OFAC issues frequently asked question related to Luokung Technology Corp.

On May 6, 2021, the Department of the Treasury’s Office of Foreign Assets Control published a frequently asked question related to Luokung Technology Corp. and its ongoing lawsuit challenging the validity of sanctions imposed under Executive Order 13959, “Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies.”  According to FAQ 893, in accordance with a May 5, 2021 order entered in the US District Court for the District of Columbia, OFAC is preliminarily enjoined from enforcing any EO 13959 prohibitions against Luokung.  As a result, no sanctions will be imposed against the company until a subsequent order is entered by the court.

Department of Treasury Recent Action | FAQ 893