Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The U.K. government is now recommending -- but not mandating -- that companies insert “no-Russia” clauses in their contracts, saying those clauses could help shield exporters and sellers against sanctions risks. It also published guidance about the specific steps companies can take to carry out export due diligence, which goods and countries face a higher risk of Russia-related sanctions-evasion, red flags to monitor, and more.
Japan-based Nippon Steel Corp. and U.S. Steel Corp. asked a federal court Jan. 6 to set aside the Biden administration’s “illegal and improper” decision to block Nippon Steel’s acquisition of the American firm. Their lawsuit also urges the U.S. Court of Appeals for the District of Columbia Circuit to order the Committee on Foreign Investment in the U.S. to conduct a new review of the proposed $14.9 billion transaction.
An upcoming Bureau of Industry and Security rule that’s expected to place new export controls on advanced AI-related chips will “go down as one of the most destructive to ever hit the U.S. technology industry,” major cloud services provider Oracle said this week.
Almost 10 months after announcing he would oppose the proposed acquisition of U.S. Steel Corp. by Japan-based Nippon Steel Corp. (see 2403140049), President Joe Biden issued a formal order Jan. 3 blocking the deal, saying he continues to believe the 124-year-old American steelmaker should remain in domestic hands. Nippon Steel criticized the decision and hinted it will challenge it in court.
The Bureau of Industry and Security is adding 13 companies and research institutes to the Entity List for illegally shipping export controlled items to other Entity Listed firms, supporting China’s military modernization efforts or aiding Pakistan’s ballistic missile program, the agency said in a final rule released last week and effective Jan. 6
Incoming House Financial Services Committee Chairman French Hill, R-Ark., said Jan. 3 that he plans to consult with the incoming Trump administration before possibly taking action on legislation to restrict U.S. outbound investment in China.
Export Compliance Daily is providing readers with the top 20 stories published in 2024. All articles can be found by searching on the titles or by clicking on the hyperlinked reference numbers.
The Bureau of Industry and Security’s record-setting enforcement pace over the last several years has raised the agency’s profile and convinced more businesses to invest in compliance, said Matthew Axelrod, the top BIS export enforcement official. But Axelrod said he thinks companies can do more.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.