Economic sanctions

Chambers Global 2024 Recognizes Dorsey Partners and Practices

Retrieved on: 
Thursday, February 22, 2024
Consulting, Professional Services, Legal, International, Economic sanctions, Lawyer, Chambers and Partners, Dorsey & Whitney, Research, Partner

Seven Dorsey & Whitney partners and three practice areas were ranked by Chambers and Partners in its Chambers Global 2024 , up from six partners and two practice areas in 2023, the international law firm is pleased to announce.

Key Points: 
  • Seven Dorsey & Whitney partners and three practice areas were ranked by Chambers and Partners in its Chambers Global 2024 , up from six partners and two practice areas in 2023, the international law firm is pleased to announce.
  • Dorsey partners and practice areas recognized by Chambers include:
    Catherine Pan-Giordano – Foreign Expert, China
    International Trade: Export Controls & Economic Sanctions: Highly Regarded
    The Chambers Global Guide ranks the top lawyers and law firms in over 200 jurisdictions across the world.
  • Each ranking is based on Chambers’ in-depth research conducted by its dedicated and experienced team of researchers.
  • It annually collects hundreds of thousands of responses from clients.

Latham's Market-Leading CFIUS Practice Adds Experienced Practitioner from the US Department of the Treasury

Retrieved on: 
Monday, May 8, 2023
Columbia University, Intelligence, University, Multilateralism, National security, Hein, Policy, Office of Intelligence and Analysis (Treasury Department), Barnard College, Lawyer, International development, Government, Committee, Treasury, CFIUS, Columbia University School of Social Work, Department of the Treasury, M.A, Citizenship, Economic sanctions, Foreign investment, International law, Enforcement, USAID, Columbia Law School, Committee on Foreign Investment in the United States, Security (finance), Cryptocurrency, D.C

WASHINGTON, May 8, 2023 /PRNewswire/ -- Latham & Watkins LLP1 is pleased to announce that Catherine Hein has joined the firm's Washington, D.C. office2 as counsel in the CFIUS & US National Security practice, within the White Collar Defense & Investigations Practice. Hein most recently served as Acting Principal Deputy Assistant General Counsel of Enforcement and Intelligence at the US Department of the Treasury (Treasury). Prior to that, she served as the Committee on Foreign Investment in the United States (CFIUS) Managing Counsel at Treasury. She brings significant experience with matters involving CFIUS and US national security regulatory regimes.

Key Points: 
  • Hein most recently served as Acting Principal Deputy Assistant General Counsel of Enforcement and Intelligence at the US Department of the Treasury (Treasury).
  • Prior to that, she served as the Committee on Foreign Investment in the United States (CFIUS) Managing Counsel at Treasury.
  • At Treasury, Hein led a team of more than 20 lawyers doing the legal review of cases before CFIUS.
  • She adds substantial depth to our market-leading CFIUS & US National Security practice," said Daniel Lennon, Washington, D.C. Office Managing Partner.

New Report Finds that Economic Sanctions Are Often Deadly and Harm People's Living Standards in Target Countries

Retrieved on: 
Thursday, May 4, 2023
Poverty, Private sector, Center for Economic and Policy Research, Food, University, Harvard University, Public opinion, Public, Luxembourg Income Study, Democrat, Economy, Policy, Metropolitan State University of Denver, Graduate Center, CUNY, Economics, CEPR, GDP, UN, Economic sanctions, Republican, Rice, Mortality, Research, Death, Josef Korbel School of International Studies, Renewable energy, Drug, Management, EU

The report, " The Human Consequences of Economic Sanctions ," by economist Francisco Rodríguez , reviews 32 studies that assess the impact of economic sanctions on living standards.

Key Points: 
  • The report, " The Human Consequences of Economic Sanctions ," by economist Francisco Rodríguez , reviews 32 studies that assess the impact of economic sanctions on living standards.
  • It shows that 30 of these analyses found significant declines in living standards in sanctions-targeted countries, including Afghanistan, Iran, and Venezuela — three case studies that demonstrate how sanctions contribute to widespread harm, including death.
  • New report finds economic sanctions harm people in target countries, including by contributing to increases in mortality, poverty, and inequality.
  • "Whether sanctions hurt regular people in the target countries is a hotly debated topic," Rodríguez says, "but it shouldn't be.

