On July 27, 2023, the U.S. Court of Appeals for the Federal Circuit issued a significant decision in a case involving the alleged evasion of antidumping duties assessed on pencils of Chinese origin by Royal Brush Manufacturing, Inc. (Royal Brush) under the Enforce and Protect Act of 2015 (EAPA). The EAPA is a statutory scheme
DHS Adds to UFLPA Entity List and Releases Updated Strategy to Prevent Importation of Goods Produced with Forced Labor in China
On August 1, 2023, the Department of Homeland Security (DHS) announced new actions to eliminate the use of forced labor practices in the U.S. supply chain by adding two China (PRC)-based companies to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List due to their participation in business practices involving Uyghur minorities in the Xinjiang…
Treasury Releases Annual CFIUS Report
On July 31, 2023, the Treasury Department, as the lead agency of the Committee on Foreign Investment in the United States (CFIUS), released a public version of its annual report to Congress regarding foreign direct investment in the United States. The report highlights key indicators of the CFIUS process and provides statistics on transactions that…
Petitioner Seeks U.S. Supreme Court Review of Decision Allowing Section 232 Tariffs on Steel Derivatives
By Scott E. Diamond** & David M. Schwartz on
On July 21, 2023, PrimeSource Building Products, Inc. filed a Petition for a Writ of Certiorari with the U.S. Supreme Court, after unsuccessfully seeking an en banc hearing before all of the judges at the U.S. Court of Appeals for the Federal Circuit. In that decision, a three-judge panel reversed a lower court decision and…
BIS Issues Policy Memo to Strengthen Antiboycott Reporting and Compliance
By Scott E. Diamond** & Samir D. Varma on
- The Boycott Reporting Form has been amended to
OFAC Designates Additional Russian Companies, Banks and Vessels to Further Hinder Russia’s Military Efforts in Ukraine
On July 20, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented further sanctions against Russia to restrict “access to products that support its military and war efforts; reduce Russia’s revenue from the metals and mining sector; undermine its future energy capabilities; degrade Russia’s access to the international financial system; and…
OFAC Again Revises Venezuela General License, Extending Delay of PdVSA 2020 8.5% Bond-Related Authorizations
On April 19, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5L, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 20, 2023,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the CITGO…
OFAC Issues General License 40B Continuing to Authorize Certain Transactions Involving the Export of LP Gas to Venezuela
On July 10, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 40B, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” This revised general license continues authorization of all transactions and activities related to the exportation or reexportation, directly or indirectly…
Five Eyes Partners Formalize Cooperation on Export Control Enforcement Efforts
On June 28, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) announced that the United States was joining its “Five Eye” partners – Australia, Canada, New Zealand, and the United Kingdom – in committing to formally coordinate on export control enforcement. While these allied countries have shared intelligence and other national security…
FinCEN & BIS Issue Joint Alert Encouraging Continued Vigilance Regarding Potential Russia Export Control Evasion
- 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