On 21 February 2023, the US Department of the Treasury’s Office of Foreign Assets Control issued OFAC Compliance Communique: Guidance on Authorized Transactions Related to Earthquake Relief Efforts in Syria. The Guidance responds to specific questions OFAC received related to earthquake relief efforts in Syria and explains how to provide humanitarian assistance to the Syrian people in compliance with US sanctions.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC Publishes Preliminary Guidance on Implementing the Price Cap Policy for Petroleum Products of Russian Origin on 6 January 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 20 October 2022, the US Treasury Department released the first Committee on Foreign Investment in the United States Enforcement and Penalty Guidelines. The Guidelines provide visibility into factors CFIUS considers when assessing violations of CFIUS laws and regulations, and determining potential penalties. The Guidelines are applied by the Monitoring and Enforcement office, which is part of the US Treasury Department’s Office of Investment Security.
On 7 October 2022, the US Commerce Department’s Bureau of Industry and Security issued the much anticipated rules aimed at restricting China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. In addition to formalizing the licensing requirements included in the recent BIS “is informed” letters issued to certain US companies on related matters, the Rule imposes a wide range of new and enhanced restrictions targeting China’s advanced computing and semiconductor sectors.
On 9 September 2022, the US Department of Commerce’s Bureau of Industry and Security (BIS) published an interim final rule revising the Export Administration Regulations to authorize the release of certain technology and software in the context of “standards-related activity” involving entities listed on the Entity List. Comments on the impact of this action on participation in “standards-related activity” must be submitted to BIS no later than 8 November 2022.
Baker McKenzie’s Sanctions Blog published the alert titled US Government Sanctions More than 100 Russia-Related Parties and Prohibits the Import of Russian Gold in Coordination with G7 Allies on 1 July 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 16 May 2022, the Biden administration announced the relaxing of certain limited Cuban sanctions and other regulatory changes to expand communication, travel, and commerce between the United States and Cuba. Following this, on 9 June 2022, the Department of the Treasury’s Office of Foreign Assets Control amended the Cuban Assets Control Regulations to implement some of the elements of the President’s foreign policy to increase support for the Cuban people.