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OFAC Issues Cyber-Related Sanctions Regulations

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published the Cyber-Related Sanctions Regulations that became effective on December 30, 2015. The new regulations implement Executive Order 13694 and authorize the imposition of economic sanctions on those found to be responsible for, as well as those who significantly benefit from, malicious cyber attacks or cyber theft. The regulations do not identify specific individuals or entities who will be sanctioned, nor do they indicate any sort of immediate compliance obligations for U.S. companies. Some notable regulations include:

  • Sanctions on identified entities who participate in cyber-enabled activities that are reasonably likely to have resulted in a significant threat to the national security, foreign policy, economic health or financial stability of the United States.
  • Sanctions on identified entities who trade or engage in other transactions with people named on OFAC’s SDN List pursuant to E.O. 13694.

 

 

You can find more details about the Cyber-Related Sanctions Regulations here.

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