Procaps Group Announces Termination of Acquisition Agreement with Grupo Somar

Retrieved on: 
Tuesday, January 3, 2023
Advent, Acquisition, Growth, Economic sanctions, Advent International, Conference, PST, SPA, Sales

MIAMI and BARRANQUILLA, Colombia, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”), a leading integrated LatAm healthcare and pharmaceutical conglomerate, today announced the termination of its previously-reported definitive agreement (the “SPA”) to acquire Grupo Somar from the sellers under the SPA.

Key Points: 
  • MIAMI and BARRANQUILLA, Colombia, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”), a leading integrated LatAm healthcare and pharmaceutical conglomerate, today announced the termination of its previously-reported definitive agreement (the “SPA”) to acquire Grupo Somar from the sellers under the SPA.
  • As previously reported, the closing of the acquisition of Grupo Somar by the Company was delayed indefinitely after the Company was informed by the sellers that a court in Mexico City issued an Embargo Precautorio affecting certain shares of capital stock of Grupo Somar in connection with a pending dispute that involves an investment by a fund managed by Advent International but that is otherwise unrelated to the sellers, Grupo Somar, the Company, or the acquisition.
  • The time required for resolution of the Embargo remains uncertain and is not in the Company’s control.
  • Procaps remains open to discussing alternatives with the sellers but cannot provide any assurances regarding whether an acquisition of Grupo Somar by the Company will occur in the future.

Update on Proposed Acquisition of Grupo Somar

Retrieved on: 
Thursday, December 22, 2022
Acquisition, SPA, Economic sanctions, Advent, Advent International, Sellers

As previously reported, the Company initially expected that the closing (the “Closing”) of the acquisition of Grupo Somar by the Company (the “Acquisition”) would occur on October 14, 2022; however, on October 13, 2022, the Company was informed by the Sellers that a condition to the Closing would purportedly not be satisfied.

Key Points: 
  • As previously reported, the Company initially expected that the closing (the “Closing”) of the acquisition of Grupo Somar by the Company (the “Acquisition”) would occur on October 14, 2022; however, on October 13, 2022, the Company was informed by the Sellers that a condition to the Closing would purportedly not be satisfied.
  • Specifically, the Company was informed by the Sellers that, on October 7, 2022, a court in Mexico City issued an Embargo Precautorio (the “Embargo”) affecting certain shares of capital stock of Grupo Somar in connection with a pending dispute that involves an investment by a fund managed by Advent International but that is otherwise unrelated to the Sellers, Grupo Somar, the Company, or the Acquisition.
  • The timing for resolution of the Embargo is unclear, although the Sellers have represented that they continue to work diligently towards the accomplishment of that objective.
  • Accordingly, the Company does not expect that the Closing will occur in 2022.

MEDICC Calls for US Humanitarian Policy Towards Cuba as Health Crisis Deepens

Retrieved on: 
Tuesday, July 20, 2021
Countries, Embargoes, Commercial policy, Health in Cuba, International relations, MEDICC, International sanctions, Economic sanctions, United States sanctions, Cuba

Strict sanctions held over from the previous administration, says MEDICC, aggravate tensions on the island and between the two countries.

Key Points: 
  • Strict sanctions held over from the previous administration, says MEDICC, aggravate tensions on the island and between the two countries.
  • Says Dr C. William Keck, MEDICC Executive Director, "sanctions imposed by the United States against Venezuela, Syria and Iran have been eased for humanitarian reasons due to COVID-19.
  • According to MEDICC, "the US embargo has been directly responsible for halting desperately needed donations of personal protective equipment for health workers, food and medicines."
  • Founded in 1997, MEDICC is a nonprofit organization based in Oakland, California that works to promote US-Cuba health collaboration and highlight Cuba's public health contributions to global health equity and universal health.

Press release - Human rights: MEPs want corruption punished under EU sanctions regime

Retrieved on: 
Thursday, July 8, 2021
Articles, Magnitsky Act, EU Global Human Rights Sanctions Regime, Human rights, Magnitsky legislation, Economic sanctions

But unlike similar schemes around the world, such as the US Global Magnitsky Act, the current EU Global Human Rights Sanctions Regime (GHRSR), adopted in December 2020, does not include corruption in connection with human rights violations as an offence punishable by restrictive measures.

