Six months of regulatory and enforcement developments in economic sanctions across the US, UK and EU
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ARTICLE: ENFORCEMENT AND REGULATORY
Six months of regulatory and enforcement developments
in economic sanctions across the US, UK and EU
Biden, Brexit, Covid, China… All these and more have spelt change for sanctions and compliance in the first six months
of 2021. In this round-up, Skadden lawyers from across the firm’s global network pull together the threads in search of
the big picture and pointers to the future.
O
ver the past several US SANCTIONS With respect to enforcement state-issued bonds.4 In March,
years, the US, EU, activity, the Office of Foreign both the US and EU imposed
and UK governments, Since President Biden’s Assets Control (‘OFAC’)2 targeted sanctions against
among other authorities, have inauguration in January, continues to actively enforce Russia in response to the
employed economic and trade economic sanctions have sanctions violations, having poisoning and subsequent
sanctions as a powerful means remained an important US imposed civil penalties on imprisonment of Alexei
to advance foreign policy and foreign policy tool. The US several financial institutions Navalny.5
national security interests. continues to impose new (‘FIs’) and non-FIs since the
This practice has continued measures in response to beginning of 2021. OFAC’s Regarding China, the
in 2021, notwithstanding the national security threats aggressive enforcement Biden administration has
changeover of administrations and is in the process of posture is unlikely to waver in maintained certain sanctions
in the US or the UK’s formal completing a comprehensive the near term, and we expect imposed during the Trump
departure from the EU at the review of current sanctions OFAC to continue to target administration, including the
beginning of 2021. policies and practices to players across a wide array of sanctions against persons
ensure that sanctions are industries in the US and abroad identified as materially
To the contrary, as described in used strategically and for potential violations of US contributing to or facilitating
this article, the first half of 2021 appropriately1. The Biden sanctions. China’s failure to meet its
has seen the US implement administration’s early obligations to preserve Hong
several new sanctions sanctions-related activity Regulatory developments Kong’s autonomy, and the
programmes and continue suggests that it will, at least sanctions imposed in response
its aggressive enforcement initially, prioritise its policies The Biden administration has, to the US government’s
posture, and Brexit has paved on Russia, China and Iran, and thus far, prioritised its agenda human rights concerns in the
the way for the UK to expand place greater emphasis on with respect to Russia, China, Xinjiang region6. However,
its own sanctions regime, in multilateralism and diplomacy and Iran. In April, President President Biden recently
addition to retaining many of as it considers changes to Biden issued an executive expanded the scope of the
the EU’s sanctions policies. existing sanctions or the order (‘EO’) in response to former administration’s EO
The EU has likewise remained imposition of new sanctions. Russia’s interference in the that prohibited US persons
active in the realm of sanctions The Biden administration 2020 US elections and other from dealing in publicly
enforcement, including at has also established the fight malicious cyber activities.3 traded securities issued by
the Member State level, and against global corruption as Pursuant to the order, OFAC designated ‘Communist
recent activity in the European a core US national security designated several technology Chinese Military Companies’.7
Court of Justice suggests the interest and signaled that companies that support On 3 June, President Biden
EU’s Blocking Statute may it will use, and strengthen, Russian intelligence services issued an EO that rescinded
soon have sharper teeth. We existing anti-corruption and issued a new directive the operative provisions of
expect these trends and others sanctions authorities like the further restricting US FIs from the Trump administration’s EO
discussed below to continue Global Magnitsky Act to hold participating in the primary and refocused the sanctions
through 2021 and beyond. corrupt actors accountable. market for certain Russia to instead target Chinese
Reprinted with permission from the July-August 2021 Issue 2 of FISC,
the sanctions compliance journal for financial institutions,
their advisors and customers.
