The Office of Foreign Assets Control amended the Cuban Assets Control Regulations to further deny the Cuban government’s access to remittance-related funds, OFAC said in a final rule released Oct. 23. The rule amends the scope of certain general licenses to remove “remittance-related general authorizations” involving entities on the Cuba Restricted List, OFAC said. The change will limit those agencies’ access to remittances, “including in their role as intermediaries or in their receipt of fees or commissions from processing remittance transactions.” The rule will take effect Nov. 27. The changes follow a set of new Cuba sanctions and restrictions announced by OFAC in September that created the Cuba Restricted List, placing restrictions on lodging, research and other activities (see 2009230029).
The Office of Foreign Assets Control announced a range of sanctions targeting 17 major Iranian banks for operating in the country’s financial sector and one Iranian bank for being affiliated with the Iranian military. The agency also issued a general license authorizing certain transactions with the banks and announced a 45-day wind-down period for activities involving non U.S. people and companies.
The Office of Foreign Assets Control on Oct. 6 extended a general license related to Petroleos de Venezuela and updated a frequently asked question. General License No. 5E, which replaced No. 5D (see 2007150018), authorizes certain transactions with PdVSA involving an 8.5% bond on or after Jan. 19, 2021. OFAC updated a Venezuela FAQ to reflect the change. The license was scheduled to expire Oct. 20.
The Office of Foreign Assets Control amended its Weapons of Mass Destruction Proliferators Sanctions Regulations and its Iranian Transactions and Sanctions Regulations, the agency said in a notice released Sept. 30. The final rule revises a note that describes how people designated under the WMD regulations for North Korea are identified in OFAC’s Specially Designated Nationals List and amends the ITSR to “refine” a general license. The rule is effective on Oct. 1.
The U.S. sanctioned 20 people and entities for supporting Syria’s Bashar al-Assad regime and issued a new general license and frequently asked question. The sanctions, announced by the Office of Foreign Assets Control and the State Department Sept. 30, target Assad regime officials, military officials, financiers and their businesses.
The Office of Foreign Assets Control released regulations Sept. 30 to implement a June executive order (see 2006110028) authorizing sanctions against the International Criminal Court. OFAC released the regulations in a final rule effective Oct. 1 in “abbreviated form” to provide “immediate guidance to the public.” The agency said it plans to soon publish a more “comprehensive set of regulations,” which may include guidance on definitions, general licenses and information on licensing policy.
The Office of Foreign Assets Control on Sept. 25 issued guidance on sanctions against Hong Kong officials and renewed a general license authorizing certain transactions with the Xinjiang Production and Construction Corps (see 2007310028).
The Office of Foreign Assets Control announced new Cuba sanctions and restrictions to limit the use of certain licenses and prohibit a range of activities in Cuba. The sanctions include restrictions on lodging in Cuba, professional research and “public performances.” The changes, outlined in a final rule released Sept. 23, are effective Sept. 24.
The semiconductor industry was surprised by the U.S.’s increased restrictions on Huawei (see 2008170029) and expects significant short-term supply chain disruptions, industry officials and experts said in interviews. Officials also thought the initial version of the rule, issued in May (see 2005150058), was sufficient, and were frustrated that the Bureau of Industry and Security did not ask for feedback on the new requirements.
The Bureau of Industry and Security on Aug. 17 added 38 Huawei affiliates to the Entity List and refined a May amendment to its foreign direct product rule, further restricting Huawei’s access to U.S. technology, the agency said in an Aug. 17 final rule. BIS also modified four existing Huawei entries on the Entity List, amended language in the Export Administration Regulations and said it will continue one cybersecurity-related authorization under its temporary general license for Huawei. The remainder of the license expired Aug. 13.