Key Points: 
  • But unlike similar schemes around the world, such as the US Global Magnitsky Act, the current EU Global Human Rights Sanctions Regime (GHRSR), adopted in December 2020, does not include corruption in connection with human rights violations as an offence punishable by restrictive measures.
  • MEPs should also be able to propose cases of serious human rights violations, in order to increase the legitimacy of the sanctions regime.
  • The EU Global Human Rights Sanctions Regime adds a direct and tangible way to respond to serious human rights violations and hold those responsible for abuses accountable.
  • By allowing us to target persons and entities responsible for grave human rights violations, wherever these abuses take place, the EU Global Human Rights Sanctions Regime strengthens the EUs leading role in human rights .

Venafi Media Alert: North Korean Cyberattacks Can Inspire Other Rogue Nations

Retrieved on: 
Thursday, June 24, 2021
Security, Technology, Other Technology, Software, Networks, Internet, Regions, Cybercrime, Computer security, East Asia, Countries, Harassment, Economic sanctions, Economy of North Korea, North Korea, Korea

Some estimates suggest that cybercrime profits for North Korea may amount to as much as $1 billion each year.

Key Points: 
  • Some estimates suggest that cybercrime profits for North Korea may amount to as much as $1 billion each year.
  • In addition, funds generated by cybercrime support the North Korean economy, countering the impact of economic sanctions.
  • The cybercrime model of North Korea could create a blueprint for other nations to develop similar programs.
  • Without international action, Venafi warns that this could result in escalating cyber guerrilla warfare, putting all nations at significant risk.

Torres Law Named Trade & Customs Law Firm of the Year

Retrieved on: 
Friday, June 11, 2021
Articles, Economic sanctions, Embargoes, Non-tariff barriers to trade, Law, Anti-boycott, Law firm, Policy

WASHINGTON andDALLAS, June 10, 2021 /PRNewswire/ -- We are delighted to announce that the 2021 Global Law Experts Annual Awards named Torres Law, PLLC as its 2021 Trade & Customs Law Firm of the Year in the United States.

Key Points: 
  • WASHINGTON andDALLAS, June 10, 2021 /PRNewswire/ -- We are delighted to announce that the 2021 Global Law Experts Annual Awards named Torres Law, PLLC as its 2021 Trade & Customs Law Firm of the Year in the United States.
  • Torres Law is a U.S. law firm that works with U.S. and global clients from multinationals and Fortune 500 companies to medium-sized businesses and start-ups to successfully import and export goods, technology, and services.
  • In addition, Torres Law guides clients across the full spectrum of trade and national security law issues, from U.S. export control and economic sanctions laws to trade policy, industrial security, the Defense Federal Acquisition Regulation Supplement, Foreign Corrupt Practices Act, anti-boycott laws, customs law , and trade strategy and policy.
  • To assist with risk advisory, audits, and complex investigations, the law firm's affiliate Torres Trade Advisory, LLC provides support by giving Torres Law access to experienced trade and national security advisors, including a network of former senior leadership in U.S. government regulatory agencies and security positions.

Myanmar/Burma: EU imposes sanctions on 10 individuals and two military-controlled companies over the February military coup and subsequent repression

Retrieved on: 
Saturday, April 24, 2021
International sanctions, Commercial policy, Embargoes, Magnitsky Act, Economic sanctions, Non-tariff barriers to trade, Myanmar–United States relations

The individuals targeted by sanctions are all responsible for undermining democracy and the rule of law in Myanmar/Burma, and for repressive decisions and serious human rights violations.

Key Points: 
  • The individuals targeted by sanctions are all responsible for undermining democracy and the rule of law in Myanmar/Burma, and for repressive decisions and serious human rights violations.
  • The adopted sanctions specifically target the economic interests of Myanmars military regime, which is responsible for the overthrow of Burmas democratically elected government.
  • Restrictive measures, which now apply to a total of 35 individuals and two companies, include a travel ban and an asset freeze.
  • In addition, EU citizens and companies are forbidden from making funds available to the listed individuals and entities.