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☆ Explainer: What's driving Haiti's humanitarian crisis?
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +4 min

A man looks for food through piles of trash on the side of a street in Port-au-Prince, Haiti October 16, 2022. REUTERS/Ricardo ArduengoOct 18 (Reuters) - Haiti is facing a humanitarian crisis, with shortages of food, fuel and water causing catastrophic hunger, and the government pleading for military assistance from abroad. The trigger for the current crisis is the blockade of a key fuel terminal by armed gangs that began in September. The G9 on Sept. 12 dug trenches outside the main entrance of the Varreux fuel terminal to protest an announcement by Prime Minister Ariel Henry that the government was cutting fuel subsidies. The fuel shortages have halted most economic activities.

☆ U.S., UK to deepen cooperation on Russia, other sanctions -statement
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 17 (Reuters) - The United States and Britain will further their cooperation on sanctions against Russia over its invasion of Ukraine as well as on other targets, top financial officials for the two allied nations said in a joint statement on Monday. "Over time, we expect to realize the benefits of our collaboration not only in relation to the sanctions imposed in response to Russia’s invasion of Ukraine, but also across other common sanctions regimes," Andrea Gacki, the head of the U.S. Treasury Department's Office of Foreign Assets Control, and Giles Thomson, the head of Britain's Office of Financial Sanctions Implementation, wrote. Register now for FREE unlimited access to Reuters.com RegisterReporting by Susan Heavey, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

Oct 14 (Reuters) - The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some of its bonds to improve liquidity in the $24 trillion market. The Treasury is also querying whether reduced volatility in the issuance of Treasury bills as a result of buybacks made for cash and maturity management purposes could be a "meaningful benefit for Treasury or investors." But it let that exclusion expire and big banks had to resume holding an extra layer of loss-absorbing capital against Treasuries and central bank deposits. The Treasury Borrowing Advisory Committee, a group of banks and investors that advise the government on its funding, has said that Treasury buybacks could enhance market liquidity and dampen swings in Treasury bill issuance and cash balances. The Treasury is posing the questions as part of its regular survey of dealers before each of its quarterly refunding announcements.

☆ US Treasury asks major banks if it should buy back U.S. government bonds
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some U.S. government bonds to improve liquidity in the $24 trillion market. Investors are worried about rising volatility in bonds as the Federal Reserve rapidly raises interest rates to bring down inflation. The Treasury is also querying whether reduced volatility in the issuance of Treasury bills as a result of buybacks made for cash and maturity management purposes could be a "meaningful benefit for Treasury or investors." The Treasury Borrowing Advisory Committee (TBAC), a group of banks and investors that advise the government on its funding, has said that Treasury buybacks could enhance market liquidity and dampen swings in Treasury bill issuance and cash balances. The Treasury is posing the questions as part of its regular survey of dealers before each of its quarterly refunding announcements.

☆ G7 reaffirms warning against excess FX volatility
▼ + stars: | 2022-10-12 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

FILE PHOTO: A sign is pictured during the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. REUTERS/Lukas Barth/PoolWASHINGTON (Reuters) -Finance leaders of the Group of Seven advanced economies said on Wednesday they will closely monitor “recent volatility” in markets, and reaffirmed their commitment that excessive exchange-rate moves were undesirable. The G7 finance leaders met on Wednesday on the sidelines of the G20 and International Monetary Fund (IMF) meetings held in Washington this week. Under the commitment agreed on May 2017, the G7 agreed that excess volatility and disorderly currency moves have negative impacts on their economies and financial stability. Japan has been pushing hard to include a warning on recent currency moves in the G7 statement, as it struggles to address the yen’s slide to 24-year lows against the dollar.

☆ Venezuela objects to U.S. court's calendar to sell Citgo parent's shares
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Oct 12 (Reuters) - The Venezuelan government on Wednesday objected to what it called an "arbitrary decision" by a U.S. court that approved a calendar for auctioning shares in the parent of Houston-based refiner Citgo Petroleum, which is owned by Venezuela. Venezuela "categorically rejects this reckless decision," the government said in a statement on Wednesday. "All objections... are hereby overruled and denied on the merits with prejudice," Judge Stark ruled on the objections to the calendar, including Venezuela's. Venezuela said it will take action before international bodies and mechanisms to defend the asset, without providing details. Register now for FREE unlimited access to Reuters.com RegisterReporting by Deisy Buitrago; Written by Marianna Parraga; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Aluminium spikes 7% after report of U.S. ban of Russian supplies
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 12 (Reuters) - Aluminium prices on the London Metal Exchange (LME) soared on Wednesday after Bloomberg reported that the United States was considering a ban on Russian aluminium in response to the conflict in Ukraine. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. The Biden administration is considering raising tariffs on Russian aluminum to levels so punitive they would effectively ban Russian aluminium producer Rusal, Bloomberg said, citing unnamed people familiar with the decision-making. The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine began in February, but so far there are no restrictions on buying Russian metal.

