The Office of Foreign Assets Control issued a final rule replacing its Mali Sanctions Regulations, which the agency had published in “abbreviated form” in 2020. The amended regulations, effective Aug. 7, implement a 2019 executive order that authorized sanctions against people and entities involved in human rights abuses and other sanctionable activities in the country. OFAC said it’s providing “a more comprehensive set of regulations, including additional interpretive and definitional guidance, general licenses, and other regulatory provisions.”
The U.S. last week said it isn’t renewing a June general license that authorized certain transactions with two Myanmar banks. The State Department on Aug. 4 said it plans to let the license -- which covered U.S.-sanctioned Myanma Investment and Commercial Bank, Myanma Foreign Trade Bank and their subsidiaries -- expire Aug. 5 at 12:01 am. “We will pursue enforcement actions as appropriate,” the agency said.
The U.K.'s Office of Financial Sanctions Implementation issued a general license allowing payments and other permitted activities to take place related to insolvency proceedings for two Irish wings of Russian leasing firm GTLK. The two companies are GTLK Europe Designated Activity Co. and GTLK Europe Capital Designated Activity Co. Under the license, any party, including the GTLK companies or their subsidiaries, along with involved practitioners, may "make, receive or process any payments" in connection with the insolvency proceedings. The license expires at the end of the day July 31, 2025.
The U.K.'s Office of Financial Sanctions Implementation on July 27 extended through Aug. 14, 2025, the General License under its Russia sanctions regime to allow payments to a sanctioned bank for making energy available for use in Mongolia. The license covers Credit Bank of Moscow, Gazprombank, Sberbank and Rosbank PJSC.
House Republicans introduced a bill last week that would prevent the administration from renewing a general license authorizing certain transactions related to earthquake relief efforts in Syria. The bill would also require the Treasury, State and Commerce departments to notify Congress of any change to the Syria Sanctions Regulations “no more than 15 days prior to the change taking effect.”
The U.S. this week sanctioned more than 100 people, entities and ships supporting Russia’s war efforts against Ukraine, including one of its top metals producers and leading construction companies, Kyrgyz Republic firms sending Moscow dual-use technologies, and other businesses helping the government evade international sanctions. The new designations are meant to further restrict Russia’s ability to import military goods and technology, slash revenue from its mining sector, undermine its energy capabilities and “degrade Russia’s access to the international financial system,” the Treasury Department said.
The Office of Foreign Assets Control July 19 again extended a general license that continues to delay an exemption that would authorize certain transactions related to Petroleos de Venezuela, S.A. General License 5L, which replaced GL 5K, now authorizes certain transactions with PdVSA involving an 8.5% bond on or after Oct. 20. The previous license was set to allow those transactions to occur on or after July 20.
The Office of Foreign Assets Control this week published two sets of previously issued general licenses in the Federal Register, including licenses under its Burma Sanctions Regulations, Syria Sanctions Regulations, Iranian Transactions and Sanctions Regulations, Global Terrorism Sanctions Regulations and Venezuela Sanctions Regulations. The full texts of the licenses are available in the notices.
The U.K.'s Office of Financial Sanctions Implementation will begin rejecting incomplete license applications instead of “engaging” with applicants to collect all required information, the agency announced last week. OFSI said its licensing team has experienced “unprecedented high demand” caused by its Russia sanctions, including a surge in new applications and requests to amend existing licenses, and it doesn’t have the time to continue a temporary measure under which it worked with applicants to fix missing information.
The Office of Foreign Assets Control this week again renewed a Venezuela-related license that authorizes certain transactions related to exports or reexports of liquefied petroleum gas to Venezuela (see 2107120054 and 2207070032). General License No. 40B, which replaces General License No 40A, is valid through 12:01 a.m. EDT July 10, 2024. The license was scheduled to expire July 12.