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The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

☆ U.S. Treasury's Yellen 'practiced and practiced' her signature for U.S. bills
▼ + stars: | 2022-12-01 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File PhotoNEW YORK, Dec 1 (Reuters) - U.S. Treasury Secretary Janet Yellen said she "practiced and practiced" writing the signature that will soon adorn U.S. dollars in order to avoid the illegible scrawls of her predecessors Tim Geithner and Jack Lew. "I knew this was something you could really screw up and I wanted to get it right, and I practiced and I practiced," Yellen told CBS's late-night comedian Stephen Colbert on Wednesday. "I am going to see the first sheets of currency that have been printed with both of our names," Yellen said. Dollar notes have been printed since Yellen took office in early 2021 with former Treasury Secretary Steven Mnuchin's signature on them.

☆ Treasury's Adeyemo says underlying health of U.S. economy 'quite strong'
▼ + stars: | 2022-12-01 | by ( Dan Burns | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 1 (Reuters) - The underlying health of the U.S. economy is quite strong and massive investments being made in manufacturing and infrastructure will help bring inflation down over the longer term, Deputy Treasury Secretary Wally Adeyemo said on Thursday. Legislation like the bipartisan infrastructure law, the Inflation Control Act and a law to promote domestic semiconductor production would make long-needed investments in the economy that would help bring inflation under control, he said. U.S. Treasury Department Deputy Secretary Wally Adeyemo attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. Adeyemo said the U.S. economy was better-placed than any other economy to do well despite the rising cost of capital, and labor force participation was starting to increase, albeit not at the desired rate. Reporting by Daniel Burns; Writing by Andrea Shalal; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury's Yellen says cryptocurrencies need regulation
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. Yellen told an event hosted by the New York Times DealBook that it was important to ensure that crypto assets had adequate customer protections. Yellen told DealBook that the United States was involved in discussions with allies about regulating cryptocurrencies and the Treasury Department had also done a number of reports mapping out "significant" concerns. "The good piece of an explosion like we saw is that it hasn't spilled over to the banking sector. "It's a Lehman moment within crypto, and crypto is big enough that we've had substantial harm with investors."

“In terms of thinking about what the mid- and long-term goals should be…the task force has been focused on facilitation networks, procurement networks, money-laundering networks,” he said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Mr. Bonham-Carter worked primarily as a property manager for the Russian oligarch, according to the indictment. Bonham-Carter is a U.K. citizen, living in the U.K., arrested in the U.K.,” Mr. Adams said. In some cases, OFAC may not add companies that prosecutors deem are subject to the control of sanctioned oligarchs, he said.

☆ Trump ally Devin Nunes can sue NBCUniversal for defamation - judge
▼ + stars: | 2022-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 28 (Reuters) - A U.S. judge on Monday said Devin Nunes, the former California congressman and an ally of former U.S. President Donald Trump, can sue NBCUniversal for defamation over a comment by Rachel Maddow concerning his relationship with a suspected Russian agent. Without ruling on the merits, U.S. District Judge Kevin Castel in Manhattan said Nunes "plausibly allege[d] actual malice" with respect to a statement from a March 2021 broadcast of MSNBC's "The Rachel Maddow Show." NBCUniversal, which is owned by Comcast Corp (CMCSA.O), and its lawyers did not immediately respond to requests for comment. Nunes left Congress last December to become chief executive of the social media venture Trump Media & Technology Group. The case is Nunes v NBCUniversal Media Inc, U.S. District Court, Southern District of New York, No.

☆ Factbox: Western governments struggle to agree on Russian oil price cap
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +3 min

Nov 29 (Reuters) - Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine. Here is what you need to know:WHO'S IN THE PRICE CAP COALITION? The EU had earlier agreed to impose an outright ban on Russian oil imports starting Dec. 5. The U.S. guidance further sketched out which types of companies would be obligated to participate in the cap plan. But traders point to parallel fleets that can handle Russian oil using Russian and other non-Western insurance.