☆ Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions
▼ + stars: | 2022-10-12 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department’s sanctions against cryptocurrency mixer Tornado Cash. In August, OFAC imposed sanctions on Tornado Cash, a currency mixer that enables users to co-mingle their funds in order to obfuscate ownership. OFAC accused Tornado Cash of laundering billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers. In September, however, OFAC clarified that the sanctions placed on Tornado Cash don’t prohibit U.S. individuals or businesses from interacting with open-source code itself, as long as it doesn’t involve a prohibited transaction with the Tornado Cash platform. The Coinbase suit also argues that these sanctions exceed Treasury’s statutory authority and infringe on the plaintiffs’ constitutional right to privacy.

Ukraine has accused Russia of deploying missiles made by MMZ Avangard against ground targets since Russia launched what it terms its "special operation" on Feb. 24. "Extreme equipment is used on Russian warships," the complaint said, "in communications systems." "It was necessary to use a cover because the Russian company is blacklisted in the U.S.," one of the people familiar with the shipments said. The executive said he had never heard of Extreme or of DEMZ buying Extreme equipment for itself or on behalf of others. Like MMZ Avangard, United Shipbuilding has been listed as a "blocked" entity by the U.S. Treasury since July 2014.

☆ Biden administration finalizes Obamacare 'family glitch' fix
▼ + stars: | 2022-10-11 | by ( Ahmed Aboulenein | ) www.reuters.com time to read: +2 min

REUTERS/Leah Millis/File PhotoWASHINGTON (Reuters) - The Biden administration on Tuesday finalized a rule it said would fix the so-called family glitch in the Affordable Care Act that priced many people out of health insurance and would help over a million Americans. The open enrollment period for health insurance plans under the Affordable Care Act starts on Nov. 1. Also known as Obamacare, the law helps low and middle-income Americans who do not have access to affordable health insurance coverage through an employer. U.S. House of Representatives Speaker Nancy Pelosi, who like Biden is a Democrat, said in a statement the fix will bring down healthcare costs and expand access to affordable coverage. Republicans say the remedy contradicts the text of the law and that it will significantly increase spending on Obamacare plans.

☆ Crypto exchange Bittrex to pay $29-mln penalty to U.S. Treasury Department
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - The U.S. Treasury Department said on Tuesday that cryptocurrency exchange Bittrex Inc had agreed to pay $29 mln in fines for "apparent violations" of sanctions on certain countries and anti-money laundering law. The Treasury Department's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) had levied fines of about $24 million and $29 million, respectively, on Bittrex. Register now for FREE unlimited access to Reuters.com RegisterEffectively, Bittrex will have to pay a penalty of about $29 million. FinCEN said its investigation found that from February 2014 through December 2018, Bittrex did not maintain an effective anti-money laundering program. Bittrex in an emailed statement to Reuters said it was "pleased to have fully resolved" the matter with OFAC and FinCEN on mutually agreeable terms.

☆ U.S. judge approves sales process for shares in Citgo Petroleum's parent
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterDelaware District court judge Stark last year approved the sale of shares in PDV Holding, whose only asset is Citgo shares, to pay Canadian miner Crystallex $970 million. Citgo is the crown jewel of Venezuela's overseas assets, and has split from its Caracas-based ultimate parent, Venezuelan state-run oil firm PDVSA. Judge Stark's process sets a nine-month calendar after the official launch date before he reviews a high bid. The number of shares sold would only be enough to cover the Crystallex judgment and any others the court attaches to the case. Koch Minerals and Koch Nitrogen last week applied to the Delaware District Court to link their $387 million judgment.

