Both the Senate and House this week passed the Chips Act of 2022 (H.R. 4346) by comfortable bipartisan margins, sending it to the desk of President Joseph Biden for signature and enactment. The Act seeks to address that fact that only about 12% of semiconductor chips are currently manufactured in the United States and provides
July 2022
OFAC Authorizes Provision of Tax Preparation Services to U.S. Individuals Located in Russia
On July 14, 2022, the Department of Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 44 authorizing transactions ordinarily incident and necessary to the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of tax preparation or filing services to any…
OFAC Authorizes Transactions Involving SEFE Securing Energy for Europe GmbH (formerly Gazprom Germania GmbH)
On July 14, 2022, the Department of Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 30A authorizing transactions through December 16, 2022 involving SEFE Securing Energy for Europe GmbH (formerly known as Gazprom Germania GmbH) or any entity in which SEFE Securing Energy for Europe GmbH owns, directly or indirectly, a 50…
Department of Treasury Releases Amended General License 6B and a New Fact Sheet on Agricultural Trade with Russia
On July 14, 2022, the Department of Treasury’s Office of Foreign Assets Control (OFAC) released a food security fact sheet on Russian sanctions and agricultural trade and an amended General License (GL) 6B to broaden the scope of the authorizations relating to transactions involving agricultural and medical products. The Department’s press release emphasized that “[a]gricultural…
OFAC Issues General License 40A Continuing to Authorize Certain Transactions Involving the Export of LP Gas to Venezuela
By Scott E. Diamond** on
On July 7, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 40A, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” This general license continues authorization of all transactions and activities related to the exportation or reexportation, directly or indirectly, of…
USTR Seeks Comments to Develop Trade Strategy on Forced Labor
By Scott E. Diamond** & David M. Schwartz on
On July 6, 2022, the Office of the U.S. Trade Representative (USTR) issued a notice seeking public comments to assist in the development of a forced labor trade strategy. The notice indicates that the strategy “will identify priorities and establish an action plan for utilizing existing and potential new trade tools to combat forced labor…