19
For subscription enquiries in order to receive issue 2 and future
issues please email: FISC@worldecr.comARTICLE: ENFORCEMENT AND REGULATORY
companies operating in the Union de Banques Arabes et
defence and surveillance Françaises;14 settlements with
technology sectors of manufacturers UniControl,
China’s economy. The Biden Inc.15 and Nordgas S.r.l.
administration’s EO also ALTHOUGH INCREMENTAL, (‘Nordgas’)16 for $216,464 and
shifted primary authority for $950,000, respectively; and
designating such companies
WE VIEW THESE CHANGES AS a $2,132,174 penalty against
from the US Department of SIGNALING THAT CHINA – AND software company SAP
Defense, as was the case under SE17. OFAC has also issued
the Trump administration’s EO,
RELATED CYBERSECURITY ISSUES – penalties against companies
to the US Department of the WILL REMAIN A PRIORITY FOR THE in the virtual currency and
Treasury, which houses OFAC. payments industries. In
The new EO also delisted
BIDEN ADMINISTRATION. February, OFAC settled claims
certain of the companies of apparent violations of
designated during the Trump several sanctions programmes
administration and added with BitPay, Inc.,18 a US
new ones, but the relevant payment-processing company
prohibitions on US persons ‘Iran nuclear deal’), currently military: Myanmar Economic that offers a solution to
investing in the publicly-traded remain in effect. In a notable Holdings Public Company allow merchants to accept
securities of the designated break from President Trump’s Limited and Myanmar virtual currency as payment.
companies or other derivative ‘maximum pressure’ campaign Economic Corporation OFAC most recently settled
securities remain the same. against Iran, however, the Limited11. Additionally, the with MoneyGram Payment
Biden administration initiated current administration revoked Systems, Inc. (‘MoneyGram’),19
Separately, on 9 June, indirect talks with Iran in April sanctions against personnel a US-based payments
President Biden issued an to discuss the possibility of of the International Criminal company, for providing
EO that rescinded three EOs the US rejoining the JCPOA. Court in April,12 explaining services to blocked persons
issued during the Trump These talks continue, and if that the concerns that led and processing transactions
administration that restricted an agreement is reached, it is to those sanctions would be for persons located in
or prohibited certain activities expected to lift at least some better addressed through Syria. These settlements
involving the Chinese sanctions against Iran. dialogue. The President took demonstrate that OFAC is
companies ByteDance Ltd. similar diplomatic action in the casting a wide net in targeting
and its subsidiaries (including Furthermore, President Biden Russia context after he waived industries, and we expect this
the TikTok application), has largely maintained the the application of sanctions trend to continue.
Tencent Holdings Ltd.’s status quo with respect to the on the entity overseeing
WeChat application, and sanctions imposed against completion of the Nord Stream We also anticipate that OFAC
certain other Chinese software Cuba and Venezuela during the 2 pipeline, Nord Stream 2 AG, will continue to seek sanctions
applications (the ‘Rescinded Trump administration. While and its Chief Executive Officer. compliance commitments in its
EOs’).8 President Biden’s EO the administration is reviewing President Biden explained that settlement agreements, where
did not revoke the sanctions US policy towards Cuba, and sanctions at this stage of the appropriate. In its settlement
framework established by the White House has previously Nord Stream 2 construction agreement with Nordgas, 20
EO 13,873, within which the indicated that a shift in Cuba would be ‘counterproductive’, OFAC required several such
Rescinded EOs were issued.9 policy is not currently a top particularly in light of commitments, including that
Instead, President Biden’s priority, including the Trump Germany’s involvement in the Nordgas conduct a periodic
EO called for a ‘rigorous, administration’s last-minute completion of the pipeline.13 sanctions risk assessment
evidenced-based analysis’ addition of Cuba to the US and establish and maintain
of the national security Department of State’s list of We anticipate the Biden appropriate internal controls.
