Bass, Berry & Sims PLC (LexBlog Russia)

9 results for Bass, Berry & Sims PLC (LexBlog Russia)

  • U.S. Technology Company Pays for Unauthorized Exports to Russia

    On September 28, the U.S. Commerce Department, Bureau of Industry and Security (BIS) announced that it has imposed a civil penalty fine and denial of export privileges against Vorago Technologies (Vorago) for the unauthorized export of controlled commodities to Russia. Vorago is a U.S. manufacturer of integrated circuits for use in environments with high radiation...

  • U.S. District Court Deals Rare Defeat to OFAC in U.S. Sanctions Matter

    $2 million penalty against Exxon overturned Court concluded that OFAC failed to provide clear notice of violative conduct Companies are at risk when acting in context of ambiguous agency guidance At the end of December 2019, the U.S. District Court for the Northern District of Texas vacated a $2 million penalty that the U.S. Treasury...

  • Doing Business in Russia: Legal & Compliance Challenges

    In case you missed it, I was recently interviewed for the “Bribe, Swindle or Steal” podcast regarding the corruption, sanctions and compliance challenges associated with doing business in Russia. During the podcast, I discussed compliance issues related to the Specially Designated Nationals (SDNs) list and how challenging it is for companies to remain compliant with...

  • OFAC Dings U.S. Defense Contractor for Sanctions Violations, Inadequate Screening

    Penalties imposed for violations of U.S. sanctions on Russia and Ukraine Violations identified during pre-acquisition due diligence on contractor Denied persons screening was conducted but missed prohibited parties In late November 2018, the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) announced that Cobham Holdings, Inc. agreed to pay $87,507 to settle violations of...

  • Update on Russia: Restrictions Expanded to New Actors, Industries – Global Trade Magazine

    On November 7, 2018, Global Trade Magazine republished a blog post that I wrote discussing recent changes to U.S. law that further restrict trade with individuals and entities in Russia. The changes further complicate an already-difficult situation for businesses working in and with the country. You may access the original September 27 blog post on...

  • Update on Russia: Restrictions Expanded to New Actors, Industries

    Economic sanctions and export restrictions extended Russian investment in United States likely subject to heightened scrutiny Diligence on Russia transactions and business partners is essential to ensure compliance Since the beginning of August 2018, the United States has taken multiple actions that will affect U.S. trade with Russia.  The actions cover exports to Russia, doing...

  • New Law Extends U.S. Sanctions Against Russia

    Over the past month, we have closely monitored efforts by the U.S. Congress to tie the president’s hands over sanctions on Russia.  Today, the president signed the Countering America’s Adversaries Through Sanctions Act (CAATSA or the Act), which will have a significant impact on numerous U.S. industries operating in Russia.  And Russia’s response to the...

  • Senate Passes Russia and Iran Sanctions Legislation

    Proposed legislation would extend sanctions on Russia and Iran New restrictions aimed at Russian energy sector and cybercriminals Legislation may pit Senate against House and the president On June 19, 2017, the U.S. Senate overwhelmingly passed a bill mandating sanctions against Russia and Iran and a 30-day congressional review period should the president attempt to...

  • Happy September: OFAC Extends Russia/Ukraine Sanctions

    Key Points: Dozens more Russian and Ukrainian entities have been designated as prohibited / restricted parties A limited General License authorizes transactions, for a brief period of time, to halt business with a specific Russian entity The designations reflect OFAC’s continued use of the “50 percent rule,” and the challenges of diligence on Russian transaction...

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