Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces An Import and Export Ban on the Trade of Certain Luxury Goods with Russia, Prohibits the Export of Goods With Use in Weapons Manufacturing and Designates 14 Additional Russian Individuals on 23 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Department of Commerce Expands Russia Industry Sector Sanctions to Cover Additional Items on 13 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On May 12, 2022, the US Treasury Department’s Office of Foreign Assets Control issued Syria General License No. 22 (“GL 22“), authorizing certain activities in particular sectors of the Syrian economy that are otherwise prohibited under the Syrian Sanctions Regulations in specified regions of Syria not controlled by the Assad regime. According to the US Statement Department’s press release, GL 22 was issued in support of the Biden Administration’s strategy to defeat ISIS by promoting economic stabilization in areas previously controlled by ISIS.
Recently, the U.S. Securities and Exchange Commission (“SEC”) Division of Corporation Finance issued a sample letter advising companies on their potential need to disclose direct and indirect impact of Russia’s invasion of Ukraine and the related international response on their operations. Sample letters generally do not create any new legal obligations; instead, they signal the areas of potential scrutiny by the SEC and illustrate the types of risks the SEC may view as material.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC issues new and amended Russia-related general licenses and FAQs; BIS issues new Russia-related FAQs on 9 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC bans export of accounting, trust and corporate formation, and management consulting services to Russia; and issues new Russian SDN designations, Russia-related general licenses, and Russia-related FAQson 10 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Canada introduces additional designations on 21 Russian oligarchs, their family members and close associates on 10 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Canada introduces additional designations on 19 Russian senior defence officials and 5 defence sector entities on 10 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Russia imposes blocking sanctions on foreign energy companies on 12 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
This week Florida’s two senators, Marco Rubio and Rick Scott, introduced a bill imposing several China specific public disclosure obligations, including disclosures related to sourcing activities related to products utilizing forced labor from Xinjiang, China. The Bill would apply to all publicly traded companies and supplements the proposed SEC environmental, social and governance disclosures, and the Uyghur Forced Labor Prevention Act, which will come into effect in June 2022.