risks posed by connected state sponsors of terrorism, administration will continue OFAC indicated in its press
software applications owned pressure is mounting on the to emphasise sanctions as a releases regarding the
or controlled by a foreign Biden administration in light of foreign policy tool, prioritise BitPay, Inc. and MoneyGram
adversary.10 This decision the protests that have erupted diplomacy and multilateralism, enforcement actions that
leaves open the possibility in Cuba in early July. There has and aim to minimise the settlement agreements
that the Biden administration also been little activity with unintended consequences for those matters similarly
may issue new sanctions in the respect to Venezuela since to US and allied interests. It featured certain compliance
future to target these types President Biden’s inauguration. remains to be seen whether commitments. FIs and non-FIs
of applications. Although and how the findings of the alike should therefore consider
incremental, we view these The Biden administration’s administration’s sanctions periodically assessing and,
changes and those described actions across various assessment will affect existing as necessary, enhancing
above as signaling that China sanctions programmes sanctions programmes. existing sanctions compliance
– and related cybersecurity demonstrate closer frameworks. US companies
issues – will remain a priority coordination with US allies and Recent enforcement trends and non-US companies that
for the Biden administration greater focus on diplomacy. engage in activities in the US
going forward. For example, the US, along Since January, OFAC or with US persons should
with the EU and the UK, has issued enforcement consider implementing a risk-
With respect to Iran, all recently imposed targeted actions against a variety based sanctions compliance
sanctions reimposed by the sanctions in response to the of FIs and non-FIs based programme, if one is not
Trump administration following Burmese military’s coup in in the United States and already in place, consistent
the United States’ exit from the February, including against abroad. These actions have with OFAC’s May 2019
Joint Comprehensive Plan of two key conglomerates included, among others, an Framework for Compliance
Action (‘JCPOA’ also called the controlled by the Burmese $8,572,500 penalty against Commitments.
20ARTICLE: ENFORCEMENT AND REGULATORY
Moreover, OFAC’s deterioration of the closer cooperation among
jurisdictional reach remains humanitarian, economic and regulatory authorities, police/
expansive. Non-US companies social situation’ in Zimbabwe, public prosecutors, and
doing direct or indirect and ‘the continuing need intelligence agencies.
business with sanctioned to investigate the role of
WE EXPECT
jurisdictions or persons – security force actors in human In France, the banking OFSI TO MOVE
particularly if such business rights abuses.’24 Also, and as regulator (the Autorité de
has any US nexus – should be indicated above, on 2 March, Contrôle Prudentiel et de
TOWARDS A MORE
cognisant of their obligations the US and the EU imposed Régulation, or ‘ACPR’), which AGGRESSIVE
under US sanctions coordinated sanctions in is responsible for monitoring
regulations. response to the poisoning banks’ compliance with
APPROACH IN
and imprisonment of Alexei asset-freeze obligations, has RELATION TO
EU SANCTIONS Navalny and the related imposed fines against FIs for
determination by the US that various compliance violations.
ENFORCING
The enforcement and ever- Russia had used chemical Such fines include the April SANCTIONS
expanding scope of many weapons. enforcement action against
country-specific EU sanctions Cardif Assurance-Vie, 26 the
VIOLATIONS,
regimes continue to trigger Other EU regulatory February enforcement action PARTICULARLY
risks for FIs. developments include the against ING Bank France27
revocation on 12 March, of and the December 2020
IN LIGHT OF
Regulatory developments the sanctions framework enforcement action against ITS UPDATED
against persons identified Mangopay. 28 Some of these
Notwithstanding the UK’s as responsible for the violations involved sanctions-
GUIDANCE.
withdrawal from the EU on 31 misappropriation of Egyptian related issues such as breach
December 2020, EU sanctions state funds, and the lifting of applicable asset-freeze
legislation does not appear of the restrictive measures regulations or inadequate
to be slowing, as shown by currently in force against sanctions screening.
