Sanctions Round Up Second Quarter 2022

Shearman & Sterling LLP

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SECOND QUARTER 2022 • US sanctions against Russia continued to escalate, with new blocking sanctions imposed on major Russian banks and corporates, as well as sweeping new trade and investment bans. • DOJ and Treasury Department announce strong new policies to prioritize Russia sanctions enforcement. • This quarter saw the resumption of US sanctions on Iran's energy and petrochemicals sectors, as diplomatic efforts to revive the JCPOA reportedly falter. • OFAC enforcement action highlights importance of compliance controls in post-merger operations. • Non-US logistics company settles potential liability for using US banks to process payments involving Iran, North Korea and Syria.

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