Economic Sanctions & Export Controls: Cause & Effect
Helping U.S. and Non-U.S. Companies Recognize and React to Evolving U.S. Sanctions and Export Controls
U.S. sanctions and export controls have become an increasingly important U.S. regulatory device. Sanctions are rapidly evolving and being used to adjust markets and market participant behaviors. These changes make understanding sanctions and export controls essential for financial institutions, manufacturers and other companies contemplating cross-border transactions or domestic transactions with foreign persons.
Locke Lord’s International Trade lawyers are closely monitoring developments relating to sanctions and export controls. We encourage you to return to this page for resources and key updates in areas of importance to your business.
U.S. Department of the Treasury’s Office of Foreign Assets (OFAC) | U.S. Department of Commerce’s Bureau of Industry and Security (BIS) | U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) | Advanced Notice of Proposed Rulemaking (ANPRM) | Uyghur Forced Labor Prevention Act (UFLPA) | Foreign Extortion Prevention Act (FEPA) | Foreign Corrupt Practices Act (FCPA)
Price Cap Coalition Issues Advisory Regarding Sanctions Evasion Techniques by the Shadow Fleet, October 2024
U.S. Department of the Treasury’s Office of Foreign Assets (OFAC)
OFAC Sanctions the Russian Financial Sector Including Gazprombank, and Issues New GLs and FAQs, November 2024
Final Rule Issued Regarding U.S. Outbound Investments in Certain Chinese National Security Technologies and Products, November 2024
OFAC Issues New and Amended FAQs for the Insurance Industry, November 2024
OFAC Issues New Guidance to Maritime Industry Stakeholders and Insurers to Focus on Rising Sanctions Evasion Tactics, November 2024
OFAC Issues Russia Sanctions General Licenses and FAQs Related to Securities Held at the National Settlement Depository, November 2024
OFAC’s Extended Recordkeeping Requirements From 5 to 10 Years, October 2024
OFAC Issues Global Magnitsky Sanctions Relief for Ly Young Phat Group and FAQs, October 2024
OFAC Issues FAQs for IT and Software Services and Extends Authorization to Engage in Administrative Transactions in Russia, October 2024
OFAC Issues Warning to Financial Institutions & Insurers That Provide Maritime Services in the Mediterranean, Red Sea and Middle East, September 2024
OFAC Takes Action Against Russian Political Disinformation and New Sanctions Evasion Tactics, September 2024
OFAC Issues General Licenses, Updates FAQ, and Issues New Blocking Rule and Reminder to File Annual Blocked Property Report, September 2024
OFAC Amends Cuban Assets Control Regulations and Issues New FAQs for U-Turn Transactions, September 2024
What Do Diamonds, Safety and the Environment Have in Common? OFAC New General Licenses and FAQs, September 2024
FinCEN Proposes AML/CFT Augmentation Rule, September 2024
OFAC Extends and Issues General Licenses Involving Russian Tax and Civil Aviation Safety, August 2024
REPO Act Requires Financial Institutions to Report Russian Sovereign Assets, August 2024
OFAC Continues Restrictions Blocking Enforcement of CITGO-Backed PdVSA Bonds, August 2024
OFAC Releases Initiatives to Enhance Public Guidance on Sanctions Implementation, August 2024
OFAC Facilities Updates and Video Education Series, August 2024
OFAC Extends General License to Allow Export Liquefied Petroleum Gas to PdVSA for Humanitarian Aid, August 2024
OFAC Extends General License for GL 99A Entities and Issues New GL for VPower in Hong Kong, August 2024
OFAC Doubles Statute of Limitations for Sanctions Violations, June 2024
Joint U.S. – U.K. Measures Target Russian Metal Exports: Prohibitions and Implications, May 2024
U.S. Commerce Department Coordinates Efforts With OFAC to Counter National Security Threats, April 2024
OFAC Reissues Global Magnitsky Sanctions Regulations, April 2024
Navigating AML and Sanctions Compliance in the Insurance Industry, April 2024
