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☆ Family of ex-Bosnian Serb leader sues US to escape sanctions list
▼ + stars: | 2023-05-02 | by ( Andrew Goudsward | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Family members of former Bosnian Serb political leader Radovan Karadzic, who was convicted of war crimes for his role in the 1990s Balkan conflict, sued the U.S. Treasury Department on Tuesday over their continued inclusion on a U.S. sanctions list. A Treasury Department spokesperson did not immediately respond to a request for comment. His family said they began petitioning the Treasury Department in 2020 to be removed from a list of sanctioned individuals known as the "Specially Designated Nationals" list. “It’s unfair for somebody to have to wait so long before getting a decision,” said the family’s attorney, Peter Robinson. The lawsuit asked the court to order OFAC to decide on their requests within 30 days and seeks attorney fees.

☆ US may run short of cash after June 1 without debt limit hike, Treasury says
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

The debt ceiling could become binding by June 1, she said. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country's top-notch credit rating. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said President Joe Biden would veto the legislation. What we can’t see is that the debt limit be used by a part of Congress to hold an entire agenda of unrelated items hostage to this threat of default," she said.

WASHINGTON, May 1 (Reuters) - U.S. President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented U.S. debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates. We have never, ever failed to meet the debt," Biden told a small business event at the White House. He said the threat of default by some Republicans in Congress was "totally irresponsible" and that it was essential to take that threat "off the table." "It would lead to higher interest rates, higher credit card rates, mortgage rates would skyrocket," Biden said. A 2011 standoff led to a downgrade of the government's credit rating, which pushed borrowing costs higher and hammered investments.

STEPPING UPA security guard stands outside a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund (DIF) would be about $13 billion. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. New York-based JPMorgan will take on $173 billion of loans, $30 billion of securities and $92 billion of deposits. "Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan Chairman and CEO.

☆ U.S. Treasury encouraged by First Republic resolution, says banking system remains sound
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 1 (Reuters) - The U.S. Treasury Department is encouraged that First Republic Bank (FRC.N) was resolved with the least cost to the Deposit Insurance Fund, and believes the U.S. banking system remains sound and resilient, a Treasury spokesperson said early Monday. "Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors," the spokesperson said. "The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families." The California Department of Financial Protection and Innovation said it had taken possession of First Republic and the Federal Deposit Insurance Corporation (FDIC) would act as its receiver. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about $13 billion.

The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against Venezuela, and its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. Citgo is PDV Holding's only asset. Houston-based Citgo is the seventh-largest U.S. oil refiner. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Pincus proposed starting the sales process on Sept. 5 with the highest bid reviewed by the court in June 2024.

☆ Time for daily talks between Biden, Republicans on debt, moderate Democrat says
▼ + stars: | 2023-04-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

WASHINGTON (Reuters) - A prominent moderate U.S. House of Representatives Democrat said Friday that it is time for President Joe Biden to begin daily talks with Republicans on government spending and debt, to avoid a calamitous default. REUTERS/Elizabeth FrantzRepresentative Josh Gottheimer rejected Republican demands to raise the $31.4 trillion debt ceiling only in exchange for deep spending cuts. “It’s critically important that all the parties sit down at the White House with the president and start having these conversations. That’s not negotiable,” Biden said on Wednesday, the day House Republicans narrowly passed their own legislation this week to lift the debt ceiling in exchange for sharp spending cuts. Gottheimer said it doesn’t matter whether the debt ceiling is considered together with spending and deficits or looked at separately.

Companies Chevron Corp FollowHOUSTON, April 28 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) could raise its production in Venezuela this year by up to 50%, to 150,000 barrels of oil per day (bpd), without significant new investments, Chief Executive Michael Wirth said on Friday. The second-largest U.S. producer in November became the first U.S. producer to get a license from the U.S. Treasury Department to revive oil output and resume exports from Venezuela after a three-year pause triggered by U.S. sanctions. The company is producing about 100,000 bpd in Venezuela, and the growth, Wirth said, is limited by terms of its U.S. license, which includes limits to activities it can do. Chevron is offering input to the U.S. government on the matter, Wirth said, but he refrained from saying whether the company has requested a license extension. Chevron has been able overcome operational issues to ramp up output and exports, including finding tanker owners willing to work in Venezuela, easing infrastructure bottlenecks and repairing oil upgrading facilities.

HOUSTON, April 28 (Reuters) - Chevron Corp (CVX.N) has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc (PBF.N) and Marathon Petroleum Corp (MPC.N) to its list of customers for the crude, vessel tracking and loading schedules showed. Chevron, the last big U.S. oil producer still operating in U.S.-sanctioned Venezuela, has increased exports of the crude since January. So far in April, it has loaded about 148,000 barrels per day (bpd) of oil at Venezuelan ports, with cargoes going to at least three other U.S. refiners, besides Chevron's own refinery. In mid-April, Chevron sold about 550,000 barrels of Venezuelan crude to PBF for its 185,000-bpd Chalmette refinery, near New Orleans, U.S. Customs data on Refinitiv Eikon showed. Chevron has sent Venezuelan crude to its 369,000-bpd Pascagoula, Mississippi, refinery and this month shipped a cargo to a Bahamas oil-storage terminal, PDVSA's schedules showed.

