OFAC issued sanctions regulations to implement President Biden's Executive Order 14046 "Imposing Sanctions on Certain Persons With Respect to the Humanitarian and Human Rights Crisis in Ethiopia."
Further, OFAC stated it intends to issue more comprehensive regulations in the future, including "additional interpretive guidance and definitions, general licenses, and other regulatory provisions." The Ethiopia Sanctions Regulations will take effect upon publication in the Federal Register on February 9, 2022.
Separately, OFAC amended its regulations to implement the Federal Civil Monetary Penalties Inflation Adjustment Act of 1990 for the year 2022, which adjusts for inflation, the maximum amount of civil monetary penalties. This amendment will take effect upon publication in the Federal Register on February 9, 2022.
Primary Sources
- Issuance of Ethiopia Sanctions Regulations; Implementation of the Federal Civil Penalties Inflation Adjustment Act
- OFAC: Ethiopia Sanctions Regulations
- Executive Order 14046
- FAC: Inflation Adjustment of Civil Monetary Penalties
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
