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This quarter, companies around the globe prepared to exit Iran-related business in the wake of U.S. sanctions snap-back. Meanwhile, OFAC provided a path to relief to designated Russian entities, extending several deadlines to allow for the continued divestment by their oligarch owners. The U.S. took no new sanctions actions against North Korea as the two countries entered highly anticipated negotations surrounding denuclearization. Finally, in its first enforcement action of the year, OFAC stressed the importance of empowering compliance personnel to prevent prohibited transactions.
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