The Cleary Gottlieb CFIUS team submitted a comment on March 18, 2026 in response to the Request for Information (RFI) issued by the U.S. Department of the Treasury (Treasury), as chair of the Committee on Foreign Investment in the United States (CFIUS), regarding a new Known Investor Program and ways to make CFIUS’s foreign investment review process more efficient. The comment is available here. Drawing on our experience advising foreign investors and U.S. businesses across a wide range of investor profiles, transaction structures, and industry sectors, we offer practical, experience-based observations aimed at assisting CFIUS in developing the Known Investor Program into a workable, broadly available program that fosters foreign direct investment into the United States while protecting national security. Our comments are offered in the spirit of the RFI’s stated goals of increasing efficiencies in the CFIUS process to facilitate investment from allies and partners while preserving the rigor of the national security review.[1]
Continue Reading Cleary Gottlieb Comments on CFIUS Known Investor Program and Process StreamliningOFAC Lifts Belarus Sovereign Debt Ban, Eases Sanctions on Belarusian Potash Sector
On March 26, 2026, the U.S. Department of the Treasury (Treasury), Office of Foreign Assets Control (OFAC) rescinded Directive 1 under Executive Order (E.O.) 14038, which had prohibited transactions in Belarusian sovereign debt with maturity of longer than 90 days issued since December 2, 2021. In parallel with the rescission of Directive 1, OFAC issued General License (GL) 14, authorizing transactions involving the Belarussian Bank of Development and Reconstruction Belinvestbank Joint Stock Company (Belinvestbank), among other entities. OFAC also removed several significant Belarusian potash sector entities from the Specially Designated Nationals and Blocked Persons List (SDN List).
Continue Reading OFAC Lifts Belarus Sovereign Debt Ban, Eases Sanctions on Belarusian Potash SectorOFAC Expands Authorized Activities in Venezuelan Mining Sector
On March 27, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) amended an existing General License (GL) and issued two new GLs authorizing new activity in Venezuela’s mining and minerals sectors. Since January 2026, the U.S. government has issued a series of general licenses authorizing sector- or activity-specific dealings relating to Venezuela under specified conditions. GLs 51A, 54, and 55 extend this framework — previously primarily focused on the oil and gas sector — to Venezuela’s minerals sector, including gold.
Continue Reading OFAC Expands Authorized Activities in Venezuelan Mining SectorNSD Flags Its Role as the Front Door for National Security-Related Voluntary Self-Disclosures Under the New Department-Wide Corporate Enforcement Policy
On March 30, 2026, the Department of Justice’s National Security Division (NSD) issued a press release reinforcing that companies seeking to voluntarily self-disclose criminal violations of national security laws—including export control and sanctions laws, and foreign investment and foreign telecommunication laws—should report those disclosures directly to NSD.[1] The announcement follows the Department of Justice’s (DOJ) March 10, 2026 release of its first-ever Department-wide Corporate Enforcement Policy (CEP), which established a unified framework for how DOJ evaluates corporate voluntary self-disclosures, cooperation, and remediation across all DOJ components, except the Antitrust Division.[2]
Continue Reading NSD Flags Its Role as the Front Door for National Security-Related Voluntary Self-Disclosures Under the New Department-Wide Corporate Enforcement PolicyOFAC Issues GL 52, Further Loosening Sanctions Against PdVSA
On March 18, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued General License (GL) 52, authorizing certain transactions involving Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (collectively, PdVSA Entities) by an established U.S. entity.[1] Concurrently with GL 52, OFAC issued two new Venezuela-related Frequently Asked Questions (FAQs) addressing key aspects of GL 52. Since January 2026, the U.S. government has issued a series of general licenses authorizing sector- or activity-specific dealings relating to Venezuela (including PdVSA Entities) under specified conditions. This latest general license represents a further step by the U.S. government to encourage investment in Venezuelan oil production, as part of a broader effort to expand Venezuela’s production and export capacity.[2]
Continue Reading OFAC Issues GL 52, Further Loosening Sanctions Against PdVSAOFAC Expands Venezuela Sanctions Relief to Fertilizers and Petrochemical Products, Investment in Petrochemical and Electricity Sectors
On March 13, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued three amended General Licenses (GLs), extending authorized activities to include the export of petrochemical and fertilizer products from Venezuela, as well as new investment in the Venezuelan petrochemical and electricity sectors.
