The Office of Foreign Assets Control has issued a final rule that, effective April 28, amends the Somalia Sanctions Regulations issued in 2010. OFAC states that this rule includes additional interpretive and definitional guidance, general licenses, statements of licensing policy, and other regulatory provisions that will provide further guidance to the public.
According to OFAC, the sanctions this rule is implementing do not generally prohibit trade with, or the provision of banking or other financial services to, Somalia. Instead, they apply where the transaction or service in question involves property or interests in property that are blocked pursuant to these sanctions. They also prohibit the importation, directly or indirectly, of charcoal from Somalia.
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