"The Republicans have raised the debt limit. McCarthy bridged deep divides among House Republicans to get the bill passed. McCarthy called on Biden to begin negotiations on a debt limit increase and spending-cut bill and for the Senate to either approve the House bill or to pass its own. The House bill would increase Washington's borrowing authority by $1.5 trillion or until March 31, whichever comes first, raising the specter of another round of negotiations during the 2024 presidential campaign. The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.

A 2011 standoff led to a downgrade of the government's credit rating, which pushed borrowing costs higher and hammered investments. "The Republicans have raised the debt limit. McCarthy called on Biden to begin negotiations on a debt limit increase and spending-cut bill and for the Senate to either approve the House bill or to pass its own. House Speaker Kevin McCarthy (R-CA) walks following a closed door meeting on Captiol Hill in Washington, U.S., April 26, 2023. The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.

☆ U.S. Treasury Looks to Curb ‘De-risking’ at Banks
▼ + stars: | 2023-04-26 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

Deputy Treasury Secretary Wally Adeyemo. Photo: Andrew Harnik/Associated PressThe Biden administration is looking to address actions taken by U.S. banks to unbank certain customers and groups over their perceived connections to higher money-laundering risks. Banks’ decisions to limit exposure to certain categories of customers over increased illicit finance risks could hurt those communities and pose a national security risk by driving financial activities out of the regulated banking system, the U.S. Treasury Department said.

☆ US Treasury's financial crimes unit hits state-chartered trust with penalty
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - The U.S. Treasury Department's Financial Crimes Enforcement Network on Wednesday hit a South Dakota-chartered Kingdom Trust Company with a $1.5 million civil penalty for willfully violating a law requiring banks report suspicious transactions. From February 2016 through March 2021, Kingdom Trust processed billions of transactions without proper controls aimed at preventing money laundering, FinCEN said in its consent order. The firm admitted to the willful violations in what FinCEN described in a statement as its first enforcement action against a trust company. Kingdom Trust did not respond immediately to a request for comment. "Kingdom Trust had virtually no process to identify and report suspicious transactions, resulting in it processing over $4 billion in international wires with essentially no controls," FinCEN’s acting director Himamauli Das said in the statement.

☆ Calls to move away from the U.S. dollar are growing — but the greenback is still king
▼ + stars: | 2023-04-24 | by ( Penny Chen | ) www.cnbc.com time to read: +5 min

Kacper Pempel | ReutersCalls to move away from relying on the U.S. dollar for trade are growing. The U.S. dollar accounted for 58.36% of global foreign exchange reserves in the fourth quarter last year, according to data from the IMF's Currency Composition of Foreign Exchange Reserves (COFER). China is one of the most active players in this push given its dominant position in global trade right now, and as the world's second largest economy. The IMF estimates that Asia could contribute more than 70% to global growth this year. In the Middle East, major oil exporter Saudi Arabia has reportedly signaled it's open to trade in other currencies other than the greenback.

☆ Is this solar panel American? Companies eyeing US subsidy await rules
▼ + stars: | 2023-04-24 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

[1/2] Solar panels are set up in the solar farm at the University of California, Merced, in Merced, California, U.S. August 17, 2022. Their main question: will solar panels qualify if they are assembled in the United States using components made overseas? In February, top U.S. solar manufacturer First Solar Inc (FSLR.O) said it would delay further expansion decisions until Treasury releases its guidelines. A manufacturing group, Solar Energy Manufacturers for America (SEMA), said both manufacturers and developers want clear rules that will fuel growth. A potential approach could be to allow the bonus credit to apply to domestically available goods, with that standard changing over a set timeline.

☆ South Korea announces $15 bln investment in advanced battery technologies
▼ + stars: | 2023-04-20 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. "The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement. South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES) (373220.KS), Samsung SDI Co Ltd (006400.KS) and SK On. EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries. The industry ministry said South Korea aimed to quadruple domestic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.

☆ U.S. extends Citgo's protection from creditors for three months
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 19 (Reuters) - The U.S. on Wednesday extended for three months a license that protects Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors trying to seize its assets to recoup pending debts. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) extended the general license until July 20, according to the department's website. Washington has since 2019 recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors. O-I Glass Inc (OI.N), Huntington Ingalls Industries (HII.N), ACL1 Investments, Rusoro Mining Ltd (RML.V) and Gold Reserve (GRZ.V) separately have won attachments contingent on obtaining U.S. Treasury approval to seize assets, or an end to the Treasury protection. ConocoPhillips (COP.N) separately has a claim against Venezuela valued at $1.29 billion over the nationalization of its oil assets in the country.

☆ Want a Tax Break on an EV? You’ll Have to Buy an American Brand.
▼ + stars: | 2023-04-17 | by ( Sean Mclain | Andrew Duehren | ) www.wsj.com time to read: 1 min

Nearly all of General Motors’ new electric vehicle models are eligible for the full $7,500 tax credit. Car buyers looking to get a tax break on a new electric vehicle will now confront an even narrower set of options and have to buy from an American brand. The U.S. Treasury Department released its latest list Monday, detailing which plug-in models qualify for a federal tax credit that has been popular with consumers under new and much stricter requirements adopted by the Inflation Reduction Act.

