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Clifford Chance

Clifford Chance


Asia Pacific Companies Take Cover as US Tests New Sanctions Strategies on Russia, Venezuela

26 February 2019

It appears the Trump administration has decided to embrace economic sanctions as a tactical foreign policy weapon, using the US Office of Foreign Assets Control (OFAC) to maximize its leverage over foreign adversaries. In particular, OFAC is sanctioning major companies – United Company RUSAL (RUSAL) and Petróleos de Venezuela (PdVSA), to name just two – as a way to influence their beneficial owners and more importantly, their home governments. What does this mean for bystanders in Asia Pacific and elsewhere?

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