Beneficial Owners of Overseas Entities Sanctioned by US

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Law company Clifford Chance has assessed the consequences for foreign companies of the Trump administration’s practice of economic sanctions, imposing on private companies to advance the state’s foreign policy. The US will now sanction major foreign companies such as RUSAL and Petróleos de Venezuela (PdVSA), who now face sanctions from the US Office of Foreign Assets Control (OFAC), requiring individual owners to divest or transfer control to beneficial owner approved by the US even if a person isn’t accused of wrongdoing.