April 17 (Reuters) - The U.S. Securities and Exchange Commission on Monday charged cryptocurrency exchange Bittrex Inc and its former CEO William Shihara with operating an unregistered national securities exchange, broker and clearing agency. The SEC also charged Bittrex's foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex. Shihara and a representative for Bittrex did not immediately respond to requests for comment. Seattle-based Bittrex had previously announced it would shutter its U.S. operations effective April 30 due to "continued regulatory uncertainty." Gensler has previously said that companies that help facilitate transactions in the cryptocurrency market should register with the SEC like other market intermediaries.

April 14 (Reuters) - The United States has charged leaders of the Mexico-based Sinaloa Cartel with running a fentanyl trafficking operation fueled by Chinese chemical and pharmaceutical companies, U.S. Attorney General Merrick Garland said on Friday. Federal prosecutors unsealed three separate indictments charging more than two dozen defendants based in Mexico, China and Guatemala, eight of whom are in custody. Among those awaiting extradition is Ovidio Guzman Lopez, one of El Chapo's sons, who was arrested in Mexico earlier this year. Prosecutors also charged four owners of Chinese companies that allegedly provided precursor chemicals to the cartel. "The PRC government must stop the unchecked flow of fentanyl precursor chemicals that are coming out of China," he said, referring to the People's Republic of China.

☆ U.S. imposes sanctions on Chinese companies in action over fentanyl
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

The Treasury said it also designated five people based in China and Guatemala in the action targeting fentanyl production. "Illicit fentanyl is responsible for the deaths of tens of thousands of Americans each year," the Treasury's under secretary for terrorism and financial intelligence, Brian Nelson, said in the statement. The Treasury in the statement said it slapped sanctions on China-based chemical companies Wuhan Shuokang Biological Technology Co Ltd and Suzhou Xiaoli Pharmatech Co Ltd, as well as four Chinese nationals. Also targeted was a Guatemala-based broker of fentanyl precursor chemicals, who the Treasury said buys fentanyl precursor on behalf of Mexico-based drug traffickers. Mexico and the United States on Thursday agreed to ramp up the fight against fentanyl trafficking.

☆ EU will issue fresh wave of sanctions to stop Russia reinventing their war machine, official says
▼ + stars: | 2023-04-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

"We have to make sure they don't find ways around our sanctions," McGuinness said. McGuinness was also asked whether the EU will look to penalize countries that aid Russia in evading sanctions with new legislation. The U.S. Treasury Department last year published a list of countries helping Russia circumvent sanctions, which included Armenia, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. "We're changing our legislation to look at individuals who are involved in sanctions intervention," McGuinness said. Some countries, including Estonia and France, have called on the EU to sanction Moldovan and Georgian oligarchs allegedly working to help Russia destabilize Ukraine.

☆ South Korea to offer $5.3 bln in financing to support battery investment in North America
▼ + stars: | 2023-04-07 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, April 7 (Reuters) - South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. "Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms. In November, South Korea launched the government-backed battery alliance to better source key metals dominated by China to bolster battery supply chain stability. In March, LGES said it would resume a stalled U.S. battery project with a $5.6 billion investment in Arizona to qualify for federal incentives under the Inflation Reduction Act. ($1 = 1,316.2200 won)Reporting by Heekyong Yang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, April 6 (Reuters) - The United States and Microsoft Corp (MSFT.O) reached a settlement on Thursday over the tech firm's apparent violations of sanctions and export controls, which it disclosed voluntarily, the government and the company said. The Treasury Department added that Microsoft's conduct was "non-egregious and voluntarily self-disclosed." In an emailed statement to Reuters, Microsoft acknowledged failures in its sanctions compliance and said it had cooperated with the probe and was pleased with the settlement. The causes of sanctions violations included a lack of complete or accurate information on the identities of the end customers for Microsoft products, the Treasury Department said, adding that there were shortcomings in Microsoft's restricted-party screening. Reporting by Kanishka Singh; Editing by Tim Ahmann and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. says decentralized finance services being used for illicit transfers
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 6 (Reuters) - North Korea, cybercriminals, ransomware attackers, thieves and scammers are using decentralized finance (DeFi) services to transfer and launder their illicit proceeds, the U.S. Treasury Department warned on Thursday. In a new illicit finance risk assessment on decentralized finance, the Treasury found that illicit actors are exploiting vulnerabilities in U.S. and foreign anti-money laundering and combating the financing of terrorism (AML/CFT) regulation and enforcement as well the technology underpinning the services. DeFi services that fail to comply with these obligations to prevent money laundering and terrorism financing pose the most significant illicit finance risk in this domain, the assessment found. "Our assessment finds that illicit actors, including criminals, scammers, and North Korean cyber actors are using DeFi services in the process of laundering illicit funds," the Treasury's Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement. Nelson added that the private sector should use the findings of the assessment to inform their risk mitigation strategies and to take steps to prevent illicit actors from using decentralized finance services.

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