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Mara Lee

Mara Lee, Senior Editor, is a reporter for International Trade Today and its sister publications Export Compliance Daily and Trade Law Daily. She joined the Warren Communications News staff in early 2018, after covering health policy, Midwestern Congressional delegations, and the Connecticut economy, insurance and manufacturing sectors for the Hartford Courant, the nation’s oldest continuously published newspaper (established 1674). Before arriving in Washington D.C. to cover Congress in 2005, she worked in Ohio, where she witnessed fervent presidential campaigning every four years.

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OFAC Relaxes Sanctions on Russian-Owned Turkish Bank
October 9, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department authorized U.S. citizens and companies to make some transactions with DenizBank, after Executive Order 13662 prohibited dealings with the company. Denizbank is a Turkish financial institution owned by Sberbank, Russia’s largest bank. The U.S. sanctioned Sberbank in September, placing it on the Specially Designated Nationals List (see 14091503). That move was part of a larger sanctions package that followed a number of other rounds of sanctions since the outset of 2014. Treasury’s Office of Foreign Assets Control is also allowing U.S. transactions with banks that Denizbank owns 50 percent or more of. A Treasury directive, under the executive order, bars U.S. individuals or companies from dealings with sanctioned banks in “new debt of longer than 90 days maturity or new equity for these persons, their property, or their interests in property" (here).

BIS, OFAC Continue Sanctions Campaign Against Russian Defense, Other Sectors
September 15, 2014 by Brian Dabbs|White House

The Bureau of Industry and Security furthered its crackdown on Russian arms and weaponry traders on Sept. 12, as the Obama administration strapped another sanctions package on the Russian defense, financial and energy sectors (here). BIS added five Russian companies to its Entity List. The designations level license requirements, with a presumption of denial, for the export, reexport and foreign transfer of items subject to the Export Administration Regulations (EAR). Those companies are as follows:

OFAC Settles Case with Citigroup Over Iran Sanctions, SDN List Transfer Violations
September 4, 2014 by Brian Dabbs|Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control settled a civil case with Citigroup Inc. over multiple alleged violations of four sanctions laws, including involvement in the shipment of sanctioned goods to Iran, OFAC said on Sept. 3. Citigroup agreed to pay OFAC $217,841 for alleged violations of the Iranian Transactions and Sanctions Regulations, the Weapons of Mass Destruction Proliferators Sanctions Regulations, the Foreign Narcotics Kingpin Sanctions Regulations and the Global Terrorism Sanctions Regulations. Citigroup Trade Services Malaysia allegedly processed in 2009 four export bill collection applications on behalf of Citibank N.A., Hong Kong that involved goods shipments to Iran, including to the Islamic Republic of Iran Shipping Lines, which has been specifically targeted by OFAC for sanctions in recent years. Citibank also processed payments between 2011 and 2012 to individuals on the Specially Designated Nationals List, OFAC said.