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
USTR Files Remand Results Explanation in China Section 301 Tariff Refund Litigation
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
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 Sanctions Additional Russian Entities and Persons
On June 28, 2022, The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 70 entities and 29 individuals involved in Russia’s defense industrial base. In addition, the Department of State impose visa restrictions on 511 Russian military officers, and sanctioned an additional 45 entities and 29 individuals. The designations and placement of
BIS Adds 36 Entities to the Entity List for Support of Russia, Iran and End-Uses with Military Applications
On June 28, 2022, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a Final Rule placing 36 entities on the Entity List for engaging in activities contrary to the national security or foreign policy interests of the United States. These entities will be listed on the BIS Entity List under the destinations
U.S. Bans Gold Imports of Russian Origin
On June 28, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), in consultation with the Departments of Commerce and State, issued a determination prohibiting gold imports from Russia, the country’s largest non-energy export, effective immediately. According to the determination, gold imports of Russian Federation origin are prohibited, except to the extent
U.S. and G7 Leaders Commit to Address China’s Unfair Trade Practices
During meetings among the G7 leaders on June 28, 2022, President Joseph Biden and the other G7 leaders committed to a “unified approach to confront” China’s trade-distorting industrial directives. According to a White House Fact Sheet, such actions will include:
- sharing insights and best practices to identify, monitor and minimize vulnerabilities and logistic bottlenecks
U.S. to Increase Tariffs on Imports of Russian Goods; G7 Leaders Commit to Further Sanctions Against Russia
On June 27, 2022, President Joseph Biden issued a Presidential Proclamation announcing that the United States was increasing the duty rate to 35% ad valorem on certain products from Russia effective July 28, 2022. The White House indicated that this higher tariff will affect “more than 570 groups of Russian products worth approximately $2.3 billion”;