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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 “
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While the Trump Administration ended with a continuing flurry of activity affecting U.S. sanctions and export controls, with several actions affecting parties in China and Hong Kong, the Biden Administration is taking a slower approach to changes regarding a range of export control and economic sanctions measures.
Changes Introduced in the Waning Days of the Trump Administration
Among the last activities of the Trump Administration affecting economic sanctions and export controls were several additional designations of parties in China and Hong Kong. Six additional Hong Kong and Chinese officials were designated as Specially Designated Nationals and Blocked Persons (“SDNs”) on 15 January 2021 pursuant to Executive Order (“EO”) 13936. In addition, the U.S. Department of Commerce added China National Offshore Oil Corporation (CNOOC) to the Entity List and Chinese company Skyrizon to the Military End-User (MEU
I. Overview
With just one week remaining in his term, President Trump amended Executive Order (“
EO”) 13959, which prohibits U.S. persons from investing in the securities of Chinese Military Companies (“
CMCs”), to continue his aggressive stance toward such CMCs. The amended EO now generally prohibits all transactions (rather than just investments) in CMC securities and requires U.S. persons to divest themselves of all such securities by November 11, 2021, and within 365 days for future listed CMCs. We discussed the earlier version of EO 13959 at length in a previous client alert, and OFAC’s interpretations of key terms (which generally remain valid) in another client alert.
US slaps sanctions on entities for Iranian steel transactions
The US State Department is sanctioning several entities and individuals for doing steel-related business involving the Islamic Republic of Iran Shipping Lines, its subsidiaries and other Iranian shipping entities, the department said Jan. 15.
State is imposing sanctions on IRISL under the Iran Freedom and Counter-Proliferation Act for knowingly selling grain-oriented electrical steel to Hoopad Darya Shipping Agency Company, according to a statement.
Hoopad is included on the List of Specially Designated Nationals and Blocked Persons maintained by the Treasury Department’s Office of Foreign Assets Control.
“The State Department is also imposing sanctions on Mohammad Reza Modarres Khiabani, CEO of IRISL, who has been determined to be a principal executive officer, or person performing similar functions and with similar authorities, of IRISL,” the department added.
By Reuters Staff
2 Min Read
FILE PHOTO: The U.S. Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly
WASHINGTON (Reuters) - The United States on Tuesday slapped fresh sanctions on Syria, targeting its central bank and blacklisting several people and entities in a continued effort to cut off funds for President Bashar al-Assad’s government.
The latest action, building on sanctions imposed on Syria earlier this year, marked another round in a U.S. campaign to push Assad’s government back into U.N.-led negotiations to end the country’s nearly decade-long war.