☆ Venezuela to sign new contracts to boost oil output at joint ventures
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Venezuela plans to soon sign new contracts to boost oil output at joint ventures between state firm PDVSA (PDVSA.UL) and private energy companies, the country's oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department on Saturday authorized California-based Chevron Corp (CVX.N) to expand operations at its Venezuela joint ventures, which is expected to help the country reanimate crude production and exports following almost four years of harsh U.S. oil trading sanctions. El Aissami made the announcement on Twitter following a meeting with U.S. Chevron's top executive in Venezuela, Javier La Rosa. Chevron is a minority partner in four oil joint ventures in Venezuela with PDVSA, which have produced this year between 60,000 and 100,000 barrels per day (bpd) of crude. The new license authorizes the U.S. company to export its projects' oil to the United States.

☆ Crypto Exchange Kraken Settles Alleged Sanctions Violations
▼ + stars: | 2022-11-28 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Cryptocurrency exchange Kraken has agreed to pay more than $362,000 to settle allegations it violated U.S. sanctions against Iran, the U.S. Treasury Department said Monday. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEWKraken will invest $100,000 in its sanctions compliance controls as part of the settlement agreement, which includes training and technical measures. Kraken failed, however, to set up IP address blocking on transaction activity across its platform, according to the Treasury Department. Cryptocurrency exchange Bittrex Inc. in October agreed to pay $29 million to the department to settle allegations that it violated sanctions and anti-money-laundering laws.

☆ Crypto exchange Kraken settles U.S. investigation over alleged Iran sanctions violations
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Crypto exchange Kraken has agreed to pay a fine to settle civil liability related to apparent violations of sanctions on Iran, the U.S. Treasury Department's Office of Foreign Assets Control said on Monday. As part of the settlement with OFAC, Kraken will pay about $362,000, and "invest an additional $100,000 in certain sanctions compliance controls." "Even before entering into this resolution, Kraken had taken a series of steps to bolster our compliance measures," Santori added. According to the OFAC statement, Kraken's platform processed 826 transactions for users located in Iran between roughly October 2015 to June 2019. In October, the Treasury Department had also fined crypto exchange Bittrex Inc $29 million in fines for "apparent violations" of sanctions on certain countries and anti-money laundering law.

The United States on Saturday granted Chevron a six-month license to operate in Venezuela, reinstating oil trading privileges it had, while preventing exchanges of cash and requiring the crude cargoes go to U.S. refiners. Executives at Venezuelan state firm PDVSA initially welcomed the authorization for a partial return to the United States, once the country's most important market. In addition, European oil companies Eni (ENI.MI) and Repsol won U.S. approvals to take Venezuelan crude for debt repayment. Chevron's Venezuelan oil cargoes face potential seizures by creditors that have arbitration claims and court judgments, said trading experts and lawyers. Washington placed tight reins on the oil imports to win support from a Congress skeptical of deals with Maduro.

POLITICAL TALKSFollowing oil sanctions on Venezuela in 2019, Chevron received an exemption to trade its Venezuelan crude to recoup pending debts. Chevron's four PDVSA joint ventures produced about 200,000 barrels per day of crude oil and exported the crude around the world prior to the sanctions. It also allows the U.S. company to import supplies to help process the country's crude oil into exportable grades. That limits any wider expansion of Venezuelan oil production. Chevron and other U.S. oil refiners could benefit from supplies of Venezuela's heavy crude flowing to their U.S. Gulf Coast processing plants.

The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron. License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron's Venezuelan petroleum sales, U.S. officials said. A Chevron spokesperson said the company was reviewing the license terms and declined immediate comment. Proceeds due Venezuela from Chevron's oil sales would go into a humanitarian fund rather than to PDVSA.

