On April 24, 2024, President Biden signed into law a broad national security package which included the Israel Security Supplemental Appropriations Act, 2024; Ukraine Security Supplemental Appropriations Act, 2024; Indo-Pacific Security Supplemental Appropriations Act, 2024; 21st Century Peace through Strength Act; FEND off Fentanyl Act; and the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act. This new law is organized into 20 separate Divisions A-T, and not only provides substantial aid to Ukraine, Israel and Indo-Pacific security for Taiwan but also encompasses extensive amendments to U.S. sanctions and export control laws.
Key Notes
The aid package provides additional foreign aid while also bolstering U.S. national security and enhancing sanctions and export control laws with the enactment of provisions that:
- Increase the statute of limitations for U.S. sanctions violations to ten years, affecting compliance and reporting for businesses.
- Require the president to report to Congress on the overlap of U.S. sanctions on Russian entities and persons with EU and UK sanctions, potentially increasing the number of sanctioned individuals.
- Authorize the seizure of Russian assets in the U.S. to rebuild Ukraine.
- Introduce sanctions targeting Iran’s petroleum exports and missile activities and expands U.S. export controls.
- Implement a ban on TikTok and other apps linked to foreign adversaries and addresses security risks from foreign-controlled digital platforms.
- Prohibit data brokers from transferring sensitive U.S. data to foreign adversaries or their controlled entities.
- Set sanctions and reporting mandates to reduce the capabilities of Palestinian terrorist groups.
- Impose sanctions on those involved in significant trafficking of fentanyl and related substances.