Category: Sanctions News
OFAC designates Iranian cyber actors targeting the US
OFAC has designated (notice) 2 companies and 4 individuals allegedly involved in malicious cyber activity on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command: Mehrsam Andisheh Saz Nik, formerly known as Mahak Rayan Afzar, allegedly an IRGC-CEC front company associated with a multi-year campaign targeting over a dozen US companies and government entities, including the Treasury, and 2 employees, Alireza…
US to extend statute of limitations for sanctions violations
As part of the US national security package, the US House of Representatives has passed the 21st Century Peace through Strength Act, section 3111 of which extends the statute of limitations for civil and criminal sanctions violations from 5 years to 10 years. The extension will not apply to already-expired sanctions violations.
Serbia says it’s close to a deal to buy French-made fighter jets. That would be a shift from Russia
Serbia is close to signing a deal on the purchase of 12 French Rafale multi-purpose fighter jets, the Serbian president announced Tuesday, in what would mark a shift from its traditional military supplier Russia. President Aleksandar Vucic spoke during his two-day visit to Paris and talks with French President Emmanuel Macron as well as French defense officials including Rafale manufacturer…
Credit Suisse takes fight over $1 billion awarded to billionaire to Singapore’s top court
A unit of defunct lender Credit Suisse will seek to overturn an order to pay US$743 million (S$1 billion) to a billionaire client over the actions of a notorious rogue banker at Singapore’s top court on April 8. The sum was awarded after a lower court earlier ruled that the bank’s trust had failed to safeguard the assets of Bidzina…
US designates Balkan officials for corruption
The US Department of State announced the designation of former North Macedonia Special Chief Prosecutor, Katica Janeva; current mayor of Karpos, North Macedonia, Stevco Jakimovski; and former mayor of Kacanik, Kosovo, Xhabir Zharku, for their actions undermining the rule of law and the public’s faith in their respective governments’ democratic institutions and public processes. Janeva was found to be involved in corrupt acts,…
US Reviewing Venezuelan Sanctions Policy in Wake of Court Decision
The U.S. is reviewing its sanctions policy against Venezuela after a court in that country upheld a ban preventing presidential candidate Maria Corina Machado from holding office, the U.S. State Department said Saturday. The ruling by Venezuela’s Supreme Justice Tribunal on Friday means Machado, a 56-year-old industrial engineer, cannot register her candidacy for presidential elections scheduled for the second…
New UK and EU Sanctions introduced against Russia
The United Kingdom (“UK”) introduced new sanctions against Russia on December 14, 2023 with the European Union (“EU”) also adopting its 12th package of sanctions against Russia on December 18, 2023. The latest UK restrictions include: Import and related restrictions on further categories of iron and steel goods, as well a wide range of additional metals such as aluminium. New…
US Targets Foreign Banks with Sanctions to Curb Russia’s War Effort
US Targets Foreign Banks with Sanctions to Curb Russia’s War Effort In a decisive stroke designed to undermine Russia’s military capabilities, US President Joe Biden has signed a far-reaching executive order targeting the financial sinews aiding Russia’s war efforts in Ukraine. The order, enacted on December 22, 2023, sanctions foreign banks that allegedly support Russia’s defense sector, underscoring the US…
Iran and Cuba join hands to confront US sanctions
In a bid to counter the impact of U.S. sanctions, Iran and Cuba announced their commitment to enhancing relations during a joint statement in Tehran. Iranian President Ebrahim Raisi and Cuban counterpart Miguel Diaz-Canel emphasized the need for cooperation to counter the economic challenges posed by the sanctions imposed on both nations by the United States. Raisi highlighted the potential…
US sanctions financial network tied to Iranian oil sales
WASHINGTON: The US on Wednesday said it imposed a new round of sanctions on a group of 20 people and firms allegedly involved in a financial facilitation network for the benefit of the Iranian military. The Treasury Department sanctions impact firms and people spanning Hong Kong to the United Arab Emirates. Included in the sanctions package are employees, brokers and…
Son of Russian oligarch Pumpyansky wins appeal against EU sanctions
BRUSSELS: Alexander Pumpyansky, the son of Russian tycoon Dmitry Pumpyansky, won an appeal against sanctions the European Union introduced over Russia’s invasion of Ukraine, the bloc’s court said on Wednesday. In the ruling, the court said the EU council had admitted that from March 9, 2022 – two weeks after the invasion of Ukraine and six months before the first set…
US seizes Sinbad crypto mixer used by North Korean Lazarus hackers
The U.S. Department of the Treasury has sanctioned the Sinbad cryptocurrency mixing service for its use as a money-laundering tool by the North Korean Lazarus hacking group. A cryptocurrency mixer is a server that allows people to deposit crypto, which is mixed among many different wallet addresses to help prevent it from being accurately traced. The mixing service takes a…
Cyprus lit up with oligarch transactions after Russia invaded Ukraine -leaks
With Russian tanks and troops descending on Ukraine in early 2022, Cyprus became a hotbed of financial activity. The island country has long been known as an offshore transit point for the fortunes of Russian billionaires, and as sanctions loomed over many of them last year, Cyprus financial services firms fielded a series of urgent demands to transfer funds and…
The U.S. Government Designates Individuals and Entities in the Western Balkans for Corruption and Malign Activities
November 16, 2023 WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated eight individuals and six entities pursuant to Western Balkans-related Executive Order (E.O.) 14033 and Russia-related E.O. 14024. In a coordinated action, the U.S. Department of State also designated two individuals and 12 entities pursuant to E.O. 14024. “Russia has continued to…
France issues arrest warrant for Syrian President Bashar al-Assad
PARIS: France has issued an international arrest warrant for Syrian President Bashar al-Assad, accused of complicity in crimes against humanity over chemical attacks in 2013, a judicial source and plaintiffs in the case said Wednesday. The judicial source told AFP Assad was also suspected of complicity in war crimes for the attacks, blamed by the opposition on the regime, that…
US sanctions Russian Ekaterina Zhdanova, who they say laundered money for Ryuk ransomware affiliate
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Russian national Ekaterina Zhdanova for laundering millions in cryptocurrency for various individuals, including ransomware actors. Zhdanova used her expertise in cryptocurrency and blockchain networks to move money through various platforms such as Garantex (sanctioned in April 2022 for aiding the Hydra Market) to evade “Anti-Money Laundering/Combating the Financing of Terrorism” (AML/CFT) controls. A report…