The Group of 7 nations and the EU issued a first-of-its-kind joint guidance, which aims to help companies prevent Russia-related sanctions and export control evasion. The guidance includes a list of red flags that may indicate a company is trying to evade the measures and a set of best practices for companies to follow.
Ian Cohen
Ian Cohen, Deputy Managing Editor, is a reporter with Export Compliance Daily and its sister publications International Trade Today and Trade Law Daily, where he covers export controls, sanctions and international trade issues. He previously worked as a local government reporter in South Florida. Ian graduated with a journalism degree from the University of Florida in 2017 and lives in Washington, D.C. He joined the staff of Warren Communications News in 2019.
The Bureau of Industry and Security has removed multiple companies from a list of flagged foreign suppliers accused of illegal sales to Russia, including one after the company told BIS it was added by mistake, Export Compliance Daily has learned.
U.S. companies and trade groups applauded a recent Bureau of Industry and Security rule that expanded the agency’s export control exemption for certain standards-setting activities, saying the change will help remove licensing barriers faced by American officials at international bodies working on emerging technology standards. But at least one group asked BIS to continue expanding the exemption to cover a wider set of technologies discussed in standards bodies involving the electronics, telecommunications and aviation industries.
The Bureau of Industry and Security is drafting a proposed rule that could revise its space-related export controls, including by adding new License Exception Commercial Space Activities (CSA).
Companies should continue to expect an “aggressive” U.S. sanctions enforcement landscape heading into next year, and should consider increasing the amount of due diligence they undertake if they haven’t already, panelists said during an event last week about sanctions compliance.
The top lawmaker on the House Select Committee on China called on the U.S. to continue imposing strict export controls and investment restrictions against China, adding that those tools must be coupled with bolder investments in innovative American companies if the U.S. wants to “win” its technology competition with China.
Export enforcement officials from the U.S., Australia, Canada, New Zealand and the U.K. met in Washington this week, where they warned businesses about complying with export controls against Russia and committed to expanding joint investigations to penalize violators.
The EU could soon see a sharp uptick in its use of defensive trade policy tools, especially if Donald Trump is elected the next U.S. president and follows through with his promise of a new global tariff (see 2409110015), at least one panelist said during a roundtable discussion on EU competitiveness.
European Commission President Ursula von der Leyen chose Maros Sefcovic as the bloc’s commissioner for trade and economic security, saying in a Sept. 17 mission letter that Sefcovic should help the EU take a “more assertive stance” on the use of sanctions and other economic statecraft tools, work to modernize the EU’s customs system, and push to finalize free trade deals.
After initially facing scrutiny for helping to facilitate Russia-related transactions, Cypriot banks have made significant progress in improving their compliance programs in recent months and are now adhering to all U.S. sanctions rules, the country’s top banking industry officials said this week. They also said they face hurdles implementing some of the sanctions, including potential legal challenges from customers.