☆ Treasury Fines Crypto Exchange Bittrex $53 Million
▼ + stars: | 2022-10-11 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The U.S. Treasury Department imposed two enforcement actions with fines totaling $53 million against cryptocurrency exchange Bittrex Inc. for alleged violations of sanctions and anti-money-laundering laws, the agency said Tuesday. The Treasury said Tuesday’s actions highlight the importance of crypto firms maintaining risk-based sanctions and anti-money-laundering compliance programs, and that noncompliance with these requirements can result in enforcement actions and exposure to potential abuse by illicit actors. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW OFAC alleged that Bittrex failed to prevent people located in jurisdictions facing U.S. sanctions, including Ukraine’s Crimea region, Cuba and Iran, from using its platform to conduct crypto transactions between 2014 and 2017. FinCEN said Bittrex also failed to file required suspicious activity reports between 2014 and 2017.

☆ Crypto Exchange Bittrex to Pay $29 Million Over Violating Sanctions
▼ + stars: | 2022-10-11 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Cryptocurrency exchange Bittrex Inc. will pay $29 million to the U.S. Treasury Department to settle allegations that it violated sanctions and anti-money-laundering laws. The Treasury said Tuesday that fined Seattle-based Bittrex a total of $53 million: a $24 million penalty from the Office of Foreign Assets Control, the Treasury unit that enforces sanctions, and $29 million fine from the Financial Crimes Enforcement Network, which combats illicit finance. As a result, Bittrex will pay about $29 million out of pocket. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Bittrex collected customers’ internet protocol address and physical address information when they joined the platform, OFAC said, but the exchange failed to screen this information for potential sanctions violations.

☆ Treasury fines crypto company $29.3 million for violating multiple U.S. sanctions, Bank Secrecy Act
▼ + stars: | 2022-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

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. The Treasury Department fined a Washington-based cryptocurrency trading platform $29.3 million for violating multiple sanctions, including those prohibiting U.S. companies from doing business with individuals operating in Iran, Sudan, Syria, Cuba and the Crimea region of Ukraine, the agency announced Tuesday. The Treasury's Financial Crimes Enforcement Network division, or FinCen, imposed a total civil penalty of $29.3 million, which covers additional violations under the Bank Secrecy Act. FinCEN also discovered that the company did not maintain an effective anti-money laundering program from February 2014 through December 2018. A sanctions compliance program was not adopted until December 2015, though Bittrex began offering virtual currency services in early 2014.

☆ Crypto exchange Bittrex fined $53 mln by U.S. Treasury Dept
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - The U.S. Treasury Department said on Tuesday that cryptocurrency exchange Bittrex Inc was fined about $53 million to settle "apparent violations" of U.S. sanctions on certain countries and anti-money laundering laws. The OFAC alleged that Bittrex failed to prevent people located in the sanctioned jurisdictions of Ukraine's Crimea region, Cuba, Iran, Sudan, and Syria from using its platform between March 2014 and December 2017. Register now for FREE unlimited access to Reuters.com RegisterThe FinCEN said its investigation found that from February 2014 through December 2018, Bittrex failed to maintain an effective anti-money laundering program. Bittrex in an emailed statement to Reuters said it was pleased to have fully resolved the matter with OFAC and FinCEN on "mutually agreeable terms". Register now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen calls for allies to quickly disburse committed funds to Ukraine
▼ + stars: | 2022-10-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

We will continue to support you as you rebuild the prosperous and free Ukraine that your country has fought so hard to secure," Yellen told Marchenko and his delegation before a meeting. Register now for FREE unlimited access to Reuters.com RegisterWashington intended to disburse $4.5 billion in direct budget support to Ukraine in coming weeks, she said. Congress approved that funding two weeks ago, bringing total U.S. direct budget support for Ukraine to $13.5 billion - all in grants. "But let me be clear: international support for Ukraine is a collective effort. We are calling on our partners and allies to join us by swiftly disbursing their existing commitments to Ukraine and by stepping up in doing more — both to help Ukraine continue its essential government services and to help Ukraine begin to build and recover," she said.

☆ Treasury Lays Groundwork for Ownership Registry, but Questions Remain
▼ + stars: | 2022-10-07 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

Providing ExemptionsAnother key issue addressed by FinCEN’s rule relates to which companies will have to submit beneficial ownership information. Lawmakers reasoned that ownership information for such companies already would be readily available, but the large carve-outs have sparked questions from some quarters. They will be given 30 days to report beneficial ownership information. The road aheadFinCEN’s work establishing the beneficial ownership database is far from done. The beneficial ownership law requires companies to certify their reports are accurate and imposes penalties for people who willfully provide false information.

