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U.S. May Soften Some Sanctions in Diplomatic Negotiations, Say Former OFAC Officials
By Brian Monroe
printThe Obama administration is rethinking economic sanctions introduced under former President Bush and is likely to rollback some trade prohibitions as part of diplomatic negotiations, say former government officials. Since 2001, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has ramped up the rate of sanctions designations, and tripled the amount of blocked funds directly tied to sanctioned individuals and organizations, from $7.6 million at the beginning of the Bush administration to $20.7 million in 2007, according to a department report. Some of those restrictions-including sanctions against individuals and companies in Iran, Cuba and North Korea-may be loosened...
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