☆ U.S. issues expanded license to allow Chevron to import Venezuelan petroleum
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: 1 min

Companies Chevron Corp FollowWASHINGTON, Nov 26 (Reuters) - The United States on Saturday issued an expanded license allowing Chevron Corp to import petroleum or petroleum products produced by its ventures in Venezuela, after the Venezuelan government and its opposition said they would resume political talks. "This action reflects longstanding U.S. policy to provide targeted sanctions relief based on concrete steps that alleviate the suffering of the Venezuelan people and support the restoration of democracy," the U.S. Treasury Department statement said in a statement. A Chevron spokesperson said the company was reviewing the license terms. Reporting by Gary McWilliams; Writing by Daphne Psaledakis and Gram Slattery Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: U.S. offers new details on plan to cap Russian oil prices
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +3 min

Crucially, though, the guidance does not yet state what the price cap will be, something that the United States is still hashing out with its partners. Here are key points from the latest guidance:START AND STOP"While shipping and insurance are covered services, these costs are distinct from the price cap on Russian oil," the guidance stated. Any oil purchased or docked after those times, however, will need to adhere to the price cap. In addition, the price cap only applies to the first "landed" sale outside of Russia, meaning the first point at which the cargo comes ashore. They include trading and commodities brokers, and companies involved in financing, shipping, insurance, flagging, and customs brokering.

☆ U.S. sanctions Iranian officials amid Tehran's ongoing crackdown on protests
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 23 (Reuters) - The United States on Wednesday targeted three Iranian security officials under human rights-related sanctions, the U.S. Treasury Department said, citing Tehran's ongoing crackdown on protesters in Kurdish-majority areas. The sanctions hit two officials in the Kurdish city of Sanandaj, Governor Hassan Asgari and Alireza Moradi, the commander of the city's law enforcement forces. The Treasury said Asgari and other officials provided a false cause of death for a 16-year-old protester reportedly killed by security forces. Iran's mission to the United Nations in New York did not immediately respond to a request for comment. The sanctions freeze any U.S. assets of those designated and generally bar Americans from dealing with them.

Magnitsky sanctions aim to punish those accused of corruption or enabling human rights abuses. The U.S. Treasury Department, which is responsible for Magnitsky sanctions, declined to comment. U.S. officials in Brazil and the United States have already begun the process of identifying and investigating specific targets, the source said, with potential punishments ranging from visa blacklists to Global Magnitsky sanctions. It is unclear when or if the United States could sanction specific targets, as the investigations can take a while. Targeting environmental criminals with Global Magnitsky sanctions is unusual but not unprecedented.

☆ Treasury Warns Crypto Industry of Money-Laundering Risks in ‘Mixers’
▼ + stars: | 2022-11-21 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

The cryptocurrency industry must follow the U.S. Treasury Department’s anti-money-laundering and sanctions regulations to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, a senior official said. Crypto-industry participants have raised questions over the sanctions being imposed on Tornado Cash, a platform based on open-source, self-running software protocols. Some in the decentralized finance community have expressed concerns about what they see as excessive government pressure on the industry. Some, including Coinbase Global Inc. and industry advocacy groups, have sued the Treasury, alleging the action against Tornado Cash infringes on Americans’ privacy and First Amendment rights. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

☆ U.S. imposes new sanctions over Iran sanctions evasion, targets Chinese firms
▼ + stars: | 2022-11-17 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +2 min

Washington has increasingly targeted Chinese companies over the export of Iran's petrochemicals as the prospects of reviving the nuclear pact have dimmed. "The United States will continue to implement sanctions against those actors facilitating these sales." Iran's mission to the United Nations in New York did not immediately respond to a Reuters request for comment. Those that engage in certain transactions with the companies also risk being hit with sanctions. Reporting by Daphne Psaledakis; Editing by Andrea Ricci and Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ UPDATE Foreign holdings of Treasuries drop to lowest since May 2021 -data
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Offshore holdings dropped to $7.296 trillion, from $7.509 trillion in August. Foreign holdings in May last year were at $7.144 trillion. Japan's stash of Treasuries dropped to $1.120 trillion in September, from $1.199 trillion the previous month. Japan spent up to a record 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market in September to prop up the yen. In June, China's holdings slid to $967.8 billion, the lowest since May 2010 when it had $843.7 billion.

