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The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) might have left many vessel operators wondering how to avoid an economic sanctions violation when OFAC added Venezuela s maritime authority, Instituto Nacional de los Espacios Acuáticos (INEA), to the Specially Designated Nationals and Blocked Persons (SDN) List on Jan. 19, 2021, under Executive Order (EO) 13850. While the designation appeared to be addressing U.S. concerns of corruption in Venezuela s gold, oil and finance industries, as well as other sectors of its economy, it had a direct effect on any vessel calling on a Venezuelan port, as INEA is the national government body administering port fees and other port activities.
An OFAC Compliance Checklist For Ransomware Payments By
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Primary area of interest Law360 (February 2, 2021, 5:43 PM EST)
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Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The following update contains a summary of each regime.
EU SANCTIONS
Since 2019 there have been ongoing tensions between the Cyprus and Turkey as a result of drilling activities conducted by Turkey in the Eastern Mediterranean and not authorised by Cyprus. On 11 November 2019, EU member states adopted a series of sanctions measures to be imposed on “
Tuesday, 23 March 2021, 14:36
NBU warns of risks of cooperation with citizens subject to U.S. sanctions
27.01.2021 12:35
Ukrinform
The National Bank of Ukraine (NBU) has informed banks about the risks of cooperation with Ukrainian citizens who have recently been sanctioned by the United States, including Ukrainian MP Oleksandr Dubinsky.
This is stated in a letter from the NBU on the inclusion of individuals and legal entities from Ukraine in the U.S. sanctions list, which was sent to Ukrainian banks, the Independent Association of Ukrainian Banks, the Association of Ukrainian Banks, and the Financial Services Markets Association. According to information received from the Ministry of Foreign Affairs of Ukraine, the United States on January 11, 2021 included seven citizens of Ukraine and four media organizations registered in Ukraine in the U.S. Treasury Department s Specially Designated Nationals and Blocked Persons List (OFAC SDN List) in accordance with Executive Order 13848