OFAC

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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.

Mar. 12, 2026: Here Come the Section 301 Investigations
Mar. 12, 2026: CBP Updates Court on IEEPA Refund Process and Technology
Mar. 11, 2026: AD/CVD Petitions Announced on Lithium Battery Chemicals from China
Mar. 10, 2026: Bills Introduced in House and Senate to Restrict Non-Resident Importers
Mar. 9, 2026: States Challenge Section 122 Tariffs
Mar. 6, 2026: Customs Proposes IEEPA Refund Process to Court
Mar. 4, 2026: CIT Orders Refunds; Appeal Likely
Mar. 2, 2026: IEEPA Case Expedited to CIT for Relief
Feb. 27, 2026: New AD/CVD Petitions on Truck Bed Covers from China
Feb. 27, 2026: "Trade Deals" Under Reciprocal Tariff Framework Have Uncertain (and Maybe Varying) Futures
Feb. 27, 2026: Battle of 122 Tariffs: Is it 10 or 15%?
Feb. 27, 2026: Wither De Minimis After the Supreme Court IEEPA Decision?
Feb. 11, 2026: Legislation Introduced to End First Sale
Feb. 10, 2026: United States & Bangladesh Agreement on Reciprocal Trade
Feb. 9, 2026: U.S. and India Announce Interim Trade Deal
Feb. 6, 2026: Secondary Tariffs Threatened on Countries Selling Oil to Cuba
Feb. 6, 2026: U.S. Finalizes Terms on Trade Agreement with Argentina
Feb. 3, 2026: Answering Dumping Questionnaires Just Got Harder
Feb. 2, 2026: Apparent India/U.S. IEEPA Duty Deal Reached
Feb. 1, 2026: El Salvador and Guatemala Get IEEPA Deals
Jan. 26, 2026: BIS and Customs Funding Appropriations: Where We Are and What's It All Mean
Jan. 26, 2026: Trump Threatens to Increase Korean Tariffs to 25%
Jan. 20, 2026: Trump Threatens Europeans With More Tariffs Over Greenland
Jan. 15, 2026: Negotiations Chosen Over Tariffs for Critical Minerals, For Now
Jan. 15, 2026: New 25% Tariff Imposed on Certain Semiconductor Imports
Jan. 15, 2026: Taiwan Said to Have Trade Deal with United States
Jan. 10, 2026: CAFC Upholds Use of Domestic Sales for Transaction Value
Jan. 5, 2026: Upholstered Wooden Products, Kitchen Cabinets, and Vanities Tariff Hike Delayed
Jan. 5, 2026: CBP Mandates Electronic Refunds Effective February 6
Dec. 23, 2025: U.S. Imposes Phased-In Duties on Certain Nicaraguan Imports
Dec. 23, 2025: USTR Publishes Semiconductor Section 301 Results
Dec. 22, 2025: Big Fines for (alleged) Duty Evaders
Dec. 17, 2025: U.S. Eases Tariffs for Switzerland and Liechtenstein While Trade Deal is Negotiated
Dec. 12, 2025: USTR Greer Says More Trade Deals are Coming, While U.S. Considers USMCA Review in 2026
Dec. 12, 2025: CAFC Rules Planning Calendar Classification Already Decided
Dec. 12, 2025: Customs Proposes Revoking Handicap Article Status From Ramps
Dec. 9, 2025: OFAC Imposes Large Russia Penalties as 2025 Comes to a Close
Dec. 5, 2025: BIS Steel & Aluminum Derivative Decision Pushed to 2026
Nov. 17, 2025: Reciprocal Tariff Exemptions Expanded
Nov. 14, 2025: Switzerland Announces 15% Tariff Deal with the United States
Nov. 11, 2025: China Suspends & Delays Rare Earth Export Restrictions
Nov. 5, 2025: White House Caps China IEEPA Fentanyl and Reciprocal Tariffs at 10%
Nov. 4, 2025: U.S. and China Strike Trade Deal — Export Controls Front and Center
Oct. 30, 2025: U.S.-Korea Trade Deal Details Released
Oct. 28, 2025: Japan in Critical Minerals Agreement with U.S.
Oct. 27, 2025: Trump Terminates Talks on Trade with Canada
Oct. 27, 2025: USTR Confirms Trade Frameworks with Cambodia, Malaysia, Thailand, Vietnam (so far)

View Archive

Jan. 22, 2025: Webinar: What We Know After the Inauguration
Sep. 9, 2024: McPherson to Co-Moderate Export Enforcement Discussion
Jun. 2, 2023: BRC and Attorneys Ranked in 2023 Chambers Guide
May 12, 2015: Partner Helena Sullivan Speaks at New York City Bar Association on OFAC Compliance
April 8, 2013: Barnes/Richardson Partner Quoted in Ria Novosti Article