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OFAC announces new sanctions targeting Belarus' construction, coal, oil, tobacco, potash and transportation sector | Eversheds Sutherland (US) LLP

OFAC announces new sanctions targeting Belarus' construction, coal, oil, tobacco, potash and transportation sector | Eversheds Sutherland (US) LLP
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Biden extends US sanctions against Belarus by another year

Biden extends US sanctions against Belarus by another year
According to the US administration, actions of Belarus pose an unusual and extraordinary threat to the national security and foreign policy of the United States
WASHINGTON, June 9. /TASS/. US President Joe Biden extended US sanctions against Belarusian officials by another year, signing a relevant decree and notifying the US Congress about it, the White House said on Tuesday.
According to the document, the actions and policies of certain members of the Government of Belarus and other persons continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States. They undermine Belarus’s democratic processes or institutions, he said. ....

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EDB Notes Inflation Risks For Belarus Due To US Sanctions

11.05.2021, 15:53
Inflation is already unfolding faster than the authorities expected.
The Eurasian Development Bank notes the risk of increased inflationary pressure for the Belarusian economy due to US sanctions against Belarusian enterprises. This is stated in the May economic review prepared by the EDB analysts.
According to the website naviny.by, the review notes that the National Bank of Belarus has tightened monetary policy amid high inflation and inflationary expectations. The refinancing rate on April 21 was increased by 0.75% to 8.5%.
“Taking into account the increase by the NBRB of the calculated values of the standard risk, the rates on market loans in Belarusian rubles may rise by 0.5-2 percentage points. This will contribute to ensuring price stability, but will restrain consumer and investment activity, ”economists say. ....

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U.S. Companies Must Wind Down Transactions With Sanctioned Belarusian State-Owned Enterprises By June 3rd - International Law

WilmerHale
On April 29, 2021, the US Department of the Treasury s Office of Foreign Assets Control (OFAC) announced two settlements of potential civil liability with two companies.
Arnold & Porter
On April 29, 2021, the departments of Justice, Commerce and Treasury announced that they had reached a global resolution with SAP SE (SAP), a multinational software company based in Germany.
Baker Botts
In a first of its kind, on April 29, the U.S. Department of Justice announced1 the entry into a Non-Prosecution Agreement.
Arnold & Porter
The US government is increasingly prioritizing trade enforcement of the tech industry s global data services. This is reflected in SAP SE s global resolution. ....

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U.S. Companies Must Wind Down Transactions with Sanctioned Belarusian State-Owned Enterprises By June 3rd | Kelley Drye & Warren LLP

Polotsk Steklovolokno OAO
Wind down transactions in excess of $50,000 must be reported to the U.S. Department of State no later than 30 days after executing the transaction.
Under the previous General License 2G and its predecessors, most business with these companies was authorized by OFAC. Given this change, and the prominence of these state-owned entities in Belarus’s economy, U.S. companies that do business in Belarus should carefully review their business relationships to ensure that any dealings involving these nine entities and their subsidiaries are wound down prior to June 3, 2021. ....

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