OFAC issues skeletal Ethiopian Sanctions Regulations and amendments that adjust civil monetary penalties for inflation

On February 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control announced that it issued Ethiopia Sanctions Regulations to implement Executive Order 14046 of September 17, 2021, "Imposing Sanctions on Certain Persons With Respect to the Humanitarian and Human Rights Crisis in Ethiopia."  The rule is effective on February 9, 2022, the date that it was published in the Federal Register.  In order to provide the public with immediate guidance, OFAC published the regulations at this time in abbreviated form with plans to supplement them with a more comprehensive set of regulations, which may provide additional interpretive guidance and definitions, general licenses, and other regulatory provisions.

OFAC also issued a final rule to adjust certain civil monetary penalties for inflation in accordance with Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  This rule is also effective on February 9, 2022, the date that it was published in the Federal Register.

Department of Treasury Recent Action | Final Rule - Ethiopia Sanctions Regulations | Final Rule - Adjustment of Civil Monetary Penalties

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