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Legal Update

Different Sides of the Same Coin: OFAC Lifts Some Sanctions Against Russia and Tightens Sanctions Against Venezuela

31 January 2019
Mayer Brown Legal Update
This week the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced two significant changes to US sanctions with consequences for the global aluminum and oil markets: sanctions lifted on UC Rusal plc, the world’s second largest aluminum producer, and two related companies; and expanded sanctions against Venezuela's state-owned oil company, Petroleos de Venezuela. This Legal Update discusses both of these actions and their implications for business.

Authors

  • Tamer A. Soliman
    T +1 202 263 3292
  • Ori Lev
    Partner
    T +1 202 263 3270
  • Margaret-Rose Sales
    T +1 202 263 3414
  • Yoshihide Ito
    T +1 202 263 3490
  • Jason Hungerford
    T +44 20 3130 3084
  • Timothy C. Lee
    T +1 202 263 3055
  • Gretel Echarte Morales
    T +1 202 263 3426
  • Jing Zhang
    Associate
    T +1 202 263 3385
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