You may have read that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on November 15 announced the issuance of a $1.1 million penalty, in a [so far] rare instance of enforcement against an individual for…
U.S. Sanctions Regulations Blog
Tracking Developments in U.S. and other International Sanctions Regulations
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OFAC’s $4.1 Million Penalty on Berkshire Hathaway Subsidiary: Why it Matters
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced it was imposing a $4.1 million penalty against Nebraska-based Berkshire Hathaway Inc. for illicit transactions by its Turkish subsidiary Iscar Kesici Takim Ticareti ve Imalati Limited…
Will Iran be Open for Business Tomorrow?
There has been some news in the past few hours that the P5+1 and Iran have reached some type of breakthrough deal in their marathon negotiations over Iran’s nuclear energy program. Many do seem to be hopeful of what such…
Iran: Open for Business on November 25?
There have been many mixed signals on the current status of the nuclear negotiations between Iran and the five permanent UN Security Council members and Germany. Some say the deal is almost done, others say there may be an extension.…
Is Iran *Really* Open For Business?
These days the media is full of articles on Iran being on the verge of opening for business. An article in The New York Times today sums it up well – interest is high, but the sanctions laws have really…
Steering Clear of the OFAC Black List: How Much Checking is Necessary?
I was speaking to one of my [very diligent and thorough] individual clients the other day about his upcoming lawsuit in Iran and pending property sale, whereupon he asked me a fantastic question. Specifically, he asked “how do I know…
How will an Iran/P5+1 Accord Impact Sanctions?
There is much curiosity surrounding what the immediate (as opposed to long term) impact of an accord between Iran and the Permanent UN Security Council members (the United States, United Kingdom, France, China, and Russia) and Germany (the so-called “P5+1”)…
Obama Speaks to Rouhani: Will Iran be Open for (US) Business?
Well, the two men have spoken. On Friday, President Obama called Iranian President Hassan Rouhani as the latter was leaving for Tehran following a four day tour to New York to take part in the annual United Nations General Assembly.…
Happy Ending to the Sanctions Tennis Story
For those wondering about the previous post regarding Iranian tennis referee Adel Borghei, happy news to report in case you have not kept up with the news (there was quite a lengthy follow-up article in the New York Times, which…
Will Iran’s Presidential Elections Impact the Sanctions?
With a day left before polls open in Iran, there’s been much press given to this year’s presidential elections in Iran. Some have written these elections off due to the limited power the President holds in Iran and some have…
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