On July 19, 2021, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) published a final rule (“Final Rule”) adding six Russian organizations to the Entity List. These designations are related to Executive Order 14024, “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian” (“EO 14024”) that was signed by President Biden in April 2021.
Concern regarding IP theft and other forms of unfair trade practices have been of paramount importance in the past five years in the United States – and have indeed been the justification for imposing significant and long-lasting trade barriers. The Biden Administration affirmed its commitment to using a wide range of remedies to address such trade practices through a set of reports on the 100-day interagency reviews conducted pursuant to Executive Order 14017 “America’s Supply Chains” (the “Reports”).
In the latest episode of the Global Financial Industry Podcast, Baker McKenzie associates discuss: Sovereigns series – key principles of investment treaty protection. The episode covers recent examples of sovereign wealth fundsSWFs bringing investment treaty claims and how others can obtain access to these protections. The episode also analyzes why investors should consider investment treaties as part of their decision-making process.
The Central Bank of Venezuela issued Resolution No. 21-08-01 of 6 August 2021, containing the Regulations Governing the New Monetary Expression. The Resolution entered into force on 16 August 2021. However, the new monetary expression will apply as of 1 October 2021.
Belarus-related sanctions restrictions were recently introduced by the United States, the European Union, the United Kingdom, Canada, Switzerland and Ukraine. The objective of newly introduced sanctions is to mount international pressure against the current oppressive regime in Belarus by preventing international companies from doing business in selected economic sectors of this country.
The Inland Revenue Authority of Singapore (‘IRAS’) updated its transfer pricing guidelines on 10 August 2021, with the release of the IRAS e-Tax Guide: Transfer Pricing Guidelines (Sixth Edition).. IRAS has provided additional guidance and clarification with respect to TP documentation compliance, surcharges on TP adjustments, advanced pricing arrangements and mutual agreement procedure requests.
On 20 August 2021, the Foreign, Commonwealth and Development Office updated the UK Chemical Weapons financial sanctions regime to include seven Russian nationals linked to the poisoning of Alexei Navalny, the Russian opposition leader. Listed below, the individuals are subject to an freezing of assets and economic resources.
On January 19, 2021, the US Commerce Department published an interim final rule (“Interim Rule”) to implement Executive Order 13873, “Securing the Information and Communications Technology and Services (“ICTS”) Supply Chain.” The Interim Rule was issued following the public comment period’s closure on January 10, 2021 on the proposed rules issued on November 27, 2019.
On August 11, 2021, the US Treasury Department’s Office of Foreign Assets Control and the Commerce Department’s Bureau of Industry and Security issued a joint Fact Sheet: Supporting the Cuban People’s Right to Seek, Receive, and Impart Information through Safe and Secure Access to the Internet and a related press release.
On 5 August 2021, the Office of Financial Sanctions Implementation (“OFSI“) imposed a GBP 50,000 penalty on TransferGo Limited (“TransferGo“), a UK FinTech company, for breaching UK sanctions when it issued instructions to make payments to accounts held at the Russian National Commercial Bank (“RNCB“), a designated party.