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☆ Fact Check-US Treasury press release sanctioning Kenyan politicians is fake
▼ + stars: | 2023-04-05 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An image appearing to show a press release from the U.S. Department of the Treasury sanctioning four Kenyan politicians – Deputy President Rigathi Gachagua, Moses Kuria, Kimani Ichungwa and Ndindi Nyoro – because they are “linked to sponsored violence” is fabricated. No such release can be found on the Treasury’s website and a spokesperson for the Treasury told Reuters the image did not show an official press release. A spokesperson for the Treasury told Reuters in an email that the image did not show a press release they had issued. No such press release can be found on the Treasury’s website (here) (here). The U.S. Department of the Treasury did not issue a press release sanctioning these four Kenyan politicians.

WASHINGTON — The Justice Department confirmed on Wednesday it had seized the Russia-linked online criminal marketplace Genesis Market, working in conjunction with international law enforcement and the Treasury Department. The announcements from Justice and Treasury came a day after the FBI and a consortium of international law enforcement authorities shut down Genesis Market. The international marketplace steals private information from victims' devices and offers it for sale, Treasury said in a release Wednesday. "Today's takedown of Genesis Market is a demonstration of the FBI's commitment to disrupting and dismantling key services used by criminals to facilitate cybercrime," FBI Director Christopher Wray said in a statement. "Treasury will continue to work closely with our law enforcement colleagues to disrupt this activity and hold malign cyber actors accountable."

March 30 (Reuters) - Wells Fargo & Co (WFC.N) will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday. The Fed fined Wells Fargo $67.8 million, while OFAC fined the bank $30 million for inadequate oversight of its compliance risks from 2010 to 2015. “Wells Fargo is pleased to resolve this legacy matter involving conduct that ended in 2015, which we voluntarily self-reported and fully cooperated with OFAC and the Federal Reserve Board to address," a Wells Fargo spokesperson said in a statement. In a release, OFAC said that Wells Fargo and its predecessor, Wachovia Bank, provided a European bank with software beginning in 2008 that allowed the firm to process 124 transactions involving sanctioned individuals or jurisdictions. In December, the U.S. Consumer Financial Protection Bureau hit Wells Fargo with the watchdog's largest ever civil penalty as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts.

[1/5] The logo of Raiffeisen Bank International (RBI) is seen on their headquarters in Vienna, Austria, March 14, 2023. REUTERS/Leonhard FoegerVIENNA, March 23 (Reuters) - The European Central Bank is pressing Austria's Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters. One person said such a plan could include the sale or closure of its Russian bank. A Raiffeisen spokesperson said that it was examining options for its Russia business "including a carefully managed exit" and that it was "expediting" its assessment, adding that it had also reduced lending in the country. HIGH STAKESIn January, the U.S. sanctions authority launched an inquiry into Raiffeisen over its business related to Russia.

☆ Swedbank books $3.7 mln provision over US investigation
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 10 (Reuters) - Swedbank (SWEDa.ST) will book a provision of 40 million Swedish crowns ($3.72 million) related to an investigation by the U.S. Office for Foreign Assets Control (OFAC) over the bank's "historical shortcomings", the bank said on Friday. The U.S. Treasury's OFAC is investigating "transactions that the bank has notified the authority about", Swedbank said in a statement. "Swedbank is holding separate discussions with them through our U.S. legal advisors," it added. The investigations are at different stages and the bank cannot at this time determine any financial consequences, nor when the investigations will be completed. ($1 = 10.7476 Swedish crowns)Reporting by Terje Solsvik, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Austria plays down concerns over U.S. scrutiny of RBI over Russia business
▼ + stars: | 2023-03-02 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +2 min

VIENNA, March 2 (Reuters) - Austria's finance ministry on Thursday played down concerns about U.S. sanctions officials scrutinising Raiffeisen Bank International (RBIV.VI) over its Russia business. "The inquiry from the U.S. sanctions authority is a normal process that gives no cause for concern, because sanctions authorities naturally keep informing themselves about Austrian companies doing business in Russia," Austria's finance ministry told Reuters in a statement. The Austrian finance ministry said it would in due course address questions from parliament about Raiffeisen, as the lender's activities drew more domestic political scrutiny. "A risky deal for the Austrian Raiffeisen, which instead of - like other European banks - ending its business in Russia, is focusing on intensifying business relations," Greens lawmaker Nina Tomaselli said in a parliamentary question. The finance ministry welcomed the prospect of such a deal, suggesting it could prevent losses to savers and deposit insurance of hundreds of millions of euros.

METALS AND MININGIn a significant widening of its Russia-related sanctions, Treasury announced a new determination by the Office of Foreign Assets Control (OFAC) that allows sanctions on any individual or entity operating in Russia's metals and mining sector. On Friday, it hit four mining and metals sector companies, including TPZ-Rondol, a unit of Russia's largest ammunition maker, for producing weapons for the Russian military, including the navy, the Treasury said. Among other entities hit on Friday were more than a dozen Russian banks. Another bank hit was MTS Bank, which is located in Moscow and Abu Dhabi, United Arab Emirates. Brian Nelson, Treasury's top sanctions official raised concerns about UAE's decision to license the Russian bank during a visit to the country the week of Jan. 30.

