The U.S. last week removed sanctions from a Swiss business consultant, his two sons and his companies because they ended their business in Russia, a Treasury Department spokesperson said.
The nearly 700 companies that the Bureau of Industry and Security has flagged for potentially sending export controlled goods to Russia include foreign suppliers in China, Turkey, India and others across Asia, Europe, Africa and the Middle East, according to a list obtained by Export Compliance Daily.
Sen. Ted Cruz, R-Texas, and Rep. Andy Barr, R-Ky., have introduced a bill that would continue sanctions on Russia’s Nord Stream 2 natural gas pipeline project for another six years and prohibit a national interest waiver of those sanctions, according to a June 5 news release.
The State Department issued a notice this week describing the new export restrictions and other sanctions it imposed against Russia in May after determining the country used chemical weapons in violation of international law (see 2405010072). The agency certified to Congress under the Chemical and Biological Weapons Control and Warfare Elimination Act that Russia has used the weapons, and the agency’s certification places restrictions on U.S. Munitions List exports to Russia, arms sales, exports of “national security-sensitive” goods and technology, and more, according to a Federal Register notice released June 6. The notice also outlines several exemptions to the restrictions, including for certain exports necessary for “safety of flight,” certain deemed exports to Russian nationals and exports involving government space cooperation. The agency said the measures will “be implemented by the responsible departments and agencies” and will remain in effect for at least one year.
Lawmakers are proposing dozens of export control-, sanctions- and foreign investment-related amendments to the House version of the FY 2025 National Defense Authorization Act (NDAA), including measures aimed at China, Iran and Russia.
The Group of 7 nations are working on a deal that would allow all members to use seized Russian assets to support Ukraine’s war effort against Russia, said Daleep Singh, a National Security Council official. He said the countries haven’t agreed to terms yet, but the U.S. hopes to make progress when the G7 nations meet in Italy next week.
The U.K. recently amended a general license under its Russia sanctions regime to allow a "scheme of arrangement prepared" by the administrators of sanctioned Russian bank VTB Capital. The license generally permits the bank to pay for its "basic needs," which include the payment of insurance premiums, reasonable fees, property management services, employee pensions, taxes and rent or mortgage payments. The license expires at the end of the day April 3, 2030.
Sen. Chris Van Hollen, D-Md., June 4 urged Treasury Secretary Janet Yellen to consider sanctioning Israeli Finance Minister Bezalel Smotrich over his West Bank policies.
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.
A top Treasury Department official this week called on U.S. companies and banks to bolster their trade compliance efforts, saying they need to do more to prevent their customers and counterparties from buying and shipping sensitive items for Russia’s military.