Latest news with #OFAC
Ya Biladi
2 days ago
- Politics
- Ya Biladi
What a U.S. terrorist designation could mean for the Polisario Front
DR The bipartisan bill introduced by Representatives Joe Wilson (Republican) and Jimmy Panetta (Democrat) seeks to designate the Polisario Front as a « foreign terrorist organization » (FTO). However, even if the bill passes, the designation would not be automatic: under U.S. law, the final decision rests with the Secretary of State, who acts on advice from the Treasury Department and the Department of Justice (8 U.S.C. § 1189). To persuade Congress—and ultimately Secretary of State Marco Rubio—Joe Wilson emphasizes the Polisario's ties to Hezbollah and Iran. He could also highlight threats of terrorist attacks against foreign interests in Western Sahara by leaders of the separatist movement. If the «Polisario Front Terrorist Designation Act» succeeds and the State Department officially labels the Polisario as an FTO, here are four key consequences to expect: Implications of the FTO designation in the United States Asset freeze: The Treasury could block any funds controlled by the Polisario within U.S. jurisdiction. This freeze would be targeted; a global blockade would require an additional designation as a «Specially Designated Global Terrorist» (SDGT) by OFAC. In practice, many non-U.S. banks would likely halt processing dollar payments to avoid risks. Prosecution for «material support»: Anyone in the U.S. providing material assistance could face up to 20 years in prison (18 U.S.C. § 2339B). However, humanitarian licenses could still be granted, as has been done for groups like the Houthis, ensuring vital aid reaches civilians. Visas and border controls: Members and supporters would be legally inadmissible under INA § 212. Diplomatic exemptions might apply for UN personnel, but access to the U.S. would become the exception rather than the rule. Polisario's credibility and finances under pressure Loss of «liberation movement» aura: The FTO label would legally equate the Polisario with groups like Hezbollah or the PKK, seriously undermining its third-worldist narrative. Fundraising challenges: American payment platforms would sever ties, and European banks would adopt a strict cautionary stance. Non-dollar channels such as cryptocurrencies or Asian banks might persist unless secondary sanctions are imposed. NGOs under scrutiny: Humanitarian organizations would need OFAC licenses to operate in the Tindouf camps. Any advocacy or training involving the Polisario would become legally risky. Algeria in a delicate spot No automatic «State Sponsor of Terrorism» label: That designation requires clear, repeated support for attacks targeting U.S. interests. «Countering America's Adversaries Through Sanctions Act» law leverage: If Algeria pursues significant new Russian arms deals, CAATSA sanctions could be triggered, but this would be a highly political and conditional decision. Narrative costs: Supporting a group officially labeled as terrorist would damage Algeria's position, especially since some Sahel countries accuse it of backing terrorist groups in the region. Possible mitigation: Algeria might push for the disarmament of Polisario militias to ease international pressure. Multilateral repercussions: shifting from «decolonization» to «security» At the UN Security Council: The U.S. could push to add counter-terrorism to MINURSO's mandate during its next renewal. This would require a new resolution and must avoid a Russian or Chinese veto. Within the African Union: Some member states concerned about their image might distance themselves from the SADR, potentially leading to a formal suspension if 36 countries support amending the AU's founding charter. Bilateral relations: Hesitant countries would have a stronger rationale to openly back Morocco's autonomy plan. In short, if Washington finally brands the Polisario Front as an FTO, it would shine a spotlight on the alliances behind the Polisario—making them more visible, and more politically costly for countries like Algeria and South Africa to support.
