Trade and Manufacturing Monitor
OFAC Revamps and Updates Website
On April 3, 2023 the Office of Foreign Assets Control (“OFAC” or “the agency”) launched a new domain for its website at ofac.treasury.gov . This update aims to make it easier for users to navigate OFAC’s sanctions…
First Round of CHIPS Funding Announced
On February 28, 2023, the U.S. Department of Commerce announced the first funding opportunity under the CHIPS and Science Act (“CHIPS Act”), bipartisan legislation signed into law in 2022. The funding opportunity…
Biden Administration to Take Action on U.S. Outbound Investment Screening
Investment screening has become an increasingly important topic for the United States and its allies, as concerns grow about the accumulation of sensitive information and technologies by strategic adversaries like…
Anniversary Round of U.S. Sanctions, Export Controls Impose and Enhance Restrictions Against Financial and Material Support for Russia’s War Efforts
Last Friday, on the anniversary of the Ukraine invasion, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) took significant action by imposing sanctions against the Russian economy, targeting…
OFAC Settlement Highlights Need for Compliance Training Across Subsidiaries for Multinational Firms
The Office of Foreign Assets Control (“OFAC”) recently announced a settlement agreement with Danfoss A/S (“Danfoss” or “the company”) in response to allegations that Danfoss directed its customers in Iran, Syria, and…