Timely news and analysis of the latest developments in international trade law
On August 19, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two Russia-related General Licenses (GL) authorizing certain limited activities with Russian financial institutions which have been blocked and designated on the Specially Designated Nationals (SDN) List.
Placement on the SDN List results in all property and interests in property…
On August 16, 2022, the Department of Commerce’s Bureau of Industry and Security (BIS) issued several new Frequently Asked Questions (FAQ) addressing potential red flags for diversion concerns.
Regarding semiconductor foundries, one FAQ asks if there any special red flags that should be considered with regard to parties (e.g., integrated circuit designers) on the Entity…
On August 17, 2022, the Office the U.S. Trade Representative announced that formal negotiations have commenced with Taiwan on the United States-Taiwan Initiative on 21st Century Trade. This trade initiative was first announced in June 2022 as an effort to “deepen the economic and trade relationship, advance mutual trade priorities based on shared values, and…
On August 2, 2022, the Treasury Department, as the lead agency of the Committee on Foreign Investment in the United States (CFIUS), released a public version of its annual report to Congress regarding foreign direct investment in the United States. Assistant Secretary for Investment Security Paul Rosen stated, “This year’s Annual Report demonstrates that CFIUS…
On August 2, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) added further Russian individuals, entities and vessels to its Specially Designated Nationals (SDN) List. The designations include numerous Russian individuals connected to Russia President Vladimir Putin, as well as multinational companies Investitsionnaya Kompaniya MMK-FINANS (an investment and financial copany) and…
On August 1, 2022, and as directed by the U.S. Court of International Trade (CIT) in its April 2022 decision (see Update of April 6, 2022), the Office of the U.S. Trade Representative (USTR) filed a 90-page explanation in support of its rationale for imposing List 3 and List 4A tariff determinations to…
