In a new FAQ, OFAC clarified that the prohibitions under Executive Order ("E.O.") 13959 ("Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies") do not apply to Luokung Technology Corp. ("Luokung"). In FAQ 893, OFAC explained that, on May 5, 2021, the U.S. District Court for the District of Columbia issued an order preliminarily enjoining the application of E.O. 13959 with respect to Luokung. As a result, pending a future order by the court, the prohibitions of the E.O. will not apply to Luokung.
OFAC issued two FAQs addressing the application of sanctions on certain Chinese military companies.
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