☆ Russia Sanctions Disrupting Putin’s Military Efforts, Treasury Official Says
▼ + stars: | 2022-11-16 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Sanctions on Russia have succeeded in disrupting the country’s military manufacturing industry and are squeezing its economy, a senior U.S. Treasury Department official said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. “We’ve seen how fragile the supply chain is, frankly—we learned this during Covid—for his defensive efforts on the battlefield,” Mr. Nelson said, referring to Mr. Putin. Amid the unprecedented sanctions program against Russia and ongoing pressure campaigns against Iran, Venezuela and other nations, the Treasury has been reviewing more broadly how it uses sanctions. One measure the U.S. Treasury is taking to ensure its program remains potent is by hiring a chief sanctions economist to provide economic analysis around prospective sanctions actions, Mr. Nelson said.

☆ U.S. sanctions senior employees of Iranian state-run media
▼ + stars: | 2022-11-16 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 16 (Reuters) - The United States on Wednesday sanctioned senior employees of an Iranian state-run media corporation it accused of being a "critical tool" in Iran's suppression and censorship of its people, stepping up pressure on Tehran over its crackdown on protests. The U.S. Treasury Department in a statement said it imposed sanctions on six senior employees of the Islamic Republic of Iran Broadcasting (IRIB), which was designated by Washington in 2013. "The United States remains committed to supporting the Iranian people as they continue their peaceful protests," he said, adding that Washington would continue to hold the Iranian government accountable for human rights violations and censorship. Those that engage in certain transactions with the targeted employees also risk being hit with sanctions. Iran, which said Amini's death was due to pre-existing conditions, has accused its enemies, including the United States, of fomenting the unrest to destabilise the country.

☆ Small Business Group Challenges Law Requiring Corporate-Ownership Disclosure
▼ + stars: | 2022-11-15 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

A small business group is suing to block a law that was designed to stop money-laundering by rooting out the use of anonymous shell companies. The Corporate Transparency Act, the law’s formal name, was passed as part of annual defense spending legislation and signed into law last year. The group filed its lawsuit with Isaac Winkles of Huntsville, Ala., who owns a small business managing real-estate properties. The lawsuit poses a new challenge to FinCEN, which has already missed the mandated timeline for launching the corporate-ownership database. In addition to setting up the corporate-transparency database, the law also requires FinCEN to take a number of other steps—a whistleblower award program, among others—to strengthen the U.S.’s anti-money-laundering safeguards.

☆ U.S. targets supply of Iranian drones to Russia in new sanctions
▼ + stars: | 2022-11-15 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +3 min

The United States is seeking to increase pressure on Moscow over its invasion of Ukraine, which has reduced cities to rubble and killed or wounded thousands. Russia has procured drones from Iran that have been used to attack cities and power infrastructure in Ukraine. Iranian military entities and industries are already under heavy U.S. sanctions over Tehran's nuclear development program. Iran has acknowledged that it had supplied Moscow with drones but said they were sent before the war in Ukraine. Treasury also targeted Abbas Djuma and Tigran Khristoforovich Srabionov, accusing the two of being involved in the Wagner group's acquisition of Iranian drones to support combat operations in Ukraine.

☆ India, U.S. are natural allies - Yellen
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan ErnstNOIDA, India, Nov 11 (Reuters) - The United States and India are natural allies that can show the rest of the world that democracies can deliver for their citizens, despite volatility and war, U.S. Treasury Secretary Janet Yellen said on Friday. Yellen, in a speech highlighting the Biden administration's desire to deepen economic ties with India, said that both the global economy and the democratic idea were at inflection points. "The U.S. and India are 'natural allies,' in the words of a former Indian prime minister," Yellen said, adding that both countries waged similar fights for independence to attain freedom and dignity." The United States was working to strengthen India's "friend-shoring" role as a trusted, reliable supplier.

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