Tag Archives: sanctions

China’s Anti-Foreign Sanctions Law

On June 10, 2021, the People’s Republic of China adopted the Anti-Foreign Sanctions Law (the “Law”). The main purpose of the Law is to provide a legal basis for China to adopt retaliatory measures against any so-called “discriminatorily restrictive measures” that may be imposed by foreign countries against Chinese organizations and citizens (the “Foreign Sanctions”).… Continue Reading

UK Launches Corruption Sanctions Regime with First Listings

UPDATE:  Since our last post below, on April 26, the UK introduced its new global anti-corruption sanctions regime. This sanctions regime follows other EU and UK sanctions regimes and is based on two types of sanctions imposed on listed individuals, i.e., assets freeze and travel ban. On the same day, the UK government also announced … Continue Reading

Biden Administration Expands Russia Sanctions

On April 15, 2021, the US announced a marked expansion of sanctions against Russia and President Biden issued a new Executive Order authorizing the imposition of yet more sanctions. The sanctions include restrictions on certain transactions involving Russian sovereign debt, as well as the designation of 46 individuals and entities implicated in Russia’s annexation of Crimea, foreign … Continue Reading

BIS Implements Burmese Sanctions

On February 10, 2021, President Biden signed Executive Order (EO) 14014, “Blocking Property With Respect to the Situation in Burma,” which authorized the imposition of sanctions.  In the EO, the President declared a national emergency to address the threat following a February 1, 2021 military coup in Burma, whereby the military overthrew the democratically-elected government and … Continue Reading

March EU Sanctions Updates

On 3 March, the Council of the EU decided to prolong sanctions against individuals responsible for the misappropriation of Ukrainian state fund. On 12 March, the Council of the EU decided to extend sanctions against those involved in compromising Ukraine’s territorial integrity. On 12 March, the Council of the EU decided to revoke the sanctions … Continue Reading

Indonesian Company Admits To Deceiving U.S. Banks In Order To Trade With North Korea

PT Bukit Muria Jaya (“BMJ”), a global supplier of cigarettes, has agreed to pay a fine of more than $1.5 million and to enter into a deferred prosecution agreement with the Department of Justice (DOJ) for conspiracy to commit bank fraud in connection with the shipment of products to North Korean customers.… Continue Reading

China MOFCOM Issues First Order of 2021 – Counteracting Unjustified Extra-Territorial Applications of Foreign Laws

On Saturday 9 January 2021, the PRC Ministry of Commerce (MOFCOM) issued MOFCOM Order No. 1 of 2021 on Rules on Counteracting Unjustified Extra-Territorial Applications of Foreign Legislation and Other Measures (the Rules). The Rules specify that they were formulated pursuant to the PRC National Security Law for the express purpose of “counteracting the impact … Continue Reading

What are International Sanctions?

What are international sanctions? What are primary and secondary sanctions? What are extraterritorial effects and how will that impact multinational operations? The changing international sanctions regulations produce dizzying regulatory landscape, and complex as well as confusing compliance environment. To help lift the curtain a bit on this topic, Trade Practitioner José María Viñals (partner, Madrid/Brussels), also … Continue Reading

UK’s Office of Financial Sanctions Implementation (OFSI) Updates Financial Sanctions

OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading

EU Publishes Regulation Concerning Restrictive Measures in Nicaragua

On October 14, 2019, the EU published a regulation concerning restrictive measures in view of the situation in Nicaragua. The EU sanctions target persons and entities responsible for human rights violations or abuses, the repression of civil society and democratic opposition in Nicaragua, as well as persons and entities whose actions, policies or activities otherwise undermine democracy and the rule of … Continue Reading

Advice for Chinese Companies: How to Cope with Strengthened US Export Controls and CFIUS – Seminars in Shanghai and Beijing – October 2019

Keep US Open to Chinese Business: 维持一个对华企业开放的美国: How to Cope With Strengthened US Export Controls and CFIUS 应对日趋严格的美国出口管制和CFIUS审查的实务指南 Friday, October 11, 2019 – Shanghai (2019 年10月11日,周五 – 上海) Tuesday, October 15, 2019 – Beijing (2019 年10月15日,周二 – 北京)… Continue Reading

OFAC Releases CAATSA Reports to Congressional Committees

On 29 January 2018, OFAC announced that it released five reports to Congressional Committees pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The reports include (1) Section 241: Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation; (2) Section 104(e): Report on Contributions to Iran’s Ballistic Missile Program; … Continue Reading

Trump Administration Announces Extension of Waivers of Iran Sanctions

In a statement issued 12 January 2018, President Trump announced that his administration was extending the waivers of certain secondary sanctions against Iran originally adopted on implementation of the Joint Comprehensive Plan of Action agreement (JCPOA) on Iran’s nuclear program. Trump stated that the move not to reinstate sanctions against Iran is to allow for … Continue Reading
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