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.
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December 042023
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