☆ Raiffeisen stock slumps after U.S. sanctions authority asks about Russia business
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 20 (Reuters) - Shares in Raiffeisen Bank International fell more than 7% at the open on Monday after the Austrian Bank had said on Friday it had received a request for information from the United States' sanctions authority about its business related to Russia. Earlier in February, Raiffeisen reported it earned more than half of its 2022 profit from Russia, a market it is considering exiting after the country's invasion of Ukraine. RBI has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets. The bank's shares have fallen 19% since the start of the war in February last year. Reporting by Bartosz Dabrowski in Gdansk Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

An Austrian official said that Austrian authorities were monitoring the situation at Raiffeisen and its business in Russia closely because of the bank's importance. Almost a year since Moscow launched what it calls a "special military operation" in Ukraine, Raiffeisen is among a handful of European banks that remain in Russia. Raiffeisen made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Alternatively, OFAC can also resort to less stringent measures such as levying fines and sending warning letters over sanctions violations. OFAC has sanctioned five major Russian banks, including state-backed Sberbank (SBER.MM) part of a response to that country's invasion of Ukraine, as well as wealthy oligarchs.

☆ U.S. Exempts Earthquake Aid to Syria From Sanctions
▼ + stars: | 2023-02-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Funds sent to Syria for earthquake relief that might otherwise be barred by U.S. sanctions are exempted for about six months, the U.S. Treasury Department said. The Treasury’s Office of Foreign Assets Control, which implements and enforces U.S. sanctions, issued a general license Thursday night allowing U.S. banks and money transmitters to process transactions to and from Syria if they are intended for earthquake aid. The language is seen as providing more protection to financial institutions processing the transactions, sanctions experts said. Paul Carroll, director of the Charity & Security Network, a resource and advocacy center for nonprofit organizations, said delivering aid to Syria also faces logistical challenges. “The obstacles to getting aid to Syria [for earthquake relief] is more about parties, the bad and good guys, than about the sanctions themselves,” Mr. Carroll said.

☆ Crypto Exchange Kraken Names New Compliance Chief After Months of Searching
▼ + stars: | 2023-01-24 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Cryptocurrency exchange Kraken said it named CJ Rinaldi as its new chief compliance officer, hiring him from rival Blockchain.com, as it continues to revamp its compliance program after a sanctions violation settlement amid increasing regulatory scrutiny of the crypto sector. Mr. Rinaldi most recently served as Blockchain.com’s chief compliance officer for about a year, where he implemented global compliance frameworks and mitigated compliance risks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. As part of the agreement, Kraken will invest $100,000 in its sanctions compliance controls, which include training and technical measures. Kraken also hired a new chief financial officer and new chief marketing officer last year.

☆ A brutal Russian paramilitary group active in Ukraine called for border intelligence on nearby NATO states: report
▼ + stars: | 2022-12-12 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A Russian paramilitary group asked for intel on Latvia, Lithuania and Estonia, The Guardian reported. The call raised concerns about "rogue actions" in NATO states, a source told the paper. Task Force Rusich, which has close ties to the Wagner Group paramilitary group and has been highly active in Ukraine, posted the appeal on its official Telegram channel on December 7, the paper reported. All three countries mentioned by Rusich's post are NATO member states, raising concerns over moves that could escalate the war. The group, known for its brutality, openly advocated torture of prisoners in September, The Guardian reported at the time.

☆ U.S. sanctions people, entities over China-based illegal fishing
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 9 (Reuters) - The United States on Friday imposed sanctions on people and companies, including Nasdaq-listed Pingtan Marine Enterprises, Ltd., over what Washington says are human rights abuses linked to China-based illegal distant water fishing. The U.S. Treasury Department imposed sanctions on Li Zhenyu and Xinrong Zhuo, both Chinese nationals, and 10 entities they control, including Dalian Ocean Fishing Co., Ltd. and Pingtan Marine Enterprise, Ltd. (PME), the U.S. Office of Foreign Assets Control (OFAC) said in a statement. It also targeted 157 China-flagged fishing vessels linked to those entities, it said. The designation of PME marks the first time the U.S. has imposed sanctions on an entity listed on the NASDAQ stock exchange. Reporting by Daphne Psaledakis and Michael Martina; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Extreme backwardation implied traders expected the balance to remain tight, with a further drawdown of already depleted inventories, and more upward pressure on oil prices. In late November, after consultations with traders, the U.S. Treasury published regulations signalling a relatively relaxed approach to enforcement (“Guidance on implementation of price cap policy”, OFAC, Nov. 22). Following last-minute discussions, on Dec. 2 the cap was set at $60, with a commitment to review it by mid- January 2023 and every two months thereafter (“G7 agrees oil price cap”, European Commission, Dec. 3). SETTING THE PRICE CAP LEVELIn setting a price cap for Russia’s crude and products, U.S. and EU officials have been confronted by a menu of policy options and other considerations. Related columns:- Investors dumped Brent in anticipation of relaxed oil price cap (Reuters, Dec. 5)- Global recession a bigger risk to Russia’s oil revenue than price cap (Reuters, Nov. 11)- Recession would make tough oil sanctions on Russia more likely (Reuters, July 14)- Oil market confronts U.S. and EU policymakers with unpalatable choices (Reuters, June 29)John Kemp is a Reuters market analyst.

