The Office of Foreign Assets Control this week sanctioned a network of people and entities for their ties to North Korean money laundering, sanctions evasion and information technology worker fraud. The agency said the network has helped North Korea generate revenue for its weapons programs.
Kuang Chiang, a former licensing officer at the Treasury Department's Office of Foreign Assets Control, has joined Morrison Foerster as of counsel in its national security group, the firm announced this week. Most recently, Chiang was counsel at A&O Shearman, where she worked for more than eight years. Chiang served as a licensing officer at OFAC during 2009-2012.
Lukoil, the major Russian energy company sanctioned by the U.S. last week (see 2510220050), has accepted an offer for its international business, Lukoil International GmbH, to be bought by Gunvor Group, a multinational energy commodities trading company, Lukoil announced Oct. 30. It said the agreement depends on Gunvor obtaining "permission" from the Office of Foreign Assets Control, "as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions."
The Office of Foreign Assets Control this week sanctioned the Mexico-based Bhardwaj Human Smuggling Organization, a transnational criminal organization, and its leader, Vikrant Bhardwaj. The agency also sanctioned senior members and affiliates of the group, along with companies that have "facilitated and profited" from its criminal activities.
The Office of Foreign Assets Control removed sanctions Oct. 29 from a range of people and entities connected to the Western Balkans, including former Serb Republic President Milorad Dodik and other former or current government officials and entities that had been sanctioned for undermining democracy in the region. The move deleted dozens of entries from OFAC's Specially Designated Nationals List, including people and companies that OFAC previously said had provided major sources of revenue for Dodik and his family, helped Dodik and his circle evade sanctions, threatened the implementation of the Dayton Peace Agreement that ended the Bosnian war, and more.
The Office of Foreign Assets Control issued a new general license this week that authorizes certain transactions involving the German subsidiaries of major Russian energy company Rosneft, which OFAC sanctioned earlier this month (see 2510220050). General License 129, issued Oct. 29, authorizes certain transactions with Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, along with their majority-owned entities, through 12:01 a.m. ET April 29. OFAC also updated one FAQ about its restrictions on petroleum services involving Russia.
The Trump administration has signaled that it may not waste time in enforcing the Bureau of Industry and Security’s new 50% rule, said Gavin Proudley, head of third-party risk proposition at Dow Jones, during the International Compliance Professionals Association's fall conference this week in Texas.
Michael Wain, former deputy assistant director for policy with the Office of Foreign Assets Control, has joined Akin as a senior policy adviser. Wain left OFAC in September after joining the agency in 2019.
Blake Hulnick left his role as an attorney adviser with the Office of Foreign Assets Control to rejoin Covington, where he will advise on economic sanctions, export controls and other national security-related enforcement topics. Hulnick had worked at OFAC since July 2023.
The Office of Foreign Assets Control last week sanctioned Gustavo Francisco Petro Urrego, president of Colombia, for actions that Treasury Secretary Scott Bessent said have allowed drug cartels and traffickers to "flourish." OFAC also sanctioned Gustavo Petro’s eldest son, Nicolas Fernando Petro Burgos, who is considered to be his political heir; First Lady Veronica del Socorro Alcocer Garcia; and Armando Alberto Benedetti Villaneda, who has been appointed by Petro to multiple high-ranking positions within the Colombian government.