By Maya Lester KC & Michael O’Kane

Sanctions Profile: Cuba


International and national criticism of US sanctions on Cuba and Venezuela

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 …

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UK issues guidance on blocking regulation

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 …

IranIran CubaCuba

OFAC settlement with former online trading platform operator

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 …

RussiaRussia CubaCuba IranIran SudanSudan SyriaSyria

Microsoft fined $3.3 million by OFAC & BIS

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 …

CubaCuba IranIran SyriaSyria RussiaRussia

OFAC settlement with Uphold HQ Inc.

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 …

IranIran CubaCuba VenezuelaVenezuela

Current Sanctions

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