The EU and the Community of Latin American and Caribbean States (CELAC) last month gave a joint declaration criticising the re-designation of Cuba as a state sponsor of terrorism and the extra-territorial effect of the US embargo against Cuba (press release). The Caribbean Community (CARICOM) called for the removal of US sanctions on Venezuela last month to allow for countries …
This week the UK published guidance on the Protection of Trading Interests legislation (“blocking regulation”), which “protects legitimate trade between UK persons and countries affected by the extraterritorial application of certain laws” (guidance). This and further guidance can be found on the “UK Blocking Regulation” section of this site. The guidance: provides an explanation of who constitutes “protected persons”; states …
On Monday (1 May 2023), OFAC announced that Poloniex, LLC, which previously operated an online trading and settlement platform known as Poloniex Inc., has agreed to pay $7,591,630 to settle its potential civil liability for nearly 66,000 apparent violations of US sanctions on Crimea, Cuba, Iran, Sudan and Syria. Enforcement Release. The allegation is that, between January 2014 and November …
OFAC and BIS have imposed $3.3 million in civil penalties against Microsoft Corporation for alleged and apparent violations of US export controls and sanctions. Press Release, OFAC Enforcement Release, BIS Order, Settlement Agreement and Proposed Charing Letter. OFAC On behalf of itself and its subsidiaries Microsoft Ireland Operations Ltd. and Microsoft Rus LLC, Microsoft has agreed to pay $2,980,265.86 to …
OFAC has announced that Uphold HQ Inc., a California-based digital trading platform, has agreed to pay $72,230.32 to settle its potential civil liability for apparent violations of US sanctions on Iran, Cuba and Venezuela. Notice. Settlement Agreement. The first allegation is that, between March 2017 and May 2022, Uphold or its affiliates maintained accounts for customers who indicated their locations …
Cuba
Venezuela
Iran
Russia
Sudan
Syria