"We are deeply concerned about recent rapid and one-sided market moves driven in part by speculative trading," Suzuki told the news conference. The remarks came after the government's decision on Thursday to intervene in the currency market to stem yen weakness by selling dollars and buying yen for the first time since 1998. read moreKuroda said the government's intervention was an appropriate move to deal with "rapid, one-sided" yen moves. "Monetary policy and currency policy have different goals and effects," he said. "It was a meaningful move that showed Japan's determination it won't leave unattended sharp market volatility," he said.

LOS ANGELES — Painful memories of a violent and chaotic past were resurrected this week for many Iranian Americans watching from afar as protesters flooded the streets of Tehran and other Iranian cities following the death of Mahsa Amini. Her death has sparked outrage across Iran and waves of protesters clashed with Iranian security forces this week. The deadly unrest has been documented on social media and triggered demonstrations in other parts of the world, including in Los Angeles, home to the largest Iranian population outside Iran. Gladkikh was born and raised in Southern California after her family fled Iran in the 1990s. Iranian officials are investigating after they said Amini had a pre-existing condition and suffered a heart attack while in custody.

Officials said the move would help Iranians access tools that can be used to circumvent state surveillance and censorship, but would not entirely prevent Tehran from using communications tools to stifle dissent, as it did by cutting off internet access for most citizens on Wednesday. Asked how the expanded license would help Iranians if their government again shuts down internet access, a State Department official also briefing reporters said Iran's government would still have "repressive tools for communication." The new license makes it "easier for the Iranian people to confront some of those oppressive tools," the official said. read moreMusk said on Monday his company would provide Starlink to Iranians, and would ask for a sanctions exception to do so. read moreThe Treasury official briefing reporters said Starlink's commercial-grade system, which would involve sending hardware into Iran, would not be covered by the general license.

☆ U.S. puts sanctions on Iran morality police, accusing unit of abusing women
▼ + stars: | 2022-09-23 | by ( ) www.cnbc.com time to read: +2 min

A woman walks on the street in Tehran, Iran on Sept. 22, 2022. The United States on Thursday imposed sanctions on Iran's morality police over allegations of abuse of Iranian women, saying it held the unit responsible for the death of a 22-year-old in custody that has sparked protests around Iran. Amini, a Kurdish woman, was arrested by the morality police in Tehran for wearing "unsuitable attire" and fell into a coma while in detention. "The Iranian government needs to end its systemic persecution of women and allow peaceful protest," U.S. Secretary of State Antony Blinken said in a separate statement. Iran's Mission to the United Nations did not immediately respond to a request for comment on the sanctions.

☆ Musk says he will activate Starlink amid Iran protests
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Starlink logo is seen on a smartphone in front of displayed Ukrainian flag in this illustration taken February 27, 2022. The U.S. Treasury Department on Friday issued guidance expanding internet services available to Iranians despite U.S. sanctions on the country, amid protests around Iran following the death of a 22-year-old woman in custody. Musk could not be reached for comments or clarification regarding Starlink's clearance to operate in Iran. The U.S. State Department spokesperson added that if SpaceX were to determine that some activity aimed at Iranians requires a specific license, "OFAC would welcome it and prioritize it". "By the same token, if SpaceX determines that its activity is already authorized and has any questions, OFAC also welcomes that engagement," the State Department spokesperson said.

☆ Musk says activating Starlink, in response to Blinken on internet freedom in Iran
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterStarlink logo is seen on a smartphone in front of displayed Ukrainian flag in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/IllustrationSept 23 (Reuters) - SpaceX CEO Elon Musk said on Friday that he would activate the firm's satellite internet service, Starlink, in response to U.S. Secretary of State Antony Blinken's tweet that the United States took action "to advance internet freedom and the free flow of information" to Iranians. Register now for FREE unlimited access to Reuters.com Register"That would be something that they would need to write into Treasury for," the official said. Musk said on Monday that the company wanted to provide Starlink satellite broadband service - already provided to Ukraine for its fight against Russia's invasion - to Iranians, and would ask for a sanctions exception. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen says Russia offering 'enormous discounts' on oil to China, India
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

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 PhotoWASHINGTON, Sept 22 (Reuters) - A planned Western price cap on Russian oil is already making a difference, U.S. Treasury Secretary Janet Yellen said on Thursday, noting that Russia was now offering China and India "enormous discounts" while looking for other outlets for its oil. In December, Europe would halt the bulk of its purchases of 3 million barrels per day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine. Europe was facing a tough winter with tight energy supplies as it decoupled from Russian energy, Yellen said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

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