the issuance of three new nine Egyptian individuals.25 EU Commission is prioritising
EU sanctions programmes in Following the recent review of Beyond the Member States’ improving the EU blocking
recent months – Human Rights these measures, the European enforcement of EU sanctions, regulation and enhancing the
(Magnitsky style), Myanmar, Council concluded that the the EU Commission and the uniform implementation and
Belarus. Further, Brexit may regime had served its purpose. European Court of Justice enforcement of EU sanctions.
have been a trigger for the (‘ECJ’) also played a role
EU’s ‘openness, strength On 22 March, the EU by providing interpretive First, in a 21 January Q&A
and resilience’ strategy, 21 expanded its criteria for guidance on certain sanctions- on Europe’s economic and
which was presented by designating persons under related matters. On 12 financial system, 30 the EU
the European Commission the asset freeze and added May, the Advocate General Commission announced that
on 19 January, to ‘better 11 individuals responsible for published his opinion on it intends to improve the
enable Europe to play the Burmese military coup the EU Blocking Statute in procedures through which
a leading role in global and subsequent actions by Case C-124/20 – Bank Melli individuals and entities can
economic governance, while military and police against v Telekom Deutschland recover damages suffered as
protecting the EU from unfair peaceful demonstrators. Ten GmbH 29. The Hamburg a result of the application of
and abusive practices.’22 of these persons belong to the Higher Regional Court had blocking sanctions. The EU
This proposed approach highest ranks of the Burmese submitted five questions Commission also announced
is based on three mutually military, while the other is to the ECJ regarding the that it intends to improve the
reinforcing pillars, which the new Chairperson of the scope of application and the processing of authorisation
include further promoting the Union Election Commission, legal effects of the Blocking requests from EU operators
uniform implementation and sanctioned for his role in Statute. The Advocate General who intend to comply with
enforcement of the EU’s own cancelling the results of the took the view that EU persons blocking sanctions and
sanctions. 2020 elections in Myanmar. bear the burden of proof when to launch a more general
terminating a contract with reflection of modern tools
With respect to sanctions Recent enforcement trends an entity that is targeted by to protect EU operators’
programmes, during the US blocking sanctions. Under businesses from coercive
first half of 2021, the EU Unlike the UK and the United this interpretation, Iranian actions by third countries.
worked closely with its States, the EU does not have a companies would be able to
allies to align sanctions central sanctions enforcement invoke the Blocking Statute With respect to sanctions
regimes. For instance, after agency. As such, enforcement before courts in EU Member enforcement, the EU
the UK subjected four top is left to the Member States. States, and EU persons Commission also announced
Zimbabwe security officials would be required to give on 21 January, that it
to travel bans and asset- In Germany, the Supreme reasons for terminating the intends to (i) facilitate
freeze measures in early Court (the Bundesgerichtshof ) relevant agreement other than the implementation and
February, 23 the EU renewed recently published a number complying with US sanctions enforcement of sanctions
its sanctions concerning of decisions and judgments to justify their termination of with the help of a newly
Zimbabwe, consisting of an in criminal cases related to contract. It remains to be seen established ‘Sanctions
arms embargo and a targeted sanctions that appear to whether the ECJ will follow the Information Exchange
asset freeze against Zimbabwe imply a focus on criminal Advocate General’s opinion. Repository’ – a database
Defence Industries, for one prosecution of individuals for an efficient exchange of
year until 20 February 2022, (rather than companies); long In terms of the direction the information among Member
in light of the ‘continued terms of imprisonment; a EU will take in the future, the States and the Commission;
21ARTICLE: ENFORCEMENT AND REGULATORY
(ii) establish a single point With respect to existing by the UK to advance its own In relation to enforcement
of contact for enforcement sanctions regimes, the UK post-Brexit sanctions policy. actions, we expect to see an
and implementation in cases has also made some changes, It mirrors the approach taken increase in the number and
