- The rule would implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
- Treasury has reiterated that any final rule will not prohibit all investment in a country of concern, and that the intent of this process is not to
U.S. Treasury Department Issues Proposed Rule Limiting Outbound Investments in “Countries of Concern”
On June 21, 2024, the Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM), “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM) issued in August 2023 in response to President Joseph Biden’s Executive Order 14105
BIS and OFAC Impose New Prohibitions Against Kaspersky’s Entities and Operations
BIS Prohibition on Kaspersky Products
On June 20, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a Final Determination that bans a range of transactions involving Kaspersky Lab, Inc. and its related entities’ (Kaspersky) cybersecurity and anti-virus products and services. The Final Determination prohibits Kaspersky from engaging in certain Information
OFAC and BIS Significantly Extend Sanctions and Export Control Restrictions Against Russia and Belarus
- New sanctions and export controls on Russia and Belarus became effective June 12, 2024.
- New OFAC prohibition on certain IT and software services to Russia begins September 12, 2024.
- Hundreds of individuals and entities designated as SDNs for supporting Russia’s war efforts.
- New license requirements for certain software exports to Russia and Belarus
Commerce and Treasury Departments Announce New Sanctions and Export Control Restrictions on Russia and Belarus
On June 12, 2024, the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) announced new sanctions and export control restrictions on Russia and Belarus. These measures have significant implications for companies that do business with or in these regions, as they may face new licensing requirements, limitations, or prohibitions
APHIS Announces Implementation of Phase VII of the Lacey Act’s Import Declaration Requirement
On May 31, 2024, the Department of Agriculture’s Animal and Plant Health Inspection Service (APHIS) published a Federal Register notice announcing the seventh phase of the Lacey Act’s import declaration requirement, adding enforcement of Phase VII will begin on December 1, 2024. Known as “the United States’ oldest wildlife protection statute,” the Lacey Act (16
OFAC Updates Cuban Regulations to Increase Support for Cuban People
On May 28, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) revised the Cuban Assets Control Regulations (CACR) to enhance support for the Cuban people and independent Cuban private sector entrepreneurs. These amendments, effective on May 28, 2024, aim to promote internet freedom and broaden financial services in Cuba. In
USTR Extends Certain China Section 301 Product Exclusions but Allows Others to Expire
On May 24, 2024, the Office of the United States Trade Representative (USTR) announced that it was further extending certain product exclusions in the Section 301 Investigation of China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation. The current 429 product-specific exclusions were scheduled to expire on May 31, 2024. However
USTR Announces Tariff Increases and Seeks Comments on Proposed China Section 301 Tariff Actions
On May 28, 2024, the Office of the U.S. Trade Representative (USTR) posted in the Federal Register a request for comments regarding its proposed modifications to certain tariffs related to the Section 301 investigation of China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation that was initiated in 2018 and resulted
BIS Updates Section 232 Steel and Aluminum Tariff Exclusion Process by Removing 12 GAEs
On May 17, 2024, the Commerce Department’s Bureau of Industry and Security (BIS) published a Final Rule revising the Section 232 tariff exclusion process for imported steel and aluminum products. These changes, effective July 1, 2024, are intended “to refine the framework under which exclusions from the tariffs on steel and aluminum can be requested