- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-12T20:23:00
A new round of sanctions announced by the Treasury Department continues the agency’s efforts to crack down on entities and individuals supporting Russia from outside the country.
Countries including China, Turkey, the United Arab Emirates, Pakistan, Switzerland, Singapore, the Kyrgyz Republic, the Maldives, and Tajikistan were represented among the more than 150 new designations implemented by the Office of Foreign Assets Control (OFAC) on Tuesday. The entities and individuals sanctioned were found to be supporting Russia’s military procurement networks, along with the country’s efforts to acquire machine tools, equipment, and key inputs.
“Our sanctions today continue to tighten the vise on willing third-country suppliers and networks providing Russia the inputs it desperately needs to ramp up and sustain its military industrial base,” said Treasury Secretary Janet Yellen in a press release.
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The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