involving a cross-border instead of simply retaining by international partners, like severity. Appetite for sanctions
dimension; (iii) cooperate with its existing legislation. In the US and Canada. It remains enforcement is increasing, with
EU Member States to ensure relation to the Russian sectoral to be seen whether the EU will fines starting to mirror those
that they impose effective, sanctions, the UK regime follow the UK. given by OFAC. There is also a
proportionate and dissuasive now broadens the definitions trend, as seen in the Standard
penalties for breaching EU of ‘brokering services’ We are seeing an increase Chartered Bank decision, 38
sanctions, as required under and ‘financing or financial in the reach and global to appeal penalties issued by
the EU sanctions regulations; assistance’ and also explicitly coverage of sanctions, and OFSI using ministerial review,
and (iv) setup a whistleblowing confirms that processing it is no longer enough for and so OFSI will need to
system for reporting sanctions of payments will fall under businesses to focus on the consider its calculations more
violations.31 financial services, contrary to ‘Big Five countries as being carefully. In an OFSI blog post
the EU position. the most high-risk. Businesses in February, the new director
UK SANCTIONS will need to update their risk Giles Thomson emphasised
With respect to new assessments around sanctions OFSI’s expanded role to
Since the UK’s exit from the sanctions regimes, the UK and corruption. They will have include economic crime policy
EU on 31 December 2020, has introduced several to look not just at the location as well as sanctions.39 We
the UK has maintained its new regimes, often prior of their actions but focus more therefore expect to see closer
robust position on sanctions to the EU taking action. In closely on whether parties communication and alignment
as an effective foreign policy February, the UK imposed are designated. It will also be between UK regulators in all
tool and taken several steps sanctions (prior to the EU) vital to check both EU and areas of crime. Furthermore,
to utilise its own post- on several Burmese military UK sanctions lists separately, in March, OFSI published
Brexit sanctions regime. In officials and government- as the two regimes slowly new penalty guidances.40
particular, it has continued to linked entities for serious diverge. Although subtle, the changes
work with the United States human rights violations, as in this suggest a stronger
to impose new measures well as a suspension on all Recent enforcement trends enforcement approach in
where appropriate, placing trade promotion34. In March, relation to jurisdiction, severity
pressure on the EU to follow the UK passed sanctions We expect the UK’s historically of cases, and approach to
suit. Dominic Raab, the UK against Chinese officials strong approach to sanctions calculation of penalties.
Foreign Secretary, has been in relation to the Uighur to continue post-Brexit,
particularly vocal on his abuse35. This is the first time and have started to see this CONCLUSION
willingness to use sanctions as in 30 years that the UK has through its implementation
a foreign policy tool.32 punished China for human of new corruption sanctions As described above, each of
rights abuses. Following the legislation, and additional the US, EU, and UK have made
With respect to enforcement hijacking of the Ryanair plane sanctions e.g., Myanmar, meaningful changes to their
activity, the Office of Financial in May in Belarus, the UK also both prior to the EU taking respective sanctions regimes
Sanctions Implementation imposed travel and airspace such actions. In March, the in the first six months of 2021
(‘OFSI’)33 continues to actively restrictions.36 UK government published its while at the same time taking
enforce sanctions violations, Integrated Review of Security, a more coordinated approach
having imposed its largest The most significant recent Defence, Development and to sanctions implementation
ever penalty in 2020. We change to the UK’s sanctions Foreign Policy which stated: generally. We anticipate these
expect OFSI to move towards regime is the introduction of ‘Our departure from the EU trends will persist into the
a more aggressive approach in its new Global Anti-Corruption means we can move more foreseeable future, and that
relation to enforcing sanctions Sanctions Regime, which quickly… while continuing these jurisdictions will continue
violations, particularly in light enables the UK Foreign to coordinate closely with to use sanctions aggressively
of its updated guidance. Secretary to impose asset a range of like-minded to meet existing and emerging
freezes and travel bans on partners.’ geopolitical threats.
