$3.77 Million Lesson: How Dealing with Sanctioned Persons Destroys Business and Reputation
On February 25, 2026, the Office of Foreign Assets Control (OFAC) announced that a U.S. individual agreed to pay $3,777,000 to settle potential civil liability for 20 apparent violations of U.S. sanctions on Syria. The case sends a clear message: even indirect managerial involvement with sanctioned persons or entities can result in severe financial and reputational consequences even years...
OFAC Fines U.S. Attorney $1.09 Million for Managing Trust Linked to a Sanctioned Russian Oligarch
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has announced a $1,092,000 settlement with a U.S. attorney who served as fiduciary for the family trust of a sanctioned Russian oligarch. Although the conduct occurred between 2018 and 2022, much of it unfolded after the oligarch’s designation in 2018, when all of his property and interests became blocked. OFAC found that the attorney...
OFAC Request for Additional Information: What Does It Mean?
Introduction
A request from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury for additional information or supporting documents is a fairly common occurrence when dealing with this agency. Such requests often arise, for example, when submitting an application to OFAC for a license or removal from the U.S. sanctions list.
There are also situations where...
When You Need to Apply for an OFAC License?
Introduction
An OFAC license may be either a General License or a Specific License. General Licenses are issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury on its initiative, as part of its mandate to implement and enforce U.S. sanctions policy.
This article focuses on OFAC Specific Licenses. Any individual or legal entity may apply for an OFAC...
If US Dollars Get Blocked, an OFAC License is Needed
Situations in Which Dollars Get Blocked
If you or your company have assets denominated in US currency, it is essential to know what to do if your dollars suddenly become blocked. This scenario is not limited to participants in international trade, although that is more common. Other situations can arise where, without being involved in international transactions or making any international...
SPB Exchange News: OFAC License No. 76A Expired
OFAC General License No. 76A Expired
The main SPB Exchange news now is that OFAC General License No. 76A expired on January 31, 2024. From the date the SPB Exchange was added to the US sanctions list—OFAC SDN List —on November 2, 2023, until January 31, 2024, this license allowed anyone conducting transactions with the SPB Exchange to perform operations necessary to complete deals related to...
Why OFAC General License Often Fails to Work
What Is the OFAC General License Issued for?
General licenses issued by OFAC allow certain individuals and/or organizations specified in the license to conduct transactions that would otherwise be prohibited under existing US sanctions. The issuance of a general license by the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) serves at least two purposes. First,...
Alfa Group Founders and RSPP Under US Sanctions
Introduction
According to the official notice on the website of the Office of Foreign Assets Control of the US Department of the Treasury (OFAC), the founders of Alfa Group M. Fridman, P. Aven, G. Khan and A. Kuzmichev, as well as the Russian Union of Industrialists and Entrepreneurs (RSPP) were included in the OFAC SDN List on August 11, 2023.
Reasons for Imposing US Sanctions on the...