OFAC

The Department of Treasury’s Office of Foreign Asset Controls (“OFAC”) administers financial and economic sanctions against specific countries in response to some form of wrongdoing. OFAC sanctions are targeted broadly against 1) foreign governments and political entities, 2) individuals and groups ranging from terrorists and drug cartels to banks and other financial institutes that support those types of activities, 3) entities such as charities linked to terrorism, and 4) certain activities such as those that would lead to nuclear proliferation or otherwise violation U.S. policy interests.

Well-known sanctions programs include complete embargoes or more limited restrictions on trade with Cuba, Iran, Syria, and North Korea. Other programs include more targeted sanctions on the property of specified people from countries including Russia, Venezuela, Belarus, the Congo, and elsewhere. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked, and U.S. persons are prohibited from dealing with them. Both the sanctions programs and the SDN List are constantly changing and companies that do business internationally, particularly in political ‘hot spots’ are well advised to constantly monitor OFAC developments. 

OFAC’s sanctions apply to all U.S. citizens and permanent residents wherever they are located. It also applies to any person who is physically in the United States regardless of his citizenship. U.S. companies and all branches of U.S. organizations throughout the world remain subject to OFAC. Likewise, U.S. branches or offices (physically located in the U.S.) of foreign corporations are subject to OFAC. 

Attorneys at Barnes, Richardson are well versed in sanction law and can provide guidance on how to tailor transactions, including financial transactions, so they remain complaint with the OFAC law. Barnes, Richardson attorneys assist companies in all areas of OFAC compliance, including building and auditing robust OFAC compliance programs, preparing and submitting voluntary disclosures to OFAC, and engaging in other representations before that agency. 

June 21, 2021
Russian Businessman Loses Challenge to Lift US Sanctions
Jun. 15, 2021
Biden Issues Executive Order Aimed at Combating Western Balkan Destabilization
June 1, 2021
World Mulls Sanctions Following Interception of Commercial Flight
May 24, 2021
U.S. Partially Waives Sanctions on Russian Pipeline
May 18, 2021
Xiaomi Removed from DOD Blacklist
May 11, 2021
SAP Agrees to Pay $8 million to Settle Iran Sanctions Violations
Mar. 16, 2021
Russia Sanctions Expanded Following Navalny Poisoning
Mar. 1, 2021
New Sanctions Issued Following Military Takeover in Burma
Feb. 22, 2021
Sanctions to Remain in Place Until Iran Complies with Nuclear Deal
Nov. 17, 2020
OFAC Advisory on High-Value Art Market Transactions and U.S. Sanctions
March 22, 2018
USTR Office Publishes Section 301 Report on Chinese IP, Data Transfer Policies and Practices
September 13, 2017
House Bill Introduced Prohibiting Importation of Certain Venezuelan Petroleum Goods
July 15, 2015
The Iran Nuclear Deal: Sanctions Relief Ahead
March 26, 2015
Paypal and Schlumberger Oilfield Holdings Ltd. Fined for Sanctions Violations
Aug. 14, 2014
New Guidance from OFAC on Entities Owned by Blocked Persons
July 30, 2014
BIS Updates Policy on Transfers of Energy-Related Items to Russia
April 28, 2014
President Obama Announces Additional Russian Sanctions
April 04, 2014
President Obama Approves Ukraine Aid Bill
March 20, 2014
Obama Levies More Sanctions on Russia
October 01, 2013
Government Shutdown Impacts International Trade Agencies
June 04, 2013
White House Strengthens Iranian Sanctions
May 23, 2013
Congress Considering Heightened Iran Sanctions Legislation
April 16, 2013
U.S. Releases Names of First Individuals Added to Magnitsky List
October 10, 2012
Executive Order Imposes Additional Sanctions on Iran
August 14, 2012
President Signs AGOA Third-Country Fabric Extension and Burma Sanctions Reauthorization Bill
July 31, 2012
U.S. Bolsters Iran Sanctions
July 13, 2012
U.S. Tightens Iran Sanctions
July 11, 2012
U.S. Eases Burma Sanctions
June 29, 2012
U.S. Exempts China and Singapore from Iran Oil Import Sanctions
June 21, 2012
House and Senate Introduce Legislation to Extend AGOA's 3rd Country Fabric Provision and Reauthorize Burma Sanctions
June 18, 2012
U.S. Exempts 7 Additional Countries from Iran Oil Import Sanctions
March 20, 2012
Definition of Government-Owned Entity Amended in Iranian Transaction Regulations