Trade and Manufacturing Monitor
Treasury Announces A More Tailored Approach to U.S. Sanctions Policy
Yesterday, the Biden Administration released the results of a broad review of U.S. economic sanctions policy following two decades of expanding use of sanctions as a foreign policy tool. The report recognizes that U.S.…
OFAC Warns Art Market of Sanctions Risk
Last week, the Office of Foreign Assets Control (OFAC) issued an Art Advisory, warning of the sanctions risk presented by high-value artwork transactions due to the anonymity, lack of transparency, mobility of assets,…
Takeaways from OFAC’s $4.1 Million Settlement with Berkshire Hathaway
This week, the Office of Foreign Assets Control (OFAC) announced a settlement agreement with Berkshire Hathaway Inc. involving apparent violations of the U.S. embargo on Iran by a subsidiary in Turkey. Under the…
New Russia, Iran, and North Korea Sanctions Become Law
Today the President signed landmark legislation into law mandating new and enhanced sanctions on Russia, Iran, and North Korea. As noted in our prior posts, here and here, the law will tighten existing sanctions on…
US Govt Seeks $1.9 Million In North Korea Sanctions and Money Laundering Case
A recent suit filed by the U.S. Department of Justice (DOJ) for the forfeiture of nearly $2 million highlights the broad extraterritorial reach of U.S. sanctions laws. On June 14, DOJ filed a complaint to seize funds…