Event 23 Oct. 2024
Counsel Mohannad El Murtadi Suleiman to Speak at the 2nd Annual Africa Arbitration Day in New York
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Podcast 14 Oct. 2024
Curtis Law in London
Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
News 09 Apr. 2024
Curtis Announces New Partners and Counsels Across Offices in Spring 2024
Client Alert 28 Dec. 2023
U.S. to Impose Secondary Sanctions on Non-U.S. Banks For Financing Russia’s Defense Industry
News 28 Aug. 2024
Curtis Recognized for Excellence in Arbitration in Chambers Latin America Guide 2025
Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
News 08 Oct. 2024
Curtis Boosts London Finance and Corporate Capability with Appointment of Partner Christopher Harrison
News 15 Aug. 2023
Legal Reader Publishes Article on Dr. Majed Alotaibi’s Arrival as Senior Counsel in Curtis’ Riyadh Office
News 24 Aug. 2023
Curtis Attorneys Quoted in CoinDesk on FTX Founder Sam Bankman-Fried’s Strategy Ahead of His Criminal Trial
Client Alert 10 Jul. 2024
EU Adopts New Restrictive Measures Against Belarus
Client Alert 26 Jun. 2024
The EU Adopts its 14th Sanctions Package Against Russia
event
Simon Batifort Speaks at 47th Meeting of the International Energy Charter Industry Advisory Panel in Brussels
news
Curtis assists Fiera Milano S.p.A. in a joint venture with Saudi Arabian SEMARK Group
President Biden issued an executive order on December 22, 2023 that provides the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) with new authorities to target foreign financial institutions that continue to process transactions to Russia. In public remarks, Deputy Treasury Secretary Wally Adeyemo identified banks in China, Turkey and the United Arab Emirates as potential sanctions targets.
To mitigate secondary sanctions risks, foreign banks will have to step up compliance efforts to identify and restrict transactions that support Russia’s “military-industrial base.” U.S. financial institutions must also update compliance protocols to target correspondent banking transactions by covered foreign financial institutions.
Secondary Sanctions on Foreign Financial Institutions
The Executive Order of December 22, 2023 amends Executive Order 14024 to authorize sanctions on foreign financial institutions that conduct or facilitate significant transactions that support Russia’s military-industrial base.
Download the full briefing.
Economic Sanctions
International Trade
WTO and International Trade Dispute Settlement
Jason D. Wright
Partner
Ana Amador
Associate
Marwa Farag
Ziad El Oud
New York
+1 212 696 6000
Geneva
+41 22 718 3500
client alert
UK Government Permits Acquisition of Shares by Company Owned by Sanctioned Oligarchs
Fernando Tupa to Speak at 18th Annual Investment Treaty Arbitration Conference on Sovereign Wealth Fund Protection
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