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Last week's major developments in sanctions - August 15th to August 19th, 2022

Monday, August 15

  • OFSI published a webinar it had held about the reporting obligations under the UK's sanctions. (Here)

  • OFAC designated three Liberian government officials for their involvement in ongoing public corruption in Liberia under the U.S. Global Magnitsky Sanctions program. (Here, Treasury's press release, State's press release)

  • The Commerce Department’s Bureau of Industry and Security (BIS) issued an interim final rule that establishes new export controls on four technologies which support the production of advanced semiconductors and gas turbine engines that meet the criteria for emerging and foundational technologies under Section 1758 of the Export Control Reform Act (check out this Akin Gump's client alert to find out more about section 1758) and are essential to the national security of the United States. (Here)

Tuesday, August 16

  • Eleven individuals came off the French list of sanctions targets as their six-month period of designation expired. Those names were are added under French autonomous sanctions that targets terrorism.

  • OFSI issued General License - INT/2022/2085212 allowing payments to Credit Bank of Moscow, Gazprombank, Sberbank, and Rosbank PJSC. or any owned or controlled subsidiary of them for the purpose of making energy available for use in Mongolia.

  • OFSI added two individuals to its list of sanctions targets and removed one. (Here)

Wednesday, August 17

  • There was no major development on this day.

Thursday, August 18

  • France added two individuals to its list of sanctions targets under its autonomous counter-terrorism program. (Here)

  • OFSI extended the validity of General License - INT/2022/1710676 which was issued to allow for the continuation of business operations involving three subsidiaries of Evraz Group through March 31, 2023.

  • OFSI issued General License - INT/2022/2009156 allowing individuals or entities designated under the UK Sanctions Regimes to make payments to UK insurers for insurance premiums and broker commissions relating to the provision of building and engineering insurance cover provided to UK properties.

Friday, August 19

  • OFAC removed 16 entries from its SDN lists that were previously designated under the U.S. Counter Narcotics sanctions program. OFAC also removed ten entries which were previously designated under its Transnational Criminal Organizations sanctions program. (Here)

  • OFAC issued General License 38A under Russian Harmful Foreign Activities Sanctions Regulations which replaced General License 38. The license allows all transactions ordinarily incident and necessary to the processing of pension payments to (1) U.S. persons or (2) non-U.S. persons not located in the Russian Federation, that are prohibited by Executive Order (E.O.) 14024, provided that the only involvement of blocked persons is the processing of funds by financial institutions blocked pursuant to E.O. 14024.

  • OFAC issued General License 50 under Russian Harmful Foreign Activities Sanctions Regulations which allowing all transactions prohibited by Executive Order (E.O.) 14024 that are ordinarily incident and necessary to

    1. the closing of an account of an individual, wherever located, who is not a blocked person, held at a financial institution blocked pursuant to E.O. 14024, and

    2. the unblocking and lump sum transfer of all remaining funds and other assets in the account to the account holder, including to an account of the account holder held at a non-blocked financial institution.

Recommendation of the week

  • Check out this episode of web3 with a16z podcast which is about the designation of Tornado Cash. (If you have time and are interested in learning more about the next generation of the internet, go listen to their episodes too. They are all very informative.)


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