![]() There must be some sort of U.S.-nexus, generally involving a “U.S. ![]() In order to enforce these laws and regulations, OFAC must necessarily have jurisdiction. The sanctions programs themselves are often a tangled web of do’s and don’t’s – various wind down periods, General Licenses, payment structures, and more. If you have accidentally dealt with the countries mentioned in the comprehensive sanctions list, your banker may refuse to settle the proceeds of such trade or he can refuse to settle the Shipping Bill or Bill of Entries which will remain pending in your record.Matt Stankiewicz, Senior Associate at The Volkov Law Group, rejoins us for a blog posting on OFAC sanctions law.You can trade with the countries mentioned in the non-comprehensive sanctions list mentioned above but check the updated SDN list before dealing with persons or entities in the countries named in the non-comprehensive sanctions list.You should not trade with sanctioned countries mentioned in comprehensive sanctions programs as an importer or exporter of goods & services.Tips for Importers-Exporters dealing with OFAC countries Please note that Sanctions programs are changed frequently, hence these should be verified from the official website of the Department of Treasury. Russia/Ukraine: Restrictions on activities with financial/energy sectors.At present, the following countries are covered under non-comprehensive sanctions programs, with restrictions on activities with specified parties. Non-comprehensive sanctions program also carries out activities like drug trafficking and terrorism. Dealing with the countries mentioned in the SDN list is prohibited but you can deal with the countries or persons other than those mentioned in the SDN list. ![]() A list of the persons, entities, or areas is maintained and updated from time to time. When sanctions are imposed on a specified area or entity or persons rather than the large geography or country it is called non-comprehensive sanctions. Recently, Sudan and Myanmar were removed from the list of sanctioned countries.
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