d test, to see if the prices of the exporter's U.S. sales vary significantly across region, time period or purchaser. Use of this test as part of the differential pricing analysis has been subject to much litigation, with the primary point of contention being whether Commerce must satisfy basic statistical assumptions such as roughly equal variances and normally-distributed data sets when running the test.

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Differential Pricing Analysis

The Commerce Department uses a differential pricing analysis to detect whether companies are selling goods across different time periods, regions or purchasers in an effort to mask the dumping of their products into the U.S. market. As part of this analysis, the agency will use a statistical test, called the Cohen's d test, to see if the prices of the exporter's U.S. sales vary significantly across region, time period or purchaser. Use of this test as part of the differential pricing analysis has been subject to much litigation, with the primary point of contention being whether Commerce must satisfy basic statistical assumptions such as roughly equal variances and normally-distributed data sets when running the test.

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OFAC Releases New UN-Recommended Sanctions List Format
January 6, 2015 |Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control released on Jan. 5 a new format for the agency’s Specially Designated Nationals list (here). The change complies with a United Nations plan to create a universally accessible and understandable sanctions list, designed to better enforce sanctions designations, said OFAC. The U.S. is the first UN member to put in place this “advanced sanctions data model,” the agency said. The new format includes the following features, among others, according to OFAC:

OFAC Gives US Investors, Traders a Month to Wrap Up Dealings with Crimea
December 31, 2014 |Treasury Dept.

The Office of Foreign Assets Control authorized U.S. companies to wind down most divestment and dealings with Crimean individuals and entities through Jan. 31 (here), following recent executive action to quash imports from and exports to Crimea. According to the Dec. 30 OFAC general license, transactions and other dealings will be given the month buffer if they are “ordinarily incident and necessary” to the following criteria:

OFAC Ramps Up Export License Approvals to Iran, Sudan in 2nd Quarter of FY14
December 3, 2014 |Treasury Dept.

The Treasury Department’s Office of Foreign Assets Control authorized a significant increase in agricultural and medical export licenses to Iran and Sudan in the second quarter of fiscal year 2014 when compared to the previous quarter's figures. OFAC approved 160 export licenses in the second quarter, denied five and acted in other ways on nearly 130 other applications. The agency did not hit the 100 mark in the first quarter of FY14 (see 1410270062). The vast majority of OFAC second quarter approvals, 126 in total, authorized medical device exports, with 21 agricultural approvals and 13 medicine approvals. All five denials sought medical device export authorization. Nearly 140 approvals allow exports to Iran, while the remainder were for Sudan.

Iran Sanctions Relief Extended Through June 2015, Says OFAC
November 28, 2014 |Treasury Dept.

The sanctions relief deal struck between Iran and P5+1 countries will be extended through June 30, 2015, said the Treasury Department’s Office of Foreign Assets Control (OFAC) (here). The P5+1 countries include the U.S., Russia, China, United Kingdom, France and Germany. The sanctions relief was originally set to expire on Nov. 24. The relief liberalizes restrictions on Iranian exports of petrochemical products, Iran’s purchase and sale of gold and precious metals, the provision of goods and services to Iran’s automotive sector, and the licensing of safety-of-flight inspections and repairs for Iranian civil aviation, and establishes channels to permit importation of humanitarian goods (see 14012715).

OFAC Settles Case Over Cuban Nickel Purchases
November 14, 2014 |Treasury Dept.

The Treasury Department settled a case with ESCO Corporation over violations of the Cuban Assets Control Regulations involving the purchase of Cuban-origin nickel between 2007 and 2010, Treasury’s Office of Foreign Assets Control announced on Nov. 13 (here). An ESCO subsidiary allegedly purchased the nickel in “large-volume and high-value transactions,” and ESCO agreed to pay $2,057,540, said OFAC. ESCO has now strengthened its OFAC compliance program, OFAC said.