Casey Kirwan, a former senior official at the Office of Foreign Assets Control, left the agency last month to join TD Securities as a senior sanctions manager, he announced on LinkedIn. Kirwan had been with OFAC for nearly six years and was most recently the section chief for cyber and digital assets.
The Office of Foreign Assets Control this week renewed and revised the language in a general license that authorizes certain transactions involving Lukoil retail service stations located outside Russia.
The Office of Foreign Assets Control this week announced a $7.1 million penalty against a New York-based property management firm for receiving payments from another company owned by sanctioned Russian oligarch and metals industry magnate Oleg Deripaska. OFAC said the New York company, Gracetown, Inc., failed to report the blocked assets to OFAC for 45 months after the agency notified the firm that the payments risked violating U.S. sanctions.
The Office of Foreign Assets Control this week sanctioned people and entities associated with Tren de Aragua, a Latin America-based criminal group that the U.S. labeled a Specially Designated Global Terrorist and Foreign Terrorist Organization in February (see 2502190011).
The Office of Foreign Assets Control and Chicago-based private equity firm IPI Partners reached a nearly $11.5 million settlement to resolve accusations that the firm violated sanctions against Russia through its business dealings involving a designated Russian oligarch.
Advanced technology and AI companies largely supported the Commerce Department’s new effort to create a program aimed at increasing U.S. exports of AI technologies and services, with some saying companies should commit to "rigorous" export compliance conditions before being allowed to participate. One company said the U.S. should require businesses to automate their compliance for exports involving certain dual-use AI models, saying manual compliance presents too many “failure points.”
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The Office of Foreign Assets Control on Nov. 24 updated its sanctions entry for Venezuela-based Cartel de los Soles to reflect the group's recent designation by the State Department as a Foreign Terrorist Organization (see 2511210003). OFAC sanctioned the group in July (see 2507270002).
The Office of Foreign Assets Control this week issued a maximum $4.67 million fine against a real estate investor for mortgaging, renovating, and selling a real estate property owned by a sanctioned Russian oligarch’s family member.
The Office of Foreign Assets Control issued a new general license Nov. 21 that authorizes certain transactions with Paks II Civil Nuclear Power Plant, a Hungary-based power plant made with certain Russian-origin technology. General License 132 allows certain transactions involving the plant and 12 Russian banks and financial institutions, including Gazprombank, Sovcombank, Russia's National Clearing Center and the Central Bank of Russia. The license has no expiration date.