OFAC Expands the 50 Percent Rule
Last month, the Department of Treasury’s Office of Foreign Assets Control (OFAC) released new guidance related to entities owned or controlled by persons designated as a Specially Designated National (SDN) on OFAC’s SDN list. Although the guidance leaves intact the current meaning “50 percent rule,” the rule will now allow OFAC to take a far broader approach in determining when the 50 percent rule applies.Continue Reading New U.S. Restrictions on Russia: OFAC Guidance and Industry-Specific Sanctions