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U.S. Acts to Lift Economic and Financial Sanctions Against Burma, Cote d’Ivoire

Friday, September 16, 2016
Sandler, Travis & Rosenberg Trade Report

President Obama announced Sept. 14 that he will terminate the national emergency with respect to Burma that has been in place since 1997 in recognition of the democratic election of a civilian-led government and its commitment to achieving peace, national reconciliation, and inclusive economic growth. Once this takes place via the issuance of an executive order, all of the economic and financial sanctions implemented by the Treasury Department’s Office of Foreign Assets Control under the Burmese Sanctions Regulations will no longer be in effect. In addition, individuals and entities designated pursuant to the Burma sanctions program will be removed from OFAC’s Specially Designated Nationals and Blocked Persons (SDN) List, although some Burmese SDNs may remain designated under other OFAC authorities.

Separately, President Obama has issued an executive order terminating as of Sept. 14 the national emergency declared with respect to Cote d’Ivoire in EO 13396 of Feb. 7, 2006. EO 13396 was issued due to concerns about human rights abuses and political violence, but according to the State Department Cote d’Ivoire’s advances in restoring peace and democracy and developing its political, administrative, and economic institutions since the end of its civil war in 2011 represent “significant improvements.” As a result, the economic sanctions imposed pursuant to EO 13396 have been lifted.

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