- The May 2023 FinCEN/BIS Joint Alert supplements the Joint Alert published by FinCEN and BIS in June 2022.
- The Supplemental Joint Alert offers financial institutions new and updated information on export control restrictions imposed by BIS related to Russia.
- Included is a list of certain “high priority” items organized according to their Harmonized
OFAC Issues New General Licenses Under Sudan-Related Sanctions
- General License No. 1 authorizes transactions for the conduct of the official business
IPEF Partners Conclude Negotiations of Proposed Supply Chain Agreement
By David M. Schwartz on
On Saturday, May 27, 2023, the 14 partners of the Indo-Pacific Economic Framework for Prosperity (IPEF) announced the substantial conclusion of negotiations for the IPEF Supply Chain Agreement (see U.S. Department of Commerce’s press statement here). The IPEF partners – Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand…
Treasury Issues Determinations on Prohibitions Related to Architecture, Engineering, Construction, Manufacturing, and Transportation Sectors in Russia
On May 19, 2023, the Department of the Treasury issued a Determination pursuant to E.O. 14071 that prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a U.S. person, wherever located, of architecture or engineering services to any person located in the Russian Federation. The determination excludes the…
OFAC Again Extends Venezuela General License for Limited Maintenance or Wind-Down of Transactions Involving PdVSA and Certain Entities
On May 23, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 8L, extending authorization until November 19, 2023 for certain activities previously authorized under General License 8K. General License 8L authorizes the continuation of transactions and activities “ordinarily incident and necessary to the limited maintenance of…
OFAC and State Department Designate and Sanction Over 225 Individuals and Entities Involved in Russia’s War Against Ukraine
On May 19, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of State sanctioned and placed on the Specially Designated Nationals (SDN) List over 225 individuals, entities, vessels and aircraft. These actions came at the same time the G7 member countries were meeting and jointly announced both continued…
BIS Issues Final Rules Implementing Additional Sanctions Against Russia and Belarus and Adding Entities to the Entity List
On May 19, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a significant Final Rule implementing additional sanctions and revising existing export controls against Russia and Belarus for ongoing aggression against Ukraine. According to the announcement, these revisions and additions seek to better align U.S. sanctions with the controls that have…
OFAC Amends Russia-Related Directive 4 Regarding Transactions with Russian Federation Central Bank and Other Entities
On May 19, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an amended Directive 4, “Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation.” The purpose of the amendment…
Department of Commerce Issues Proposed Modifications to Antidumping and Countervailing Duty Regulations
On May 9, 2023, the Department of Commerce (“Commerce”) published proposed rules (“Proposed Rules”) to amend certain areas in its antidumping duty (AD) and countervailing duty (CVD) regulations to “enhance, improve, and strengthen its enforcement of trade remedies.” Interested parties may submit comments by July 10, 2023.
Commerce’s Proposed Rules cover 22 different topics that…
USTR Again Extends Section 301 Tariff Exclusions for Chinese COVID-19 Medical Products
The Office of the U.S. Trade Representative (USTR) has issued a Notice announcing the continuing extension of Section 301 tariff exclusions for 81 medical products that were scheduled to expire on May 15, 2023. These extensions come after a 75-day extension in February 2023 when USTR sought public comment on whether further exclusions were necessary…