On November 7, 2014, the Department of Commerce’s Bureau of Industry and Security (BIS) amended its Export Administration Regulations (EAR) to impose license requirements on the export, re-export, or transfer (in-country) of certain items to or within Venezuela when intended for a “military end use”
US Customs and Border Protection’s (CBP’s) Office of Regulatory Audit will be hosting a webinar on Thursday, October 9, 2014 from 2:00 pm–3:30 pm Eastern Time to provide an overview of its Focused Assessment (FA) Program.
Investment Services Targeted, Sectoral Sanctions Move Debt Sanctions from 90 to 30 days, Certain Oil Exploration/Production Exports and Services Prohibited
As the crisis in Ukraine intensifies and broadens, more foreign investment is likely to find itself caught in the crossfire. The situation raises novel questions about the application of Ukraine’s many investment treaties in the context of armed conflict and belligerent occupation.
After announcing planned additional sanctions in the energy and military end-use sectors, the European Union and the United States both made good on their promises.
On July 16, 2014, the US Office of Foreign Assets Control (OFAC) escalated Russian sanctions by issuing “Sectoral Sanctions” — prohibitions on certain finance related transactions with certain entities, including two major Russian banks and two oil and natural gas producers.
The US Department of Justice recently announced that Fokker Services BV (FSBV), a Dutch aerospace services provider, agreed to forfeit $10.5 million to the United States.
The Buy America constraints of the American Recovery and Reinvestment Act of 2009 (ARRA) which, for the first time, imposed a domestic preference provision that required all iron, steel, and manufactured goods used in any project funded wholly or partially by the ARRA be produced in the U.S.
In a closely watched case, the US Court of Appeals for the Eleventh Circuit has concluded that officers and employees of a foreign government-owned company may be “foreign officials” for purposes of the anti-bribery prohibitions of the Foreign Corrupt Practices Act (FCPA).
The Securities and Exchange Commission (SEC) has announced that reporting companies are not required to describe their products as “DRC conflict free,” having “not been found to be ‘DRC conflict free,’” or “DRC conflict undeterminable,” as originally required in the Conflict Minerals Rule (CMR).
On April 14, the US Court of Appeals for the DC Circuit stuck down portions of the Security and Exchange Commission’s (SEC) Final Rule on Conflict Minerals (Final Rule) as unconstitutional.
On April 3, 2014, President Barack Obama signed an Executive Order sanctioning those responsible for the conflict in South Sudan. The Executive Order blocks the property and entry of designated entities and individuals.
Activity levels involving Russia and Ukraine continue at a torrid pace, with daily developments. In the past few days, there have been diplomatic overtures, a suspension of export licenses to Russia, legislative action, and further sanction releases.
OFAC Adds 19 Individuals and a Bank to SDN List; President Obama Signs New Executive Order Authorizing Sanctions to Against Key Sectors of Russian Economy; EU and Australia Sanctions Also Keeping Pace.