DOJ filed a civil forfeiture complaint in the U.S. District Court for the District of Columbia on March 26 looking to collect $47 million in proceeds from the sale of nearly "one million barrels of Iranian petroleum," claiming the money is property of, or "affording a person a source of influence over," the Islamic Revolutionary Guard Corps or its Qods Force, DOJ announced.
The U.K. this week amended or corrected sanctions listings under its Russia and Global Human Rights sanctions regimes. Under the Russia restrictions, the Office of Financial Sanctions Implementation amended the listings for 2Rivers DMCC and 2Rivers PTE LTD, noting that the companies are sanctioned for supporting the Russian government by "carrying on business in a sector of strategic significance" to the Russian government, "namely the Russian energy sector." Under the Global Human Rights sanctions regime, OFSI corrected the listing for Wasantha Karannagoda, commander of the Sri Lankan Navy from 2005 to 2009, to reflect the title of Admiral as part of his full name.
Canada requested dispute consultations at the World Trade Organization with China regarding Chinese duties on Canadian agricultural and fishery products, the WTO announced on March 24. Canada alleged that the measures violate the WTO's Understanding on the Rules and Procedures Governing the Settlement of Disputes and the General Agreement on Tariffs and Trade 1994.
The European Commission on March 25 lowered the liberalization rate for its steel safeguard measure from 1% to 0.1%, reducing the amount of steel that can be imported into the EU without tariffs.
Japan imposed provisional antidumping duties on graphite electrodes from China after determining the imports caused a "material injury to domestic industry," the Ministry of Finance announced March 25. The duty rate is set at 95.2% and takes effect March 29 and is in effect through July 28.
The World Trade Organization's Dispute Settlement Body on March 24 heard a request from China to establish a panel in its dispute against the EU's countervailing duties on new battery electric vehicles from China. The DSB "took note" of statements made by China and the EU and said it would "revert to this matter should a requesting member wish to do so."
The European Commission on March 24 began monitoring import volumes of ethylene and ammonia products, which are primarily used for fertilizer production and "industrial applications," in order to levy duties on the products should imports surge in the EU. The commission said it began the surveillance because of "evidence of a significant and potentially injurious increase in the EU market share of imports of the chemicals," which purportedly is the result of overcapacity in China and trade defense measures from a "growing number of countries." Specifically, the surveillance covers "imports of copolymers of ethylene and alpha olefin, urea containing more than 45% (by weight) of nitrogen and ammonium sulphate," and will be in place for three years.
The Department of the Treasury last week dropped sanctions against cryptocurrency mixer Tornado Cash following a review of the "novel legal and policy issues raised by use of financial sanctions against financial and commercial activity occurring within evolving technology and legal environments." Treasury told a Texas court it removed Tornado Cash from the Specially Designated Nationals and Blocked Persons list, arguing that a case against the sanctions listing should now be briefed on whether the issue is moot (Van Loon, et al. v. Department of the Treasury, W.D. Tex. # 23-00312).
Ethiopia hopes to join the World Trade Organization by the 14th Ministerial Conference, which will take place in March 2026, the WTO said. During a March 19 meeting of the WTO Working Party on Ethiopia's accession, the country said "its goods offer commits the country to bound rates -- maximum tariffs -- lower than those" found in the benchmark for least developed countries for the agricultural sector.
Pakistan formally accepted the World Trade Organization Agreement on Fisheries Subsidies on March 20, bringing the number of countries that have accepted the deal to 94. The WTO needs 17 more countries to accept to get to two-thirds of the membership, the threshold for the agreement to take effect.