The Department of Commerce’s Bureau of Industry and Security (BIS) issued on May 9, 2022, a Final Rule that greatly expands the list of items requiring a license to export to Russia. The export restrictions impact a broad range of inputs and products including wood products, industrial engines, boilers, motors, fans, and ventilation equipment, bulldozers,
May 2022
BIS Creates Russia Export Control Resources Web Page
The Department of Commerce’s Bureau of Industry and Security (BIS) has created a web page offering “Resources on Export Controls Implemented in Response to Russia’s Invasion of Ukraine.” The web page provides convenient links to relevant BIS press releases, fact sheets, and Federal Register notices related to BIS actions involving export controls and…
U.S. International Trade Commission to Investigate Effects of Section 232 and Section 301 Tariffs on U.S. Industries
On May 5, 2022, the U.S. International Trade Commission (ITC) announced the initiation of a general factfinding investigation that will examine the impact of tariffs on U.S. imports under section 232 of the Trade Expansion Act of 1962 and section 301 of the Trade Act of 1974 in effect as of March 15, 2022. The…
OFAC Replaces 2014 “Ukraine Related Sanctions Regulations” With More Comprehensive Set of Regulations
On May 2, 2022, new amendments to the Ukraine Related Sanctions Regulations, renaming them “Ukraine-/Russia-Related Sanctions Regulations” (URSR), were published by U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in the Federal Register. The Ukraine-/Russia-Related Sanctions Regulations went into effect May 2.
OFAC’s new URSR replace the Ukraine Related Sanctions Regulations that were…
SEC Issues Sample Comment Letter Regarding Disclosure Obligations Related to Russia’s Invasion of Ukraine
On May 3, 2022, the Securities and Exchange Commission’s Division of Corporation Finance issued a sample comment letter outlining public company disclosure requirements relating to the business impact of Russia’s invasion of Ukraine and the international response.
To the extent material or otherwise required under the SEC’s disclosure framework, the SEC advises that companies should…
USTR Initiates Four-Year Review of Section 301 Tariff Actions on Imports of Certain Chinese Products
On May 3, 2022, the U.S. Trade Representative (USTR) issued a notice initiating a statutory four-year review of Section 301 tariffs on imports of certain Chinese products initially implemented by the Trump administration.
In its notice, the USTR is seeking comments from domestic industries benefiting from the two Section 301 tariff actions, which became effective…