- U.S. government continues to impose sanctions on parties supporting Iran
- One Cypriot and three Panamanian companies sanctioned for connection to Venezuela
- European bank fined for prohibited transactions involving Sudan
The U.S. Treasury Department, Office of Foreign Assets Control (OFAC), the main U.S. government body that administers U.S. economic sanctions and embargoes, continues to be busy. In September 2019 alone, OFAC has announced new sanctions designations, new penalties, and new regulations on a nearly daily basis.
Many of these actions are largely administrative in nature. For example, in the September 4 Federal Register, OFAC announced new U.S. sanctions on Nicaragua. While the regulations (at 31 CFR Part 582) are in fact new, the prohibitions contained in the regulations are not: the regulations merely implement Executive Order 13,851, which was issued by President Trump in November 2018.
We nonetheless want to briefly summarize three actions taken by OFAC to date in September 2019. As described below, we think these actions provide useful insight into how OFAC is operating currently.