BIS Restricts Trade with Crimea, Food and Medicine Shipments Still Permitted

The Commerce Department's Bureau of Industry and Security leveled sanctions on trade and transactions with Crimea, the region Russia absorbed from Ukraine at the outset of 2014 (here). This final rule, effective Jan. 29, amends the Export Administration Regulations to require licenses for all exports and reexports to Crimea and transfers within the region, aside from food and medicines already permitted through the EAR. All such trade is now subject to a presumption of denial from Commerce, but the Treasury Department’s Office of Foreign Assets Control will still consider requests on a case-by-case basis, said the final rule. OFAC previously warned all U.S. companies to wrap up dealings with Crimea by the end of January (see 1412310011). President Barack Obama took executive action to eliminate trade with Crimea in December (see 1412190048).