Economic Sanctions
Chapter 3 covers U.S. government economic sanctions, which may be imposed upon entire countries (as embargoes), specified economic sectors, or individual state or nonstate actors. These comprise approximately thirty different programs that are governed principally by the International Emergency Economic Powers Act (IEEPA), various other sanctions legislation, and the regulations of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The chapter explains: which types of transactions are subject to the OFAC regulations; the basis and criteria for those restrictions; how to determine whether your transaction is prohibited without a license and, if so, whether you are likely to get a license for it; how to seek a license if one is required; and the potential penalties for violating the rules. The chapter also explains how the OFAC regulations relate to the regulatory regimes covered in other parts of the book.