Editor’s Pick: The Long Arm of OFAC – How US Sanctions Impact Pretty Much Everyone

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This post from Amber Road’s blog discusses the Office of Foreign Assets Control (OFAC) and how its enforcement arm reaches all. Editor's Pick Global Trade Guest Commentary Guest Commentary - Amber Road Amber Road global trade management OFAC Office of Foreign Assets Control trade sanctions

Amazon pays the price for missing shipments to countries under US sanctions

The LoadStar

The US Office of Foreign Assets Control (OFAC) levied the fine this week after the e-commerce giant admitted it had allowed shipments to be sent via its platform to individuals in countries US firms are barred from doing business with. E-Commerce Loadstar posts News Supply chain Amazon In the dock Office of Foreign Assets Control sanctionsAmazon is to pay $134,000 in fines after falling foul of US sanctions regulations.

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Will Cuba be the Next Major Transportation Hub?

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The US Office of Foreign Assets Control broadened allowances for US vessels carrying certain agricultural or otherwise approved cargoes, extending them to non-US vessels. For cargo shipping, focus is on the Cuban port, Container Terminal Mariel (TC Mariel) which opened in January 2014. The Obama Administration has made it easier for container services to add Cuba as a port of call since they’ve reopened embassies and ended a 54-year diplomatic standstill with the country.

US accuses Russian forwarder Instar of breaking weapons sanctions

The LoadStar

The latest US Office of Foreign Assets Control (OFAC) designations, as well as the Bureau of Industry and Security entity list published today, named the forwarder and its customer service manager. A Russian freight forwarder has denied allegations by the US Department of Commerce that it broke sanctions by shipping Kalashnikov weapons. Kalashnikov said it currently had a major focus on exporting, which could see other forwarders caught up in US regulations.

Editor’s Pick: Using Denied Party Screening to Counter Cyber Threats

Talking Logistics

Office of Foreign Assets Control (OFAC) has long cited cyber criminals as prime candidates for black listing, it was only recently that the restrictions reached a level of operational maturity. Cyber-related sanctions controls have been a hot button issue for years.

Individuals, entities blocked for ties to Iranian airlines

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Gaz could be sold to VW to avoid US sanctions

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Any deal involving Gaz Group’s assets must be agreed with the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, Kozak said. Volkswagen may purchase a stake in Gaz Group in order to help the carmaker avoid US sanctions, said Russian deputy prime minister Dmitry Kozak, speaking during a press-conference in Moscow on October 19. Negotiations have already taken place, but the final decision has not yet been made, Kozak added.

How sanctions affect shipping companies and trade

Shipping and Freight Resource

In the US there is a special body responsible for control over the above issue: Office of Foreign Assets Control of the US Treasury Department (OFAC). The dictionary defines Sanctions as “ Sanctions are measures taken by countries to restrict trade and official contact with a country that has broken international law.

Putin promises to help VW with special contracts and state support

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He added that there are currently no talks with US Office of Foreign Assets Control (OFAC) over the terms of lifting the sanctions. Russian president Vladimir Putin has placated tension between VW Group and the Russian Ministry of Industry and Trade by promising the carmaker a special investment contract (Spic) and access to additional state support if it goes ahead with plans to increase production in the country.

VW asks Putin to help with special contracts and sanctions

Automotive Logistics

He added that there are currently no talks with US Office of Foreign Assets Control (OFAC) over the terms of lifting the sanctions. Light tunnel: Quality assurance Volkswagen Polo Sedan. Russian president Vladimir Putin has placated tension between VW Group and the Russian Ministry of Industry and Trade by promising the carmaker a special investment contract (Spic) and access to additional state support if it goes ahead with plans to increase production in the country.

US considers lifting sanctions against Gaz

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The US is planning to lift sanctions imposed on companies owned or controlled by Russian billionaire Oleg Deripaska and has once again postponed the introduction of sanctions against the Russian carmaker Gaz Group, in which Deripaska has a controlling interest. That does not change the main point however, that Deripaska must reduce his stake in the company and absolve himself of direct control, according to Investing.

U.S. intensifies Russian sanctions

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Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned five Russian entities and 19 people in effort to punish those allegedly involved in interfering in recent U.S. The U.S. elections or causing cyber attacks that targeted financial and infrastructure systems. The latest round of sanctions are part of the U.S.

U.S. adds shipping companies to North Korean sanctions

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The Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday added another 27 shipping companies, along with 28 vessels, to its Specially Designated Nationals (SDN) List in an effort to prevent North Korea from further circumventing U.S. for being owned or controlled by Tsang. Treasury said that in 2017, Tsang and Kingly Won attempted to engage in an oil deal valued at more than $1 million with the Russian firm Independent Petroleum Co.,

Trump sends Tillerson packing

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Treasury Department’s Office of Foreign Assets Control’s (OFAC) growing sanctions list. Trump has been reaching out to North Korea in recent weeks in an attempt to broker a face-to-face talk with dictator Kim Jong Un.

Trump sanctions leave Gaz exports in doubt

Automotive Logistics

On Monday this week, the US Department of the Treasury said that under General License 14 it had extended the sanctions ‘wind-down’ period to October 23, allowing Rusal and its subsidiaries to maintain business in accordance with pre-existing guidance from the Office of Foreign Assets Control (OFAC), and that as a result, OFAC would not impose secondary sanctions during that period.