The Treasury’s Office of Foreign Assets Control has done little to define the broad scope of the Iranian executive order issued earlier this month that expanded sanctions authority for the Treasury and State departments, according to trade lawyers. The order (see 2001100050) -- which authorized both primary and secondary sanctions against Iran’s construction, mining, manufacturing and textiles sectors -- did not define the scope of the Iranian sectors that may be subject to sanctions, and OFAC has yet to release guidance. OFAC did, however, issue a frequently asked question that provided a 90-day wind-down period (see 2001160011).
The Treasury’s Office of Foreign Assets Control sanctioned two North Korean entities involved in illegal exploitation of North Korea labor to generate money overseas, Treasury said in a Jan. 14 press release. Treasury said the two North Korean companies -- North Korea-based Namgang Trading Corporation (NTC) and China-based Beijing Sukbakso -- evade United Nations Security Council resolutions by sending North Korean laborers abroad. All UN member states were required to expel North Korean laborers in December, the press release said. NTC “maintained” laborers in “multiple” countries, including Russia, Nigeria and throughout the Middle East. Sukbakso, a lodging facility, handles portions of the travel and logistics for NTC personnel working overseas, Treasury said.
The U.S. will impose further sanctions against Iran in response to its recent missile attacks on a U.S. military base in Iraq, President Donald Trump said Jan. 8. Trump called the measures “punishing economic sanctions,” which will “remain until Iran changes its behavior,” including abandoning its pursuit of nuclear weapons. Details of the sanctions were not immediately released.
A Texas federal court vacated a $2 million penalty imposed on ExxonMobil by the Treasury's Office of Foreign Assets Control for sanctions violations, in a decision issued Dec. 31. The Northern Texas U.S. District Court ruled that OFAC did not provide ExxonMobil “fair notice that their conduct was prohibited.” The decision stems from a lawsuit filed in August (see 1908280031) against OFAC, in which ExxonMobil alleged its business dealings with Rosneft, the Russian oil company owned by sanctioned oligarch Igor Sechin, did not warrant a sanctions penalty.
Export Compliance Daily is providing readers with some of the top stories for 2019 in case they were missed.
Export Compliance Daily is providing readers with some of the top stories for Dec. 23-27 in case you missed them.
Along with sanctions related to Russia’s Nord Stream 2 pipeline (see 1912190075), the 2020 National Defense Authorization Act includes a prohibition on Venezuela-related procurement actions and additional measures against Turkey, North Korea and Syria, according to a Dec. 27 post from Crowell & Moring.
Export Compliance Daily is providing readers with some of the top stories for Dec. 16-20 in case you missed them.
In the Dec. 19-20 editions of the Official Journal of the European Union the following trade-related notices were posted:
The Senate Foreign Relations Committee passed a bill Dec. 18 that would impose “wide-ranging sanctions” on Russian companies and people involved in Ukraine interference, human rights abuses and more, the committee said in a press release. The bill would also sanction Russian banks that support the government’s effort to undermine democracy, sanction investment in Russian liquefied natural gas projects, and impose sanctions on Russia’s cyber sector, sovereign debt, political figures and oligarchs. The bill would also sanction members of Russia’s shipbuilding sector that prohibit free navigation, and designate state-owned energy projects outside of Russia. The bill has strong bipartisan support and next heads to the Senate floor.