On September 15, 2022, the United States imposed further export control and sanctions measures in response to the ongoing conflict in Ukraine. Among the additional measures implemented are the following...more
9/22/2022
/ Biden Administration ,
Blocked Person ,
Commerce Control List ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Trade Regulations ,
General Licenses ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Ukraine
On May 3, 2022, the SEC’s Division of Corporation Finance (“CorpFin”) issued guidance reminding companies with disclosure obligations under U.S. securities laws to be cognizant of any disclosures that may be warranted as a...more
Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more
5/17/2022
/ Anti-Money Laundering ,
Antitrust Violations ,
Banking Sector ,
Corporate Governance ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
Ethnicity ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
FTSE ,
Modern Slavery Act ,
Retail Banks ,
Russia ,
UK ,
UK Competition and Markets Authority (CMA) ,
Ukraine
Following a meeting of G7 leaders on May 8, 2022, the United States enacted additional sanctions and export control measures in response to the ongoing conflict in Ukraine. Among the changes: a prohibition on U.S. persons...more
5/13/2022
/ Blocked Entities ,
Economic Sanctions ,
Export Controls ,
Final Rules ,
G7 ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Russia ,
SDN List ,
Ukraine ,
Visa Restrictions ,
Visas
On April 8, 2022, President Biden signed two trade-related bills: one revoking normal tariff treatment for Russia and Belarus, and the other banning Russian energy imports. Following the April recess, Congress may take...more
4/15/2022
/ Belarus ,
Biden Administration ,
Economic Sanctions ,
Oil & Gas ,
Russia ,
Tariffs ,
Tax Credits ,
Trade Relations ,
Trading Suspension ,
Ukraine ,
WTO
The United States has taken further export control and sanctions measures in response to the ongoing conflict in Ukraine. Among the changes: SDN designations of additional persons, entities and vessels, ban on new investment...more
Expanded Sanctions Authority -
As part of the sweeping restrictive measures that the United States has issued in response to the conflict in Ukraine, on March 31, 2022, the U.S. Department of Treasury’s Office of Foreign...more
4/4/2022
/ Belarus ,
Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Executive Orders ,
Export Controls ,
Military Conflict ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Ukraine
On March 24, 2022, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) updated General License 6 of Executive Order (“EO”) 14024 under the Russia Harmful Foreign Activities Sanctions Regulations....more
On March 24, 2022, the United States designated additional parties as sanctions targets in Russia in response to the conflict in Ukraine. Companies should continue to conduct restricted party screening of all parties involved...more
On Friday, March 18, 2022, in response to the continued escalation in Ukraine, the U.S. Commerce Department’s Bureau of Industry and Security (“BIS”) identified both private and commercial aircraft that have flown to Russia...more
Last week, the United States continued to impose sweeping restrictive measures in response to the conflict in Ukraine, including measures targeting imports of certain Russian energy and “signature” products into the United...more
3/16/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Canada ,
Economic Sanctions ,
EU ,
Executive Orders ,
Export Controls ,
Exports ,
Foreign Relations ,
G7 ,
General Licenses ,
Imports ,
Most-Favored Nations ,
Russia ,
Trade Restrictions ,
UK ,
Ukraine ,
USTR
On March 2, 2022, in response to the increased escalation in Ukraine, the U.S. Commerce Department’s Bureau of Industry and Security (BIS) imposed new export control measures targeting Belarus for its assistance to Russia...more
3/4/2022
/ Belarus Sanctions ,
Bureau of Industry and Security (BIS) ,
ECCNs ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Ukraine
The Ukraine crisis raises a host of potential forward-looking statement qualifiers and risk factors to consider, as U.S. and European leaders swiftly issued several rounds of progressively more severe sanctions against...more
In response to the increased escalation in Ukraine, on February 24, 2022, the United States imposed another round of sanctions against Russian financial institutions, state-owned agencies, and Russian elites with close ties...more
As previewed by President Biden in his press conference on February 24, 2022, the U.S. Commerce Department’s Bureau of Industry and Security (BIS) is imposing additional export control measures targeting Russia. The new...more
2/28/2022
/ Biden Administration ,
Commerce Control List ,
ECCNs ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Military End Use ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
U.S. Commerce Department ,
Ukraine
As unveiled during President Biden’s press conference on February 22, 2022, the United States has imposed another round of sanctions in response to President Putin’s decision to deploy troops to the Donetsk People’s Republic...more
On February 21, 2022, President Biden issued an Executive Order (EO) to impose a first round of sanctions in response to Russian President Putin’s actions with respect to the Donetsk People’s Republic (DNR) and Luhansk...more
In addition to compliance considerations under US sanctions associated with activities of U.S. persons, companies should also ensure that their compliance programs take into account the expansion under U.S. export controls of...more
12/13/2021
/ Burma ,
Cambodia ,
Chemical Weapons ,
Chief Compliance Officers ,
China ,
Compliance ,
Defense Sector ,
Export Administration Regulations (EAR) ,
Export Controls ,
Military End Use ,
National Security ,
Nuclear Weapons ,
Prohibited Transactions ,
Russia ,
U.S. Commerce Department ,
Venezuela
On September 27, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury announced a $1,423,766 settlement with Houston-based supplier, Cameron International Corporation (“Cameron”) to resolve...more
11/9/2021
/ Compliance ,
Corporate Counsel ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanction Violations ,
SDN List ,
Settlement Negotiations ,
Ukraine
Effective September 7, 2021, the U.S. government imposed a second round of sanctions on Russia in connection with its determination that the Russian Federation violated the Chemical Weapons Convention based on the attack on...more
In response to a variety of activities allegedly undertaken by Russia, the U.S. Government has imposed a series of additional sanctions and export control measures since early March. Collectively, the March and April...more
4/30/2021
/ Biden Administration ,
CAATSA ,
Defense Sector ,
Economic Sanctions ,
Entity List ,
Executive Orders ,
Export Controls ,
Intelligence Services ,
ITAR ,
Office of Foreign Assets Control (OFAC) ,
Publicly-Traded Companies ,
Reporting Requirements ,
Russia ,
SDN List ,
US State Departments
Over the course of this year, the U.S. government has enacted a number of new regulatory changes, including changes aimed at addressing national security concerns related to countries of interest, including China, Russia, and...more
While the pandemic has slowed down many things this year, it did not impede progress by the Department of Commerce’s Bureau of Industry and Security (“BIS”) in publishing various regulatory changes aimed at addressing...more
11/4/2020
/ Amended Regulation ,
Bureau of Industry and Security (BIS) ,
China ,
Compliance ,
Department of Defense (DOD) ,
Export Administration Regulations (EAR) ,
Foreign Direct Product Rule ,
Licensing Rules ,
Military End Use ,
National Security ,
Russia ,
Venezuela
In a burst of activity, the US Department of Commerce, Bureau of Industry and Security (BIS) issued two final rules and one proposed rule. These rules, published in the Federal Register on April 28, 2020, made a series of...more
5/1/2020
/ Bureau of Industry and Security (BIS) ,
China ,
Defense Sector ,
ECCNs ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Final Rules ,
General Licenses ,
National Security ,
Proposed Regulation ,
Russia ,
U.S. Commerce Department ,
Venezuela
As we discussed in our last alert, Congress has exhibited increased willingness to consider imposing sanctions in order to advance US foreign policy interests. Multiple sanctions-related bills are currently under...more