OFAC Tightens Sanctions Related to Venezuela Non-Commercial Flights, March 2024
U.S. Announces New Sanctions Against Russia following Ukraine-Russia War 2-Year Anniversary and the Death of Aleksey Navalny, February 2024
OFAC Oil Price Cap Alert, OPC Violations, and Russian Diamond Ban, February 2024
OFAC Revokes Venezuela Gold Mining General License and Threatens to Reimpose Oil and Gas Sanctions, February 2024
OFAC Sanctions New Russian Price Cap Violator and Publishes General Licenses and FAQ, January 2024
GL 6N Extends to April 2024 the Moratorium That Prohibits Holders of PdVSA 8.5% Bonds From Acting on CITGO Collateral, January 2024
New U.S. Presidential Order Bans Import of Russian Seafood, January 2024
U.S. Issues Warning to Foreign Financial Institutions That Assist Russia’s War Machine, January 2024
OFAC Targets Maritime Companies & Vessels for Violating Russian Oil Price Cap & Issues Related General Licenses, January 2024
U.S. Sanctions Persons Supplying Russia’s Military-Industrial Base and Issues New Related General Licenses, December 2023
OFAC Sanctions Additional Maritime Companies & Vessels for Violating Russian Oil Price Cap & Issues Related General License, December 2023
OFAC Issues Venezuela-Related General Licenses and FAQs, November 2023
Oil Price Cap Violations & New OFAC GL for Crew Health and Safety and Safety of Blocked Vessels, November 2023
OFAC Russia Sanctions Update, November 2023
Global Coalition Provides Guidance to Frustrate Russian Sanctions Evasion for Weapons Development, November 2023
OFAC Myanmar Sanctions Update, November 2023
OFAC Russian Related Sanctions Update Extended GLs 13G, 74, 75 and 76, November 2023
Russian Oil Price Cap Advisory and Violation & Issuance of Russia-Related General License, October 2023
OFAC Russia Related Sanctions Update to Extend Deadline for Transactions With Sanctioned Financial Institutions, October 2023
Issuance of Russia-Related General Licenses, October 2023
Issuance of Russia-Related General License and Russia-Related FAQ Regarding Letterone Holdings S.A., August 2023
Belarus Designations, Issuance of Belarus General Licenses and Expansion of Sanctions on the Belarusian Regime, August 2023
OFAC Russia Related Sanctions Update: August 4, 2023
OFAC Amends Venezuela-Related General License Extending Delay of Actions Against Defaulted PdVSA 2020 8.5% Bonds, August 2023
OFAC Russia Related Sanctions Update: July 18, 2023
OFAC Russia Related Sanctions Update: June 6, 2023
OFAC Russia Related Sanctions Update: May 30, 2023
OFAC Russia Related Sanctions Update: May 11, 2023
OFAC Issues FAQs and General License to Clarify Venezuela Sanctions, May 2023
OFAC Russia Related Sanctions Update: April 20, 2023 Russian Tactics to Evade the Oil Price Cap
OFAC Russia Related Sanctions Update: April 17, 2023
OFAC Russia Related Sanctions Update: April 3, 2023
OFAC Russia Related Sanctions Update: March 30, 2023
OFAC Russia Related Sanctions Update: March 6, 2023
OFAC Russia Related Sanctions Update: February 21, 2023
OFAC Russia Related Sanctions Update: February 13, 2023
OFAC Issues Amended Venezuela-Related General License and FAQ Extending Delay of PdVSA 2020 8.5 Percent Bond Authorization, January 2023
OFAC Russia Related Sanctions Update: January 24, 2023
OFAC Issues New and Revised Venezuela-Related General Licenses and FAQs for Humanitarian Relief, January 2023
OFAC Russia Related Sanctions Update: January 3, 2023
OFAC Russia Related Sanctions Update: December 27, 2022
OFAC Russia Related Sanctions Update: December 7, 2022 Relating to the Russian Oil Price Cap
OFAC Issues Venezuela-Related General Licenses and FAQs, December 2022
OFAC Russia Related Sanctions Update: November 21, 2022
OFAC Russia Related Sanctions Update: November 18, 2022
OFAC Russia Related Sanctions Update: November 11, 2022
OFAC Russia Related Sanctions Update: October 18, 2022
OFAC Russia Related Sanctions Update: September 26, 2022
OFAC Russia Related Sanctions Update: August 22, 2022
