On January 7, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5J, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After April 20, 2023,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the CITGO
OFAC Amends Several Russia-Related General Licenses
- Russia-related General License 6C, “Transactions Related to Agricultural Commodities, Medicine, Medical Devices, Replacement Parts and Components, or Software Updates,
Panel Concludes Automakers May Continue Core Parts “Roll-up” to Meet USMCA’s RVC Passenger Vehicle and Light Truck Requirements
A United States-Mexico-Canada Agreement (USMCA) Chapter 31 Dispute Resolution Panel concluded that automakers may continue to use the longstanding practice of “roll-up” when calculating the percentage of North American-originating materials used in the production of core automotive parts (e.g., engines) that is subsequently factored into the computation for determining the total amount of originating content
OFAC Publishes Preliminary Guidance on Price Cap to Be Placed on Petroleum Products of Russian Origin
On December 30, 2022, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published preliminary guidance on how the United States will implement a price cap policy on petroleum products of Russian origin. OFAC notes that with this preliminary guidance the agency will likely “take a similar approach for Russian petroleum products as
CFIUS Determines It Has No Jurisdiction Over Proposed Chinese-Owned Real Estate in North Dakota
Key Notes:
- Real estate projects may be subject to CFIUS national security review if close to sensitive locations.
- Proactive planning can mitigate transaction delays.
- Security concerns may be broader than CFIUS regulatory issues and merit multi-tiered government and public outreach.
The Committee on Foreign Investment in the United States (CFIUS) recently reviewed a proposed real
OFAC Publishes First Set of Sanctions Against Foreign Persons Involved in the Global Illicit Drug Trade
On December 19, 2022, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) introduced the first set of regulations to be issued under the new Illicit Drug Trade Sanctions (to be codified at 31 CFR part 599). The regulations will go into effect on December 20 pursuant to Executive Order (“E.O.”) 14059 (December
USTR Extends Termination Date for Certain Chinese Products Subject to Section 301 Tariff Exclusions
On December 16, 2022, the Office of the U.S. Trade Representative (USTR) released a Federal Register notice announcing that it was extending the termination date — from December 31, 2022 until September 30, 2023 — for Section 301 tariff exclusions that apply to 352 Chinese products. These exclusions were initially reinstated on March 28, 2022 (
BIS Adds 36 Chinese Companies to Entity List for Support of China’s Military Modernization, Human Rights Violations and UAV Concerns
Effective December 16, 2022, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a Final Rule adding 36 Chinse entities to BIS’s Entity List. These additions are intended to further restrict China’s “ability to leverage artificial intelligence, advanced computing, and other powerful, commercially available technologies for military modernization and human rights abuses,” according
BIS Places More Russian Companies on Entity List and Sanctions Alleged Procurement Network
Effective December 16, 2022, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a Final Rule announcing that it was moving nine Russian companies from the Unverified List to the more restrictive Entity List. BIS stated it has continuously been unable to verify the bona fides of these companies due to the Russian
OFAC Sanctions Additional Russian Financial Institutions and Persons
On December 15, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it was adding Russian banks and financial services entities as well as additional Russian persons to the Specially Designated Nationals (SDN) List in order to further isolate Russia from global markets. For additional information on these entities and