finance. General License No. 13K, which replaced 13J, now authorizes those transactions, including taxes, fees, or import duties, through 12:01 a.m. EST Jan. 8. The license was set to expire Oct. 9
The U.K. fined property management company Integral Concierge Services Limited 15,000 British pounds, or about $20,000, for helping a client designated under the U.K.’s Russia sanctions regime manage a residential property. The company was accused of being “unaware” of its sanctions compliance obligations and making “no attempt to educate itself on its legal obligations” after its client was sanctioned.
Lengthy license response times at the Office of Foreign Assets Controls are keeping many Iranian Americans from selling assets in Iran, especially if those assets are properties that have been gifts, Yazdanyar Law Offices said in a client alert this month.
The chair of the House Foreign Affairs Subcommittee on the Western Hemisphere urged the Biden administration Sept. 20 to take further steps to cut the oil revenue the Venezuelan government has available to it to repress political dissent.
The Office of Foreign Assets Control last week added two Russian nationals and three Russian entities to its Specially Designated Nationals List and issued a new general license.
The Office of Foreign Assets Control sanctioned Cambodian businessman Ly Yong Phat, his company L.Y.P. Group Co., LTD, and the O‑Smach Resort for their ties to serious human rights abuses, including forced labor. The agency also designated Cambodia-based Garden City Hotel, Koh Kong Resort and Phnom Penh Hotel for being owned or controlled by Ly.
The U.S. sanctioned two shipping companies and two vessels last week for their involvement in exports of liquefied natural gas from Russia’s Arctic LNG 2 project, an energy project sanctioned by the U.S. The designations target Gotik Shipping Co and Plio Energy Cargo Shipping OPC PVT LTD, which are the registered owner and commercial manager, respectively, of LNG carrier New Energy. The U.S. also sanctioned the Mulan, an LNG carrier managed and operated by Pilo Energy.