Ya Biladi
3 days ago
- Politics
- Ya Biladi
What a U.S. terrorist designation could mean for the Polisario Front
The bipartisan bill introduced by Representatives Joe Wilson (Republican) and Jimmy Panetta (Democrat) seeks to designate the Polisario Front as a « foreign terrorist organization » (FTO). However, even if the bill passes, the designation would not be automatic: under U.S. law, the final decision rests with the Secretary of State, who acts on advice from the Treasury Department and the Department of Justice (8 U.S.C. § 1189). To persuade Congress—and ultimately Secretary of State Marco Rubio—Joe Wilson emphasizes the Polisario's ties to Hezbollah and Iran. He could also highlight threats of terrorist attacks against foreign interests in Western Sahara by leaders of the separatist movement. If the «Polisario Front Terrorist Designation Act» succeeds and the State Department officially labels the Polisario as an FTO, here are four key consequences to expect: Implications of the FTO designation in the United States Asset freeze: The Treasury could block any funds controlled by the Polisario within U.S. jurisdiction. This freeze would be targeted; a global blockade would require an additional designation as a «Specially Designated Global Terrorist» (SDGT) by OFAC. In practice, many non-U.S. banks would likely halt processing dollar payments to avoid risks. Prosecution for «material support»: Anyone in the U.S. providing material assistance could face up to 20 years in prison (18 U.S.C. § 2339B). However, humanitarian licenses could still be granted, as has been done for groups like the Houthis, ensuring vital aid reaches civilians. Visas and border controls: Members and supporters would be legally inadmissible under INA § 212. Diplomatic exemptions might apply for UN personnel, but access to the U.S. would become the exception rather than the rule. Polisario's credibility and finances under pressure Loss of «liberation movement» aura: The FTO label would legally equate the Polisario with groups like Hezbollah or the PKK, seriously undermining its third-worldist narrative. Fundraising challenges: American payment platforms would sever ties, and European banks would adopt a strict cautionary stance. Non-dollar channels such as cryptocurrencies or Asian banks might persist unless secondary sanctions are imposed. NGOs under scrutiny: Humanitarian organizations would need OFAC licenses to operate in the Tindouf camps. Any advocacy or training involving the Polisario would become legally risky. Algeria in a delicate spot No automatic «State Sponsor of Terrorism» label: That designation requires clear, repeated support for attacks targeting U.S. interests. «Countering America's Adversaries Through Sanctions Act» law leverage: If Algeria pursues significant new Russian arms deals, CAATSA sanctions could be triggered, but this would be a highly political and conditional decision. Narrative costs: Supporting a group officially labeled as terrorist would damage Algeria's position, especially since some Sahel countries accuse it of backing terrorist groups in the region. Possible mitigation: Algeria might push for the disarmament of Polisario militias to ease international pressure. Multilateral repercussions: shifting from «decolonization» to «security» At the UN Security Council: The U.S. could push to add counter-terrorism to MINURSO's mandate during its next renewal. This would require a new resolution and must avoid a Russian or Chinese veto. Within the African Union: Some member states concerned about their image might distance themselves from the SADR, potentially leading to a formal suspension if 36 countries support amending the AU's founding charter. Bilateral relations: Hesitant countries would have a stronger rationale to openly back Morocco's autonomy plan. In short, if Washington finally brands the Polisario Front as an FTO, it would shine a spotlight on the alliances behind the Polisario—making them more visible, and more politically costly for countries like Algeria and South Africa to support.
