Global Trade

BIS
China
Commerce Department
Global Trade
OFAC
Sanctions
SDN

Huawei Temporary License Issued

May 23, 2019:  Effective May 20, 2019, the BIS issued a 90 day license for Huawei and its related entities that were added to the OFAC’s SDN list earlier this month.  This general license is temporary, and will run out on August 19, 2019.  Not all transactions are allowed – check the license language for […]

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China
Freshly Brewed
Global Trade
Sanctions

301 Tariff Increase: Tranche 3 Goods on the Water and in Foreign Trade Zones

May 15, 2019:  Effective May 10, 2019 Chinese imports into the US that are covered under the Section 301 third tranche are subject to the new import duty that went from 10% to 25%.  However, according to U.S. Customs and Border Protection updated guidance, the increased duties of 25% will not apply to goods that […]

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Best Practices & Resources
Global Trade
OFAC

OFAC’s Framework for Compliance Commitments

Earlier this month, OFAC published a guidance on compliance commitments.  The full name is A Framework for OFAC Compliance Commitments and you can access it by clicking the foregoing hyperlink. OFAC lists the following 5 essential components of compliance: Management Commitment: OFAC stresses the importance of a “culture of compliance” that is built from top […]

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Crimea
Freshly Brewed
Global Trade
Russia
Sanctions

Ukraine Imposes Sanctions on Russia

May 15, 2019: Earlier today, the Ukrainian Cabinet of Ministers imposed economic sanctions on Russia in the form of import bans on certain products that can be produced domestically, in Ukraine.  The embargo applies to Russian cement, plywood, mineral fertilizers, certain types of industrial products, vehicles and some other products, according to Deputy Prime Minister […]

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Global Trade
OFAC
Sanctions
SDN
Venezuela

Venezuelan Defense & Oil Sectors – OFAC Sanctions

May 10, 2019:  The US Treasury identified the Venezuelan defense sector as a subject to its sanctions.  The May 10 designations were in response to SEBIN’s illegal arrests of National Assembly members and intend to target those actors who have had a hand in the repressive Maduro defense and intelligence sector.  SEBIN is a is […]

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Freshly Brewed
Global Trade
Iran
OFAC
Sanctions

New Executive Order: Targeting Iran’s Metals Sector

Yesterday, the Trump administration issued an Executive Order (“EO”) to take steps to deny Iran revenue derived from exports of Iranian metals that may be used to fund or support the proliferation of WMDs and terrorist activities.  According to the EO, US persons cannot operate or engage in the Iranian metals sector, engage in significant […]

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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, […]

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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 […]

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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 […]

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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 […]

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