Remaining U.S. trade controls restrictions relating to SudanThe General License does not affect restrictions imposed by other U.S. sanctions programs. For example, U.S. persons, as defined above, still may not engage in transactions or dealings with, and must block the property and interests in property of, individuals or entities identified on OFAC’s List of Specially Designated Nationals and Blocked Persons (“SDN List”) pursuant to authorities other than the SSR and Executive Orders 13067 and 13412. This includes transactions or dealings with SDNs designated pursuant to the Darfur Sanctions Regulations (31 C.F.R. Part 546) or the South Sudan Sanctions Regulations (31 C.F.R. Part 558) and their related executive orders, among others. … [Read more...] about United States suspends Sudan sanctions
Why sudan is sanctioned country
In sum, with the exception of North Korea, the existing U.S. Sanctions Program allows U.S. nationals and U.S. companies to protect their intellectual property rights because the sanctions either do not prohibit such activities or because OFAC has granted a license allowing such activities. Because the U.S. Sanctions Program changes quickly and, often, without much public notice, individuals and companies wishing to protect their intellectual property rights outside the U.S. should consul OFAC counsel before retaining firms in other countries, paying official fees to foreign government agencies, or transmitting payments through financial institutions in other countries. Similarly, because countries may adopt a boycott or change their existing boycott regime without much public notice, individuals and companies wishing to protect their intellectual property rights outside the U.S. should consul counsel before engaging in intellectual property protection-activities in … [Read more...] about Implications of U.S. Sanctions Program on Intellectual Property Owners
Provisions Intended to Identify the OFAC Sanctions Compliance Status of Both the Contracting Party and the Contract CounterpartyTo the extent applicable, each Party is in compliance with the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the U.S. Department of Treasury (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, except to the extent that such noncompliance would not reasonably be expected to have a Material Adverse Effect. … [Read more...] about Office of Foreign Assets Control (OFAC) Sanctions Compliance Provisions in Agreements
Under U.S. sanctions laws, which are administered by OFAC, U.S. companies and individuals are prohibited from providing virtually any goods or services to Iran, whether directly or indirectly. In addition, no U.S. company may engage in any transaction or dealing in (including selling, transporting, swapping, financing, or facilitating) or related to goods or services for exportation, re-exportation, sale, or supply, directly or indirectly, to Iran. With a few exceptions, the trade embargo on Sudan also restricts U.S. companies and individuals from doing business with Sudan. U.S. restrictions on Burma historically restricted many transactions with Burma by U.S. persons, including investment in Burma and imports of Burmese products to the United States. … [Read more...] about Export Controls and Sanctions Violations Lead to $21 Million in Penalties for Fokker Services B.V.
Recordkeeping Requirements and Potential RevocationIt is important to note that OFAC did not preview a complete lifting of its Sudan sanctions. U.S. individuals and companies will remain prohibited from dealings with Sudan, but as of January 17, those dealings will be authorized by a General License. U.S. persons who use this authorization must therefore comply with OFAC’s recordkeeping requirements, by keeping a “full and accurate record” of its Sudan-related transactions for a minimum of 5 years. (31 C.F.R. § 501.601) The authorization may also be amended, modified, or revoked at any time. (31 C.F.R. § 501.803) … [Read more...] about OFAC Conditionally Lifts U.S. Embargo on Sudan, but Certain Sanctions Remain