The EU has the legal authority to temporarily leverage at least $36.8 billion of Russian central bank assets to aid in the reconstruction of Ukraine, the European Commission Legal Service told member states, according to people familiar with the matter, Bloomberg reported Jan. 26. The legal service said this plan is feasible so long as the assets are not expropriated and other conditions are met, the individuals said. Other conditions include a termination date, focus on liquid assets and intent that the principal and interest would be returned to Russia at some point, Bloomberg reported.
The EU extended its Russia sanctions regime for another six months, and they now will expire July 31, the European Council announced Jan. 27. The sanctions, while first introduced in 2014, were significantly expanded in February 2022 following the invasion of Ukraine and include a broad array of sectoral trade restrictions.
Spain recently introduced a new tax on non-reusable plastic packaging, which also applies to food imports, USDA’s Foreign Agricultural Service said in a report this week. The importer is responsible for the tax, USDA said, but “third country manufacturers must provide their Spanish buyers with information regarding the amount of non-recyclable plastic packaging used in their products’ packaging.” The agency said “sustainable packaging regulations are being rapidly implemented in the EU and have the potential to impact U.S. agricultural trade," but Spain is the only EU member so far to impose the tax. USDA said exporters “should work with their importing partners to verify the full set of import requirements, who are normally best equipped to confirm requirements with local authorities, before any goods are shipped.”
U.K. Trade Secretary Kemi Badenoch appointed former Defense Minister Mark Lancaster to be a new defense export advocate, the Department for International Trade announced Jan. 25. In the new role, Lancaster will "engage with industry leaders, ministers and other key players both in the UK and overseas to drive UK defence exports." He also will travel at home and abroad to boost British defense exports, initially focusing on opportunities in Brazil, Turkey, Indonesia, Qatar and countries in NATO's eastern flank.
The U.K. updated its antidumping duties on corrosion-resistant iron and steel from China in a Jan. 25 notice. The Department for International Trade updated the taxation notice to "more accurately describe the goods subject to the measure."
The EU added 18 people and 19 entities to its Iran sanctions regime in response to the violent crackdown on protests following the death of Mahsa Amini, a woman arrested by the morality police who died in custody, the European Council announced. The listed individuals include government representatives, parliament members, media figures and high-ranking members of the Iranian security forces. The sanctions on Iran now cover 164 individuals and 31 entities and amount to an asset freeze and travel ban for those on the list, along with trade sanctions and export controls.
A group of European countries not in the EU aligned with five recent sanctions actions taken by the bloc pertaining to those who undermine the sovereignty of Ukraine, the European Council announced. In September, the European Council extended the restrictions until March. North Macedonia, Montenegro, Albania, Ukraine, Bosnia and Herzegovina, Iceland, Liechtenstein and Norway imposed the decision.
The U.K. House of Commons' International Trade Committee opened a call for evidence as part of its inquiry on the U.K.'s trade sanctions on Russia. Interested experts, stakeholders and parties that can speak to the role the Department for International Trade plays in developing, implementing and enforcing the trade-related parts of the sanctions on Russia can submit evidence by March 17. The committee said it also wants evidence pertaining to the impact of Russian trade-related sanctions on U.K. businesses, supply chains and consumers, as well as the effectiveness of government support in mitigating the impact of the sanctions.
The Council of Europe recently began a review of EU member state practices for identifying individuals and entities holding effective control of sanctioned companies. The council mentioned the study during a recent conference it helped organize alongside the European Commission, saying the conference "aimed to provide an opportunity to exchange practices and share experience about real cases of identification of persons holding effective control and establishment of firewalls." The study is part of a broader effort by the council to improve the abilities of the Czech Republic, Latvia, Malta and others in complying with EU sanctions against Russia.
USDA is accepting applications from exporters for its upcoming trade mission in the Netherlands, the agency's Foreign Agricultural Service said this month. The April 17-20 trade mission, the first to Amsterdam, will allow U.S. agricultural exporters to meet with potential buyers from the Netherlands, Iceland, Norway, Sweden, Finland, Denmark, Belgium and Germany, USDA said. FAS Administrator Daniel Whitley said U.S. exporters "may find the Netherlands to be a perfect gateway to Europe." The agency noted that Rotterdam is Europe’s largest seaport and "positions the Netherlands as a further processing and distribution hub to facilitate exports across Northern Europe and beyond," especially for fats and oils, grains, pulses, seeds, forestry products, beef, dairy, nuts, seafood, alcohol and more. Applications are due Jan. 26.