Andrea Gacki is leaving her role as director of the Office of Foreign Assets Control to become the new director of the Treasury Department’s Financial Crimes Enforcement Network, the agency announced July 13. Treasury Secretary Janet Yellen said Gacki helped guide OFAC through “major world events,” including Russia’s invasion of Ukraine, and “expertly” deployed financial sanctions, industry guidance and enforcement actions “to hold accountable those who threaten our national security and the international financial system.”
The Office of Foreign Assets Control on July 11 updated the Specially Designated Nationals List entry for Andrey Nikolayevich Ivanov, a Wagner Group official who has helped the sanctioned Russian private military company in weapons deals, mining activities and more. OFAC sanctioned Ivanov in June (see 2306270056).
The Office of Foreign Assets Control this week sanctioned Serbian official Aleksandar Vulin, who has been “implicated” in transnational organized crime, illegal drug operations and “misuse of public office.” Vulin, director of Serbia’s Security Information Agency, worked with U.S.-sanctioned Serbian arms dealer Slobodan Tesic by helping him move illegal arms shipments across the country’s border, and has also used his position to support Russia and give the country “a platform to further its influence in the region.”
American universities and research labs should make sure they’re screening against a new Defense Department list of Chinese, Russian and Iranian institutions that have “elevated risks,” Crowell & Mooring said in a July 11 client alert. The list, published by DOD June 30, includes more than 45 entities that “have been confirmed as engaging in problematic activity,” including behavior that increases the risk that DOD-funded research could be “misappropriated to the detriment of national or economic security.”
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The U.K. corrected one entry under its Iran (Human Rights) sanctions regime, in a July 7 notice. The entry for Moslem Moein, head of the Basij Cyberspace Headquarters, was updated to change his birth year from 1885 to 1985.
Treasury Secretary Janet Yellen said no decision has been made yet on whether there will be an executive order limiting outbound investment in China. "It's still something being discussed in the administration and the timing of it is not yet certain," she said on "Face the Nation" from China, before she returned from a diplomatic visit there. "But I wanted to explain to my Chinese counterparts that if we go forward with this executive order, that we will do so in a transparent and narrowly targeted way." She said what's being considered is only for "very narrow high technology areas," and should not significantly impact overall investment in China.
Treasury Deputy Secretary Wally Adeyemo met with EU officials and industry executives this week to discuss Russia sanctions and efforts to “prevent sanctions evasion,” the agency said. Along with European Commission Executive Vice President Valdis Dombrovskis, Commissioner Paolo Gentiloni, and Secretary-General Stefano Sannino, Adeyemo also met with clean energy industry officials in Belgium. He also discussed evasion of Russian sanctions with ambassadors to the EU from Greece, Cyprus, and Malta.
A new set of overlooked EU import restrictions on iron and steel products with links to Russia could be a heavy compliance lift for certain importers, Baker McKenzie said in a July 6 client alert. The new restrictions, outlined in the EU’s most recent Russia sanctions package (see 2306230013), haven’t gotten the “attention they deserve,” the firm said, adding that they will force certain “economic operators” to prove the goods they’re importing “do not contain any Russia-originating sanctioned iron or steel item.”
A new U.K. law that could prevent lawyers from providing certain legal services in the context of Russia sanctions is causing uncertainty within the legal industry, law firms said. Baker McKenzie said the legal community is working with U.K. authorities to “clarify the scope of the new sanctions measures,” but “in lieu of any imminent published guidance, businesses should assess” their in-house legal teams, particularly if they’re providing legal advisory services from the U.K.