Month: April 2019

Cases
Cuba
Global Trade
Iran
OFAC
Sanctions

Treasury Department’s OFAC – UniCredit Bank Settlements

Earlier this month, OFAC announced 3 settlements totaling $611M with 3 UniCredit Group Banks located in Germany, Austria and Italy.  This was a part of a $1.3B settlement of the banks with other federal and state governments and agencies. OFAC investigated the banks in connection with violations of US sanctions on Burma, Cuba, Iran, Libya, Sudan, […]

Read More
Anti-Corruption
Global Trade
OFAC
Sanctions
Venezuela

Treasury Sanctions Venezuelan Minister of Foreign Affairs

April 26, 2019:  OFAC sanctioned Jorge Alberto Arreaza Montserrat, the Venezuelan Minister of Foreign Affairs, and Carol Bealexis Padilla de Arretureta, both of whom were determined to be current or former officials of the Maduro Government of Venezuela. For information about the methods that Venezuelan senior political figures, their associates, and front persons use to […]

Read More
Brexit
EU
Global Trade

Flextension: What Does it Mean for Businesses?

April 10, 2019:  The EU granted the UK a temporary, flexible extension in connection with Brexit – until October 31, 2019.  This time window should allow the UK to accomplish and orderly Brexit by ratifying the Brexit Deal that the UK and EU worked up together.  The Flextension will end immediately if the deal is […]

Read More
EU
Global Trade
WTO

EU-US Retaliatory Tariffs: Proposed Lists

In connection with the long-running EU-US WTO dispute over the subsidies to Boeing and Airbus, the EU released a list of U.S. products for retaliatory tariffs, after the US announced that it was going to impose import duties on European products.  The EU list covers nearly $23 billion worth of U.S. goods. The EU proposed […]

Read More
Global Trade
Iran
Sanctions

Sanctions Waivers on Iranian Oil No More

April 22, 2019:  The White House announced that it will not re-issue the significant reduction exceptions (SREs) that previously allowed companies outside of the US (Italy, Greece, Turkey, China, India, Taiwan, S Korea, Japan) to procure oil from Iran without running afoul of US Iran sanctions.  The current SRE is in effect until May 2, […]

Read More
Fraud
OFAC
Sanctions

Foreign Interference With US Elections Sanctions

April 29, 2019:  OFAC added regulations to implement the September 12, 2018 Executive Order 13848, which declared a national emergency in response to foreign interference in US elections. The EO authorized sanctions against any foreign government, entity or individual that authorizes, directs, sponsors, or otherwise supports interference with US elections. The regulations took effect yesterday, […]

Read More
Anti-Corruption
Best Practices & Resources
Global Trade

London Metal Exchange – Supply Chain Transparency Move

According to an article by Reuters from earlier this month, the London Metal Exchange (the world’s largest market for industrial metals) is looking at a major push toward transparency in child labor in metals’ supply chain.  Specifically, the LME could by 2022 ban or delist metal brands that are not responsibly sourced .  According to […]

Read More
Anti-dumping
China
Commerce Department
ITC

Chinese Imports of Steel Wheels: Anti-dumping Duties Imposed

April 24, 2019:  The USITC announced that it determined that a US industry is materially injured by imports of steel wheels from China that the Commerce Department determined are subsidized and sold in the US at less than fair value.  As a result, the Commerce Department will issue anti-dumping and countervailing duty orders on imports […]

Read More
Sanctions
Venezuela

Canada Imposes Additional Sanctions on the Venezuela Regime

April 15, 2019 – The Government of Canada announced the following today: In response to the Maduro regime’s attempts to strengthen its authoritarian rule over Venezuela, Canada implemented its fourth round of sanctions against key figures in the regime.  The 43 individuals named today were added to the 70 that have already been sanctioned.  The […]

Read More
Global Trade
North Korea
Sanctions
UN Security Council

UN Panel Investigation Report: N Korea Sanctions Violations Encompassing Some 20 Countries

In March of 2019, the UN Panel issued a report of its in-depth investigation of possible violations of North Korean sanctions in 20 countries.  Highlights concern potential violations of military sanctions due to reports of clandestine procurement activities to support the North Korean nuclear program, reports of military cooperation between North Korea and Syria, Libya, Egypt, […]

Read More
The Kitchen in your Inbox
See Us
Feeds from the Kitchen
Mention Us
LINKEDIN
Contact Us