Regulatory developments designated individuals and
entities linked to certain
The UK has made several corrupt activities.37 The Jamie Boucher is a Partner in Skadden’s office in Washington,
substantive legal changes to its introduction of corruption for DC and is head of its Financial Institutions Regulatory and
sanctions regime, post-Brexit, the first time in a sanctions’ Enforcement Group and the Global Anti-Money Laundering
moving away from the EU regime marks a major change and Sanctions Practice. Washington, DC-based Partner
position. In particular, the legal in the UK, and companies Eytan J. Fisch focuses on financial institutions regulation
test for imposing sanctions will need to be more alert and enforcement, Associates Javier A. Urbina and Greg
is now different, with the EU when conducting due Seidner work on financial institutions regulation and
focusing on ‘necessity’ while diligence of customers and enforcement, anti-money laundering and economic sanctions
the UK has adopted a broader third parties. Allegations of and cross-border investigations. London-based Partner
test of ‘appropriate.’ The UK corruption have previously Elizabeth Robertson and Associate Zahra Mashhood focus
also has stricter guidance been a judgement call on government enforcement and white collar crime, and
on ownership and control of based on the interpretation anti-money laundering and economic sanctions. Paris-based
listed entities, and permits of due diligence. Now, by Associate Aymeric Boelle focuses on financial institutions
designation of persons by linking corruption to the regulation and enforcement; anti-money laundering and
‘description’ as well as by sanctions’ regime, a person economic sanctions; cross-border investigations.
name, which is likely to cause on the list faces automatic and
difficulties for organisations in immediate consequences. The www.skadden.com
trying to ensure compliance. new regime is a further step
22ARTICLE: ENFORCEMENT AND REGULATORY
Links and notes
1
Questions for the Record: Hearing on the Nomination of Dr. Janet Yellen 21
European Commission Press Release IP/21/108, Commission takes
Before the S. Comm. on Fin., 117th Cong. 53 (2021), https://www.finance. further steps to foster the openness, strength and resilience of Europe’s
senate.gov/imo/media/doc/Dr%20Janet%20Yellen%20Senate%20 economic and financial system (Jan. 19, 2021),
Finance%20Committee%20QFRs%2001%2021%202021.pdf. https://ec.europa.eu/commission/presscorner/detail/en/IP_21_108.
Press reports indicate that the results of the Treasury Department’s 22
See id.
comprehensive review are expected by the end of the Summer. See Ian 23
HM Treasury, Off. of Fin. Sanctions Implementation, Financial Sanctions
Talley, Biden to Temper US Use of Sanctions Weapons, Officials Say, Wall Notice, Zimbabwe (Feb. 1, 2021),
Street Journal (July 5, 2021), https://www.wsj.com/articles/biden-to- https://assets.publishing.service.gov.uk/government/uploads/system/
temper-u-s-use-of-sanctions-weapons-officials-say-11625500717. uploads/attachment_data/file/957465/Notice_Zimbabwe_010221.pdf.
2
OFAC is the agency within the US Department of the Treasury responsible 24
Council of the European Union Press Release, Zimbabwe: Declaration by
for administering and enforcing US sanctions laws and regulations. the High Representative on behalf of the European Union (Feb. 19, 2021),
3
Exec. Order No. 14,024, 86 Fed. Reg. 20,249 (Apr. 19, 2021), https:// https://www.consilium.europa.eu/en/press/press-releases/2021/02/19/
www.govinfo.gov/content/pkg/FR-2021-04-19/pdf/2021-08098.pdf. zimbabwe-declaration-by-the-high-representative-on-behalf-of-the-
4
Press Release, Off. of Foreign Assets Control, Treasury Sanctions Russia european-union/.
with Sweeping New Sanctions Authority (Apr. 15, 2021), 25
Council of the European Union Press Release, Egypt: EU revokes
https://home.treasury.gov/news/press-releases/jy0127. sanctions framework and delists 9 people (Mar. 12, 2021),
5
Press Release, Off. of Foreign Assets Control, Treasury Sanctions Russian https://www.consilium.europa.eu/en/press/press-releases/2021/03/12/
Officials in Response to the Novichok Poisoning of Aleksey Navalny (Mar. egypt-eu-revokes-sanctions-framework-and-delists-9-people/.