National Post
5 days ago
- Business
- National Post
Gold Reserve Announces Submission of Further Revised Topping Bid by Dalinar Energy for CITGO Parent Company
Article content PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (' Gold Reserve ' or the 'Company') announces that today its Delaware subsidiary, Dalinar Energy Corporation (' Dalinar Energy '), submitted a further revised topping bid to be selected as the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. (' PDVH '), the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware (the ' Court '). Dalinar Energy submitted an initial topping bid on June 3, 2025 as announced here and a revised topping bid on June 18, 2025 as announced here. Article content Terms of the further revised bid will remain confidential until, at the earliest, the Special Master appointed to operate the sale process reviews all bids and makes his final recommendation to the Court by July 2, 2025. The Court is scheduled to hold a sale hearing starting on August 18, 2025, and in connection therewith rule on any objections to the Special Master's final recommendation. Article content Consummation of the further revised bid, if selected and approved by the court, is subject to closing conditions and regulatory approvals, including but not limited to approval by the U.S. Department of Treasury' s Office of Foreign Assets Control (' OFAC '). Article content A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Article content Cautionary Statement Regarding Forward-Looking statements Article content This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as 'anticipates', 'plan', 'continue', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'potential', 'proposed', 'positioned' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to the Bid. Article content We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto and that the Special Master may reject the Bid at any time; the Special Master may choose not to recommend a Final Bid to the Court; the failure of the Company to negotiate the Bid, including as a result of failing to obtain sufficient equity and/or debt financing; that Bid submitted by the Company will not be selected as the 'Final Recommend Bid' under the Bidding Procedures, and if selected may not close due to the Sale Process not being completed, including as a result of not obtaining necessary regulatory approvals to close on the purchase of the PDVH shares, including but not limited to any necessary approvals from OFAC, the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith); the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Article content Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by the applicable Canadian provincial and territorial securities laws. Article content Article content Article content
Yahoo
5 days ago
- Business
- Yahoo
Gold Reserve Announces Submission of Further Revised Topping Bid by Dalinar Energy for CITGO Parent Company
PEMBROKE, Bermuda, June 25, 2025--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") announces that today its Delaware subsidiary, Dalinar Energy Corporation ("Dalinar Energy"), submitted a further revised topping bid to be selected as the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. ("PDVH"), the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware (the "Court"). Dalinar Energy submitted an initial topping bid on June 3, 2025 as announced here and a revised topping bid on June 18, 2025 as announced here. Terms of the further revised bid will remain confidential until, at the earliest, the Special Master appointed to operate the sale process reviews all bids and makes his final recommendation to the Court by July 2, 2025. The Court is scheduled to hold a sale hearing starting on August 18, 2025, and in connection therewith rule on any objections to the Special Master's final recommendation. Consummation of the further revised bid, if selected and approved by the court, is subject to closing conditions and regulatory approvals, including but not limited to approval by the U.S. Department of Treasury' s Office of Foreign Assets Control ("OFAC"). A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Cautionary Statement Regarding Forward-Looking statements This release contains "forward-looking statements" within the meaning of applicable U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to the Bid. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto and that the Special Master may reject the Bid at any time; the Special Master may choose not to recommend a Final Bid to the Court; the failure of the Company to negotiate the Bid, including as a result of failing to obtain sufficient equity and/or debt financing; that Bid submitted by the Company will not be selected as the "Final Recommend Bid" under the Bidding Procedures, and if selected may not close due to the Sale Process not being completed, including as a result of not obtaining necessary regulatory approvals to close on the purchase of the PDVH shares, including but not limited to any necessary approvals from OFAC, the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith); the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by the applicable Canadian provincial and territorial securities laws. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. View source version on Contacts For further information regarding the bid or Dalinar Energy Corporation, please contact:dalinar@ For further information regarding Gold Reserve Ltd., visit or contact: Kathryn Houlden(441) 295-4653A.S. Cooper Building, 7th Floor, 26 Reid Street, Hamilton, HM 11, Bermudainvestorrelations@
Iraqi News
5 days ago
- Business
- Iraqi News
IMF mission praises Iraq's Central Bank for significant progress in financial reforms
Baghdad ( – An International Monetary Fund (IMF) mission has praised the Central Bank of Iraq (CBI) for achieving significant progress in a series of financial reforms, most notably the successful transition to a new system for financing foreign trade. In a statement, the mission highlighted the CBI's shift away from reliance on the daily dollar auction to a system where commercial banks process trade finance entirely through correspondent banking channels. This development, the IMF noted, has enhanced banks' compliance with international transparency standards like OFAC regulations and has helped narrow the gap between the official and parallel market exchange rates. The IMF also commended the CBI's efforts in managing excess liquidity through short-term debt instruments and its more effective overall foreign exchange management, which includes measures requiring real import invoices from traders. The praise from the international financial institution serves as a strong endorsement of the CBI's strategic reforms aimed at modernizing Iraq's financial infrastructure, increasing transparency, and curbing illicit currency speculation.
