U.S. oil company Chevron will have until 12:01 a.m. ET on April 3 to wind down certain oil activities in Venezuela that had been authorized by an Office of Foreign Assets Control general license, OFAC said March 4. Updated General License 41A, which replaces GL 41, authorizes certain transactions “ordinarily incident and necessary to the wind down of transactions” related to Chevron’s joint ventures in Venezuela involving state-owned energy company Petroleos de Venezuela.
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China and Canada announced new retaliatory trade restrictions against the U.S. -- and Mexico announced plans to soon release its own set of countermeasures -- after President Donald Trump's administration on March 4 increased tariffs on goods from all three countries. Industry associations said the counter-duties could damage a range of American export industries, including shippers of agricultural products, spirits and other commercial goods.
The Trump administration plans to build international support for using sanctions to counter Iran’s nuclear weapons program, deputy secretary of state nominee Christopher Landau said March 4.
Former Deputy Secretary of State Kurt Campbell, who worked on key sanctions and defense trade issues during the Biden administration, has joined Georgetown University's School of Foreign Service as a distinguished fellow in diplomacy, the school announced this week. Campbell helped oversee U.S. efforts to reduce defense trade restrictions with Australia and the U.K. under the AUKUS partnership (see 2404030050 and 2409180025) and testified before Congress about the administration's efforts to counter China’s support for Russia’s defense industrial base (see 2407300033).
David Newman, the DOJ’s second-highest-ranking national security official under the Biden administration, has joined Morrison Foerster to advise on sanctions issues, export control enforcement, reviews before the Committee on Foreign Investment in the U.S., and more. Newman previously served as the principal deputy assistant attorney general for DOJ’s National Security Division, where he oversaw federal prosecutors working on cases related to sanctions breaches, export control evasion and other national security issues.
The Treasury Department plans to modify its beneficial ownership information (BOI) reporting rule so that it applies only to foreign companies and not U.S. businesses, the agency announced March 2.
The Trump administration is working on plans to possibly give Russia sanctions relief as the U.S. works to negotiate an end to Moscow’s war with Ukraine, Reuters reported March 3. The White House ordered the State and Treasury departments to draft a list of sanctions that could be “eased,” the report said, and that U.S. officials could use to discuss with Russian representatives in talks with Moscow in the coming days. The agencies are writing a proposal to lift sanctions on “select entities and individuals, including some Russian oligarchs,” the report said. The White House didn’t immediately respond to a request for comment.
The Office of Foreign Assets Control soon will issue guidance about winding down Venezuela-related licenses after President Donald Trump said last week that he plans to reverse certain sanctions relief given to the country under the Biden administration (see 2502260056).
Australia’s amended Defence Trade Controls Act, which introduces criminal penalties for violations of export controls over military and dual-use technologies, took effect March 1, Export Controls Australia Group said in an alert to members this month. The group issued a reminder that Australian exporters and other organizations are now subject to “stricter permit requirements”; expanded recordkeeping rules; increased compliance reporting requirements, including for voluntary disclosures; and “enhanced self-audit expectations to ensure ongoing regulatory adherence.”