2, 2021), https://home.treasury.gov/news/press-releases/jy0045; Press 26
Autorité de Contrôle Prudentiel et de Régulation, Décision de la
Release, Council of the European Union, Global Human Rights Sanctions Commission des Sanctions, Cardif Assurance-Vie, Procédure no. 2020-
Regime: EU sanctions four people responsible for serious human rights 03 (Apr. 29, 2021) https://acpr.banque-france.fr/sites/default/files/
violations in Russia (Mar. 2, 2021), https://www.consilium.europa.eu/ media/2021/05/05/210504_cardif_decision.pdf.
en/press/press-releases/2021/03/02/global-human-rights-sanctions- 27
Autorité de Contrôle Prudentiel et de Régulation, Décision de la
regime-eu-sanctions-four-people-responsible-for-serious-human-rights- Commission des Sanctions, ING Bank France, Procédure no. 2020-
violations-in-russia/. 02 (Feb. 24, 2021) https://acpr.banque-france.fr/sites/default/files/
6
Exec. Order No. 13,936, 31 C.F.R. part 585, annex A (2020). media/2021/03/02/210302_decision_ing.pdf.
7
Exec. Order No. 14,032, 86 Fed. Reg. 30,145 (June 7, 2021), 28
Autorité de Contrôle Prudentiel et de Régulation, Décision de la
https://home.treasury.gov/system/files/126/14032.pdf. Commission des Sanctions, Mangopay, Procédure no. 2019-06
8
Exec. Order No. 14,034, 86 Fed. Reg. 31,423 (June 11, 2021), https:// (Dec. 22, 2020), https://acpr.banque-france.fr/sites/default/files/
www.govinfo.gov/content/pkg/FR-2021-06-11/pdf/2021-12506.pdf. media/2021/01/08/210107_decision_mangopay.pdf.
9
Exec. Order No. 13,873, 84 Fed. Reg. 22,689 (May 17, 2019), https://www. 29
European Court of Justice Press Release 78/21, Advocate General Hogan:
govinfo.gov/content/pkg/FR-2019-05-17/pdf/2019-10538.pdf. Iranian undertakings may invoke EU law blocking US secondary sanctions
10
Exec. Order No. 14,034, 86 Fed. Reg. at 31,423. before the courts of the Member States (May 12, 2021), https://curia.
11
Press Release, Off. of Foreign Assets Control, Treasury Sanctions Military europa.eu/jcms/upload/docs/application/pdf/2021-05/cp210078en.pdf.
Holding Companies in Burma (Mar. 25, 2021), 30
See European Commission Questions and Answers QANDA/21/109,
https://home.treasury.gov/news/press-releases/jy0078. Fostering the openness, strength and resilience of Europe’s economic
12
Press Release, US Dep’t of State, Ending Sanctions and Visa Restrictions and financial system (Jan. 19, 2021),
against Personnel of the International Criminal Court (Apr. 2, 2021), https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_109.
https://www.state.gov/ending-sanctions-and-visa-restrictions-against- 31
Id.
personnel-of-the-international-criminal-court/. 32
The Rt. Hon. Dominic Raab, Oral Statement to Parliament (Apr. 26, 2021),
13
Caroline Kelly & Jason Hoffman, Biden defends decision not to sanction https://www.gov.uk/government/speeches/global-anti-corruption-
company building controversial Russian gas pipeline, CNN (May 25, sanctions-regime-foreign-secretarys-statement-to-parliament-april-2021.
2021), https://www.cnn.com/2021/05/25/politics/biden-defends- 33
OFSI is the agency within the UK Government responsible for enforcing
decision-russian-gas-pipeline/index.html. UK sanctions laws and regulations.