OFAC Russia Related Sanctions Update: August 4, 2022
OFAC Russia Related Sanctions Update: July 26, 2022
OFAC Russia Related Sanctions Update: July 20, 2022
OFAC Russia Related Sanctions Update: July 6, 2022
OFAC Russia Related Sanctions Update: June 22, 2022
OFAC Authorization of Certain Transactions Related to Patents, Trademarks, and Copyrights, June 2022
OFAC Russia Related Sanctions Update: June 14, 2022
OFAC Russia Related Sanctions Update: June 7, 2022
OFAC Russia and Related Sanctions Update, May 2022
Russia-Related Sanctions Update: SEC Disclosures and New U.S. Measures, May 2022
Russia-Related Sanctions Update: U.S. and Allies Expand Sanctions, May 2022
Understanding U.S. Sanctions and Export Controls (WEBINAR), April 2022
Russia Response to Western Sanctions – Nationalization, April 2022
U.S. Department of Commerce’s Bureau of Industry and Security (BIS)
BIS Issues New Guidance to Financial Institutions on Best Practices for Compliance With the EAR, October 2024
Key Takeaways for Antiboycott Compliance Programs Following BIS Penalizing Company for Antiboycott Violations, October 2024
Guidelines for Preparing BIS Export License Applications Involving Foreign Persons (Deemed Exports-Reexports), October 2024
BIS Proposes New Rule to Restrict Connected Vehicles Linked to Chinese or Russian Technology, October 2024
BIS Proposes New Reporting Requirements for the Development of Advanced AI Models & Computing Clusters, September 2024
New Export Controls on Advanced Technologies: Quantum Computing, Semiconductors, and Additive Manufacturing, September 2024
BIS Issues Key Updates to the Voluntary Self-Disclosure Process and Penalty Guidelines, September 2024
BIS Issues Export Guidance to Academia, September 2024
U.S. Anti-Boycott Pitfalls, September 2024
BIS Issues New FDP Restrictions on Goods Destined for Iran, September 2024
BIS Tightens Export Controls on Russia and Belarus, August 2024
BIS Releases Updated “Don’t Let This Happen to You!” Guidance, August 2024
Important Update: Changes to Section 232 Exclusion Process and Biden Administration's Tariff Policy, June 2024
Department of Commerce Launches Public List to Aid Compliance With Antiboycott Regulations, April 2024
BIS Penalizes U.S. Corporation for Anti-Boycott Violations, February 2024
BIS Issues Three New Rules to Ease Licensing Requirements and Enhance Exceptions for Exports to Selected Countries, December 2023
BIS Designates Entities and OFAC Sanctions Belarusian Persons and Issues Related General License, December 2023
Commerce Issues Rule to Secure Semiconductor Supply Chains, November 2023
Iran Related Sanctions and Export Controls Update: March 31, 2023
BIS Designates Six Chinese Entities to the Entity List in Response to China’s High-Altitude Balloon Incident in the United States, February 2023
Understanding U.S. Sanctions and Export Controls, April 2022
U.S. Department of Commerce’s Bureau of Economic Analysis (BEA)
BEA Reporting Requirements for Foreign Direct Investment in the United States, May 2023
Advanced Notice of Proposed Rulemaking (ANPRM)
Further Examination Into President Biden’s Outbound Investment Controls in Certain Chinese Technology Sectors, October 2023
President Biden Issues Executive Order Banning Certain Technology Sharing With China, August 2023
Uyghur Forced Labor Prevention Act (UFLPA)
Commerce Department Issues Preliminary Determination Regarding Solar Panel Manufacturers Circumventing U.S. Tariffs, December 2022
Between a Rock and a Hard Place: Conflicting Legal Obligations, July 2022
FLETF Strategy Guidance to Comply With the Uyghur Forced Labor Prevention Act, July 2022
Not So(lar) Fast My Friends – Uyghur Forced Labor Prevention Act Takes Effect June 21, 2022, June 2022
Foreign Extortion Prevention Act (FEPA)
Foreign Corrupt Practices Act (FCPA)
Resource Centers
Helping Clients Leverage the Benefits of AI While Managing Business and Legal Risks
Tracking Significant Environmental Legal Developments in 2024