On February 24, 2023, the first anniversary of Russia’s invasion of Ukraine, the Departments of the Treasury and State implemented further economic sanctions against key industry sectors “in order to further degrade Russia’s economy and diminish its ability to wage war against Ukraine.” These sanctions are being imposed on over 200 individuals and entities, “including
Department of the Treasury Previews Additional Sanctions on Russia
On February 21, 2023, just a few days before February 24, which marks the one-year anniversary of Russia’s invasion of Ukraine, Deputy Secretary of the Treasury Wally Adeyemo spoke on the Biden administration’s “comprehensive strategy to support Ukraine” including ongoing efforts to deny Russia’s ability “to use the money they have to buy the weapons
UPDATED: OFAC Issues General License Authorizing Earthquake Relief Efforts in Syria – Provides Compliance Guidance
On February 10, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 23 that authorizes until August 8, 2023 all transactions related to earthquake relief efforts in Syria that would otherwise be prohibited by the Syrian Sanctions Regulations under 31 C.F.R. Part 542. The GL makes clear
BIS Seeks Comments on Effectiveness of Licensing Procedures for Export of Agricultural Commodities to Cuba
On February 17, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a notice in the Federal Register seeking public comments on the effectiveness of the licensing procedures for the export and reexport of agricultural commodities to Cuba under the Export Administration Regulations (EAR). Specifically, the notice indicates that pursuant to section
BIS Announces Expedited Licensing Review for Exports to Turkey and Syria to Assist with Earthquake Relief Efforts
On February 17, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a statement indicating that it will expedite the processing of export license applications for items needed to assist in ongoing relief efforts in Turkey and Syria in response to the massive earthquake on February 6, 2023.
Turkey and Syria are
CFIUS Finalizes Acceptance of UK and New Zealand as “Excepted Foreign States”
Pursuant to the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the Committee on Foreign Investment in the United States (CFIUS) established the concept of “excepted foreign state[s],” defined as those states with compliance laws, orders and regulations similar to those of the United States concerning foreign investments assessed for national security purposes. See
OFAC Issues General License Authorizing Earthquake Relief Efforts in Syria
On February 10, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 23 that authorizes until August 8, 2023 all transactions related to earthquake relief efforts in Syria that would otherwise be prohibited by the Syrian Sanctions Regulations under 31 C.F.R. Part 542. The GL makes clear
Treasury Publishes Final Guidance on the Russian Oil Price Cap
On February 3, 2023, the Department of the Treasury (Treasury) issued multiple determinations related to the price cap to be set on Russian-origin petroleum products. Treasury also published finalized guidance on the broader price cap policy implemented by the “Price Cap Coalition” – an international coalition that includes the United States, the G7, the European Union
GAO Report Notes Supply Chain Resilience with Trade Partners Requires Expanded Diplomatic Engagement
In February 2021 and pursuant to Executive Order 14017, “America’s Supply Chains,” President Joe Biden directed a review across all federal agencies to address vulnerabilities in the supply chains for critical goods. See Update of February 25, 2021. Subsequent federal agency reviews and a White House report found five key U.S. supply chain vulnerabilities
CBP Removes Forced Labor Finding Pertaining to Palm Oil and Derivatives Produced by Malaysia’s Sime Darby Plantation
On February 3, 2023, U.S. Customs and Border Patrol (CBP) issued a determination in the Federal Register providing notice that it has determined that palm oil and various derivatives thereof “are no longer being mined, produced, or manufactured wholly or in part with the use of convict, forced, or indentured labor by the Sime Darby