Baker McKenzie’s Sanctions Blog published the alert titled US and UK sanction cyber criminals in coordinated action on 17 February 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 9 February 9, the US Department of the Treasury’s Office of Foreign Assets Control issued Syria General License 23, “Authorizing Transactions Related to Earthquake Relief Efforts in Syria.” General License 23 authorizes transactions related to earthquake relief efforts in Syria that would otherwise be prohibited by the Syrian Sanctions Regulations through 12:01 p.m. eastern daylight time, 8 August 2023.
Baker McKenzie’s Sanctions Blog published the alert titled FinCEN Issues Alert on Potential Russia Sanctions Evasion in the US Commercial Real Estate Sector on 7 February 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 23 December 2022, President Biden signed into law the National Defense Authorization Act for Fiscal Year 2023. Section 5949 of the FY2023 NDAA would prohibit executive agencies from procuring or contracting with entities to obtain any electronic parts, products, or services that include covered semiconductor products or services from certain Chinese companies. The semiconductor prohibitions will not take effect until five years after the date of enactment, and the Federal Acquisition Regulatory Council will issue regulations implementing the prohibitions no later than three years from the enactment date.
Just before the holidays, President Biden signed two bills passed in the final days of the last Congress that contain a number of provisions with implications for sanctions, export controls, and supply chain restrictions: the National Defense Authorization Act and the Consolidated Appropriations Act, 2023.
On 5 January 2023, the US and Turkish governments imposed sanctions targeting four individuals and two entities determined to be associated with the financial facilitation network of the Islamic State of Iraq and Syria (ISIS).
Baker McKenzie’s Sanctions Blog published the alert titled G7 Sets Price Cap for Russian Oil at USD 60 Per Barrel on 9 December 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Welcome to our Virtual Year-End Review of Import/Export and Trade Compliance Developments Conference resource center. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements in nine 75 minute sessions which took place from 15 to 17 November 2022.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC reissues general license extending authorization period for transactions related to energy on 11 November 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 17 October 2022, OFSI and OFAC issued a joint statement to reiterate the close working relationship between the two agencies, explaining the rationale behind increased OFSI-OFAC co-operation and how this will manifest in practice. The statement follows a technical exchange attended by OFAC and OFSI in London, which concluded on 13 October 2022.