Sanctions Are Pouring: Here's Advice for General Counsel on Where to Hold the Umbrella
New economic sanctions on other countries, foreign companies and individuals are popping up everywhere, and general counsel of global companies must be wondering if they should add outside counsel sanctions experts to their speed dials.
November 04, 2019 at 06:02 PM
6 minute read
New economic sanctions on other countries, foreign companies and individuals are popping up everywhere, and general counsel of global companies must be wondering if they should add outside counsel sanctions experts to their speed dials.
After nearly a decade with few sanctions, just since June the U.S. Office of Foreign Assets Control sanctioned the entire government of Venezuela, imposed secondary sanctions on several major Chinese shipping companies for transporting oil from Iran, imposed new sanctions on Russia over chemical weapons attacks and election interference, and sanctioned three North Korea-sponsored hacking groups for malicious cyberattacks.
In the first week of November alone, the government added nine specially designated Iran-related nationals, along with the entire Iranian armed forces general staff; removed two Venezuela-related companies; and amended two Ukraine-related actions.
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