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Scott Maberry is an international trade partner in the Governmental Practice in the firm's Washington, D.C. office.

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On December 22, 2023, President Biden signed a new Executive Order (E.O. 14114) containing the latest round of sanctions against the Russian Federation. Shortly thereafter, Treasury Secretary Janet Yellen stated that the Office of Foreign Assets Control (OFAC) will take “decisive” and “surgical” action when enforcing sanctions against financial institutions involved in transactions that support Russia’s military-industrial base. Under the new sanctions, non-U.S. financial institutions may be denied access to U.S. correspondent accounts or payable-through accounts, effectively denying access to the U.S. financial system. OFAC may also block an offending institution’s property in the United States. The sanctions build on

Continue Reading New Russia Sanctions Intensify Pressure on Banks Worldwide