14
Press Release, Off. of Foreign Assets Control, OFAC Enters Into 34
H.M. Treasury, Off. of Fin. Sanctions Implementation, Financial sanctions,
$8,572,500 Settlement with Union de Banques Arabes et Françaises for Myanmar https://www.gov.uk/government/publications/financial-
Apparent Violations of Syria-Related Sanctions Program (Jan. 4, 2021), sanctions-burma.
https://home.treasury.gov/system/files/126/01042021_UBAF.pdf. 35
Press Release, the Rt. Hon. Dominic Raab, UK sanctions perpetrators of
15
Press Release, Off. of Foreign Assets Control, UniControl, Inc. Settles gross human rights violations in Xinjiang, alongside EU, Canada and US
Potential Civil Liability for Apparent Violations of the Iranian Transactions (Mar. 22, 2021), https://www.gov.uk/government/news/uk-sanctions-
and Sanctions Regulations (Mar. 15, 2021), perpetrators-of-gross-human-rights-violations-in-xinjiang-alongside-eu-
https://home.treasury.gov/system/files/126/20210315_uc.pdf. canada-and-us.
16
Press Release, Off. of Foreign Assets Control, Nordgas S.r.l. Settles 36
Foreign, Commonwealth & Development Office, UK imposes sanctions
Potential Civil Liability for Apparent Violations of the Iranian Transactions on Belarus following forced landing of Ryanair flight (June 21, 2021),
and Sanctions Regulations (Mar. 26, 2021), https://www.gov.uk/government/news/uk-imposes-sanctions-on-
https://home.treasury.gov/system/files/126/20210326_nordgas.pdf. belarus-following-forced-landing-of-ryanair-flight.
17
Press Release, Off. of Foreign Assets Control, OFAC Settles with SAP 37
Foreign, Commonwealth & Development Office, UK sanctions relating
SE for Its Potential Civil Liability for Apparent Violations of the Iranian to global human rights (July 6, 2020), https://www.gov.uk/government/
Transactions and Sanctions Regulations (Apr. 29, 2021), collections/uk-global-human-rights-sanctions.
https://home.treasury.gov/system/files/126/20210429_sap.pdf. 38
H.M. Treasury, Off. of Fin. Sanctions Implementation, Imposition of
18
Press Release, Off. of Foreign Assets Control, OFAC Enters Into $507,375 Monetary Penalty – Standard Chartered Bank (31 March 2020), https://
Settlement with BitPay, Inc. for Apparent Violations of Multiple Sanctions assets.publishing.service.gov.uk/government/uploads/system/uploads/
Programs Related to Digital Currency Transactions (Feb. 18, 2021), attachment_data/file/876971/200331_-_SCB_Penalty_Report.pdf.
https://home.treasury.gov/system/files/126/20210218_bp.pdf. 39
Giles Thomson, An introduction from new OFSI director Giles Thomson,
19
Press Release, Off. of Foreign Assets Control, OFAC Enters Into OFSI Blog (Feb. 4, 2021), https://ofsi.blog.gov.uk/2021/02/04/an-
$34,328.78 Settlement with MoneyGram Payment Systems, Inc. for introduction-from-new-ofsi-director-giles-thomson/.
Apparent Violations of Multiple Sanctions Programs (Apr. 29, 2021), 40
H.M. Treasury, Off. of Fin. Sanctions Implementation, Monetary
https://home.treasury.gov/system/files/126/20210429_moneygram.pdf. penalties for breaches of financial sanctions (Apr. 2021),
20
Settlement Agreement Between the US Dep’t of the Treasury, Off. of https://assets.publishing.service.gov.uk/government/uploads/system/
Foreign Assets Control, and Nordgas S.r.l. (Jan. 11, 2021), https://home. uploads/attachment_data/file/968229/MP_guidance_April_2021.pdf
treasury.gov/system/files/126/20210326_nordgas_settlement_0.pdf.
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