Baker McKenzie’s Sanctions Blog published the alert titled OFAC Designates Additional Russian Parties and Amends and Issues Russia-Related General Licenses on 7 June 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 Publishes New and Amended FAQs Regarding the Russia Investment Ban on 8 June 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 Ban on the Provision of 28 Services to the Russian Oil, Gas and Chemical Industries, Including Technical, Management, Accounting, and Advertising Services on 10 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
We are pleased to invite you to our Virtual Global Trade Conference on July 20 and 21. In lieu of our annual conference in Bellevue, WA, we are excited to again provide a virtual offering available to all our clients and friends worldwide! Please join our international trade compliance lawyers from around the world as they discuss and examine the major developments impacting international trade. The conference will be comprised of 75 minute sessions over the course of two days and clients will also get the opportunity to request a virtual one-to-one meeting with our International Trade attorneys to discuss relevant topics of interest. Visit our events page for more information and to register.
There have been three important changes to OFSI’s enforcement powers: for breaches of financial sanctions that are committed after 15 June 2022, OFSI will be able to impose civil monetary penalties on a strict civil liability basis; there will be greater flexibility on challenging OFSI’s decisions to issue monetary penalties for sanctions violations; and OFSI will now have the power to publicise details of financial sanctions breaches in cases where a breach has been found, but it has not imposed a monetary penalty. These changes are introduced by the SI 2022/638 – The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022.
Baker McKenzie’s Sanctions Blog published the alert titled Russia introduces ruble-based payment procedure for IP related contracts on 30 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 Italy — Amendments to the foreign investment review become permanent with some changes on 31 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On May 16, 2022, the US Departments of State and Treasury and the Federal Bureau of Investigation issued a joint advisory alert to the public about attempts by the Democratic People’s Republic of Korea (“DPRK” a.k.a. North Korea) and DPRK information technology (“IT”) workers posing as non-DPRK nationals to obtain employment outside of North Korea. The Advisory provides guidance to help prevent inadvertent recruitment, hiring, and facilitation of North Korean IT workers, as the hiring or support of DPRK IT workers may create business risks that range from theft of data, intellectual property, and funds, to sanctions-related risks under both US and United Nations authorities.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Designations on 22 Senior Officials of Russian Financial Institutions and Their Family Members, and 4 Russian Financial Institutions and Banks on 1 June 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 United States: BIS Issues Temporary Denial Order Against Additional Russian Airline and Adds Aircraft to List of Aircraft Subject to General Prohibition 10 on 2 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.