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- United States Imposes New Economic Sanctions on Venezuela; Sanctions 16 Entities and Individuals for Dealings with North Korea
United States Imposes New Economic Sanctions on Venezuela; Sanctions 16 Entities and Individuals for Dealings with North Korea
August 29, 2017, Covington Alert
Last week, President Trump issued an Executive Order imposing new economic sanctions on the Venezuelan government in response to President Nicolás Maduro’s increasingly authoritarian actions. The new sanctions expand the U.S. restrictions against Venezuela, which previously were comprised of sanctions against a few key individuals, but they do not amount to a comprehensive economic embargo (such as those against Cuba and Iran). Rather, the new measures aim to restrict the Maduro regime’s access to financial markets and capital, subject to certain limitations intended to minimize the impact on U.S. businesses and the Venezuelan people.
Separately, on August 22, 2017, in response to the threat posed by recent, high-profile advances in North Korea’s nuclear and ballistic missile programs, OFAC designated 10 entities and six individuals for violating or evading U.S. and UN sanctions targeting North Korea.
Covington has deep experience advising clients on the legal, policy, and practical dimensions of international sanctions, including with respect to Venezuela and North Korea. We will continue to monitor developments in this area, and are well-positioned to assist clients in understanding how these recent announcements may affect their business operations.
September 22, 2017, Covington Alert
President Trump has issued an Executive Order (“the Order”), effective September 21, 2017, imposing additional sanctions on persons doing business in certain sectors of the North Korean economy or engaging in certain trade or financial activities involving North Korea. President Trump issued the Order in response to North Korea’s recent intercontinental ...
January 13, 2017, Covington Alert
In response to “positive actions” taken by the Government of Sudan over the past six months, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced today an amendment to the Sudanese Sanctions Regulations (“SSR,” 31 C.F.R. Part 538) that effectively suspends virtually all of the U.S. sanctions against Sudan by authorizing ...
October 17, 2016, Covington Alert
Effective today, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) has amended the Cuban Assets Control Regulations (“CACR”) and the U.S. Commerce department’s Bureau of Industry and Security (“BIS”) has amended the Export Administration Regulations (“EAR”) to expand permissible dealings involving Cuba, further easing the longstanding U.S. ...