Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching the title or by clicking on the hyperlinked reference number.
The Office of Foreign Assets Control on April 11 designated seven people and one entity across four countries for their involvement in corruption and organized crime that threatens the stability of the Western Balkans. The targets are former business executives and government officials in Albania, North Macedonia, Bosnia and Herzegovina, and Montenegro. "The people designated today constitute a serious threat to regional stability, institutional trust, and the aspirations of those seeking democratic and judicious governance in the Western Balkans,” Undersecretary for Terrorism and Financial Intelligence Brian Nelson said.
The Office of Foreign Assets Control issued additional sanctions on major Russian state-owned enterprises and five additional general licenses related to Russia. OFAC expanded sanctions against Alrosa, the world's largest diamond mining company, along with United Shipbuilding Corporation, which is responsible for the construction of almost all of Russia’s warships, OFAC said April 7. Alrosa was previously designated in February (see 2202240069).
The Office of Foreign Assets Control on April 5 sanctioned Hydra Market, a Russia-based darknet market used to buy and sell illegal goods, and identified more than 100 virtual currency addresses associated with Hydra’s operations. The agency also sanctioned Garantex, a virtual currency exchange with operations in Moscow. OFAC said that more than $100 million worth of transactions associated with Garantex “are associated with illicit actors and darknet markets.”
The U.S. on April 6 issued a series of new financial restrictions on Russian banks, including full blocking sanctions on Sberbank and Alfa Bank, two of the country's largest financial institutions. The wide-ranging designations also include full-blocking sanctions against a group of Russian state-owned entities "critical" to funding the war in Ukraine, the White House said. Sanctions were also levied against additional Russian government officials, oligarchs and their family members, including the adult children of Russian President Vladimir Putin and members of the Russian security council. President Biden also issued an executive order blocking new investment in Russia by Americans or American companies.
The Office of Foreign Assets Control sanctioned five entities that provide support to North Korea's weapons of mass destruction and ballistic missile programs following a series of ballistic missile launches over the past several months. OFAC said the actions target a North Korean WMD research and development organization along with four of its revenue-generating subsidiaries.
The Office of Foreign Assets Control on April 1 fined S&P Global, a business analytics firm, $78,750 for violating U.S. Ukraine-related sanctions regulations. OFAC said the case was non-egreious, partly due to S&P's cooperation and agreement to improve its compliance program.
The U.S. and Canada issued more sanctions last week against people and entities in Myanmar responsible for supplying defense equipment to the country’s military regime. The Office of Foreign Assets Control targeted five people and five entities, including several arms dealers and their companies, for supporting the regime. Canada sanctioned four suppliers and two entities, including Myanmar Chemical & Machinery and Yatanarpon Aviation Support. The U.K. announced similar sanctions (see 2203280009).
The Office of Foreign Assets Control has sanctioned Iranian procurement agent Mohammad Ali Hosseini and four Iranian entities that procured ballistic missile propellant-related materials. “This action reinforces the United States’ commitment to preventing the Iranian regime’s development and use of advanced ballistic missiles,” Brian Nelson, undersecretary for terrorism and financial intelligence, said in a news release March 30. “While the U.S. continues to seek Iran’s return to full compliance with the Joint Comprehensive Plan of Action, we will not hesitate to target those who support Iran’s ballistic missile program. We will also work with other partners in the region to hold Iran accountable for its actions, including gross violations of the sovereignty of its neighbors.”
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching the title or by clicking on the hyperlinked reference number.