Topic: Sanctions

Uncertainty Surrounds New Texas Insurance Law: Divergent Views Emerge on the Impact of the Texas “Hail Storm Bill” on Hurricane Harvey Claims

As we reported here in May, the Texas Legislature recently passed legislation (House Bill 1774, a copy of which can be found here) which amends Chapter 542 of the Texas Insurance Code—Texas’s general prompt pay statute for insurance claims.

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The United States Treasury Department Names Seven Additional Ukrainian Separatists and Russian Nationals to the Specially Designated National List

Coming on the heels of a recent NATO report that Russia is again massing troops near its border with Ukraine, the Office of Foreign Asset Control, part of the United States Treasury Department, announced the following new additions to the Specially Designated National List under its Ukraine-Related Sanctions Program: 

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Official Ukraine-Related Sanctions Regulations Released

The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury issued new Ukraine-Related Sanctions Regulations, 31 CFR part 589, to implement Executive Order 13660 of March 6, 2014 (“Blocking Property of Certain Persons Contributing to the Situation in Ukraine”), Executive Order 13661 of March 17, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”), and Executive Order 13662 of March 20, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”).  These regulations were published as a final rule at 79 FR 26365 on May 8, 2014. 

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New Round of Sanctions Targets Russian Government Officials and Business Entities

Last week, the Office of Foreign Asset Control of the U.S. Department of the Treasury (“Treasury”) added seven high-ranking Russian government officials and 17 Russian business entities to the Specially Designated National and Blocked Person List (“SDN List”) pursuant to authorization granted by Executive Order 13661, the details of which we discussed previously

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New Executive Order Regarding U.S. Sanctions against Certain Persons Contributing to the Situation in Ukraine

On March 6, 2014, President Obama issued an Executive Order setting forth the foundation for imposing sanctions against any individual or entity responsible for or complicit in actions or policies that undermine democratic processes or institutions in Ukraine or threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine. 

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Suspension of U.S. and E.U. Sanctions on Insurance Related to Iran’s Petrochemical Exports

On November 24, Iran entered into a Joint Plan of Actionwith the United States, China, the Russian Federation, France, Germany, and the United Kingdom (the “E3/EU+3”), whereby in exchange halting to certain uranium enrichment activities and agreeing to be monitored by the International Atomic Energy Agency, the E3/EU+3 agreed to, among other things, suspend U.S. and E.U. sanctions on Iran’s petrochemical exports and associated services (“Joint Plan”). 

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Client Advisory – President Obama Issues Executive Order Imposing Additional Iran Sanctions

On June 5, 2013, President Obama issued the Executive Order 13645 “Implementing Sanctions Set Forth in the Iran Freedom & Counter-Proliferation Act of 2012” that would become effective on July 1, 2013.

EO 13645 implements several statutory provisions of Iran Freedom and Counter-proliferation Act (IFCA) of 2012 but also imposes additional sanctions. Click here to read the entire Client Advisory.

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