Continue Reading OFAC Expands Venezuela Sanctions Relief to Fertilizers and Petrochemical Products, Investment in Petrochemical and Electricity SectorsU.S. Court of International Trade Orders Refunds of IEEPA Tariffs
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
On March 4, 2026, the U.S. Court of International Trade (“CIT”) issued an order (the “Order”) directing the U.S. government to refund tariffs imposed by the Trump Administration under the International Emergency Economic Powers Act of 1977, 50 U.S.C. 1701, et seq. (“IEEPA”) that recently were struck down by the Supreme Court of the United States (“SCOTUS”) in Learning Resources, Inc. v. Trump on February 20, 2026.[1] The Order has immediate implications for importers seeking refunds for the so-called “Trafficking Tariffs” previously imposed on Canada, China, and Mexico, the “Reciprocal Tariffs” previously imposed on most U.S. trading partners, and additional tariffs imposed pursuant to IEEPA (together, the “IEEPA Tariffs”).[2]
Continue Reading U.S. Court of International Trade Orders Refunds of IEEPA TariffsOFAC Sanctions Rwanda Defence Force and Senior Officials in Connection with DRC Conflict
On March 2, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) imposed sanctions on the Rwanda Defence Force (“RDF”, the military of Rwanda) and four senior RDF officials pursuant to the Democratic Republic of the Congo Sanctions Regulations (“DRCSR”) (codified at 31 C.F.R. Part 547).[1] Concurrent with the designations, OFAC issued General License No. 1 (“GL 1”) authorizing the wind down of transactions involving the RDF through April 1, 2026.[2]
Continue Reading OFAC Sanctions Rwanda Defence Force and Senior Officials in Connection with DRC ConflictSupreme Court Strikes Down IEEPA Tariffs: What To Know and Expect
On February 20, 2026, the United States Supreme Court (the “Court”) held in Learning Resources, Inc. et al. v. Trump (“Learning Resources”) that the International Emergency Economic Powers Act of 1977, 50 U.S.C. 1701, et seq. (“IEEPA”) does not authorize the President of the United States (the “President”) to impose tariffs (the “Decision”). The Decision has significant implications, most directly for importers that have been paying duties imposed by President Trump under IEEPA on imports from most U.S. trading partners in response to trade deficits referenced by the administration and on imports from Canada, Mexico, and China in response to the alleged influx of illegal drugs from those countries.
Continue Reading Supreme Court Strikes Down IEEPA Tariffs: What To Know and ExpectOFAC Issues General Licenses 49 and 50A Authorizing Contingent Investments and Additional Operations in Venezuelan Oil and Gas Sector
On February 13, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 49 and GL 50 (since amended as 50A),[1] continuing the expansion of authorized activities in the Venezuelan oil and gas sectors. These two licenses follow five additional licenses recently issued by OFAC[2] collectively providing distinct pathways for engagement with Venezuelan energy operations while maintaining stringent controls and oversight mechanisms by the U.S. government. GL 49 authorizes negotiation of and entry into contingent contracts for certain new investments in oil or gas sector operations in Venezuela, and GL 50A authorizes transactions by BP, Chevron, Eni, Établissements Maurel & Prom SA, Repsol, and Shell related to oil or gas sector operations in Venezuela.
Continue Reading OFAC Issues General Licenses 49 and 50A Authorizing Contingent Investments and Additional Operations in Venezuelan Oil and Gas Sector