The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Venezuela, Chevron formally sign oil contracts in Caracas
▼ + stars: | 2022-12-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with U.S. oil firm Chevron Corp (CVX.N) intended to help revive the nation's oil output and expand operations. "This is an important step towards the right direction, but yet insufficient," said oil minister Tareck El Aissami after the signing ceremony. The event took place at PDVSA's Caracas headquarters and was attended by El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA President Asdrubal Chavez. The authorization was required because of U.S. sanctions on PDVSA and Venezuela's oil sector. Earlier this year, OFAC authorized Chevron to hold meetings with Venezuelan officials, including people specifically sanctioned by Washington, like El Aissami.

☆ Venezuela and Chevron sign oil contract in Caracas
▼ + stars: | 2022-12-02 | by ( Kareem El Damanhoury | ) edition.cnn.com time to read: +2 min

CNN —The Venezuelan government and American oil company Chevron have signed a contract in Caracas on Friday to resume operations in Venezuela, according to the country’s state broadcaster VTV. “This contract aims to continue with the productive and development activities in this energy sector, framed within our Constitution and the Venezuelan laws that govern oil activity in the country,” said Venezuelan oil minister Tareck El Aissami, who was slapped with United States sanctions in 2017. He attended the signing ceremony along with representatives from Venezuelan state-owned oil and natural gas company PDVSA and Chevron. April 2023 will mark Chevron’s 100th anniversary in Venezuela, El Aissami said at the event. In 2017, OFAC said El Aissami had played a “significant role in international narcotics trafficking,” according to a news release.

But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions. Two of those tankers, including the Young Yong, were designated this month by U.S. authorities for violating sanctions on Iran, one of Venezuela's closest allies. The U.S. Treasury declined to comment on the involvement of the Young Yong or the other vessels identified by Reuters in shipping Venezuela crude. Indonesian authorities said in early November that the Young Yong had run aground off the Riau Islands on Oct. 26. The United States imposed oil trading sanctions on Venezuela in 2019 after calling Maduro's re-election the previous year a sham.

“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.

☆ 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.

☆ Crypto exchange Kraken will pay more than $360,000 to settle allegations it violated US sanctions by serving users in Iran
▼ + stars: | 2022-11-28 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Crypto exchange Kraken will pay $362,000 to settle allegations it violated US sanctions againts Iran. The Treasury said Kraken processed transactions valued at $1.68 million on behalf of users who appeared to have been located in Iran. The exportation of services and goods to Iran is prohibited under sanctions imposed in 1979. The US government prohibits the exportation of services and goods to Iran under sanctions imposed on that country in 1979. Kraken has since implemented automated blocking for IP addresses linked to sanctioned jurisdictions and has implemented "multiple" blockchain analytics tools to assist with sanctions monitoring, OFAC said.

☆ 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.

The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline. The Young Yong was among the vessels sanctioned. Capable of carrying 2 million barrels of crude oil, the stranded tanker is almost full, according to shipping data on Refinitiv Eikon. allows transactions to free sanctioned oil tanker, Young Yong, which has been stranded in Indonesian waters since Oct. 26CHALLENGESThere are operational challenges in refloating the ship like the risk of an oil spill and strong currents in the surrounding waters, said Jacob Hogendorp, managing partner of Global Salvage Consultancy. He added that part of the cargo onboard Young Yong would likely have to be transferred to another ship before refloating commences.

☆ Removing Sanctions on Crypto Mixer Tornado Cash Won’t Be Easy
▼ + stars: | 2022-10-27 | by ( Mengqi Sun | ) www.wsj.com time to read: +5 min

While crypto advocates and companies contend that Tornado Cash’s sanctions infringe on personal rights to privacy—an important issue for the nascent industry—crypto experts said Tornado Cash might not be the best test case for that argument. Tornado Cash, a currency mixer that lets users commingle their funds to obfuscate ownership, was sanctioned in August by the Treasury’s Office of Foreign Assets Control, which enforces U.S. sanctions. OFAC accused Tornado Cash of allowing users to launder billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers. The sanctions froze U.S. assets held by Tornado Cash and barred U.S. companies and individuals from doing business with it. Other participants in the decentralized-finance industry have expressed similar concerns about OFAC’s power to sanction Tornado Cash.

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