The Office of Foreign Assets Control is reissuing its Cyber-Related Sanctions Regulations, 31 CFR part 578, the office said in a Sept. 2 notice. The update replaces regulations published in abbreviated form on Dec. 31, 2015, "with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, and other regulatory provisions that will provide further guidance to the public." The regulations will become effective Sept. 6, the date they are set to be published in the Federal Register.
The Group of Seven nations intends to implement a price cap on Russian-origin crude oil and petroleum products, according to a joint statement released Sept. 2 by the G-7 Finance Ministers from their summit in Elmau, Germany. The statement included plans to implement a "comprehensive prohibition of services" that support maritime transportation of Russian-origin crude oil and petroleum products, based on "a recordkeeping and attestation model" covering relevant contracts. The G-7 said that they were urgently working to finalize and implement the measure in their own jurisdictions through domestic legal processes while building support internationally for the measure.
Russian sanctions and export control evasion attempts are still ongoing. Companies need to remain vigilant across a wide range of areas to minimize their risk of enabling evasion, experts said during a Sept. 1 webinar discussion hosted by the Association of Certified Sanctions Specialists (ACSS).
The State Department's Office of the Legal Adviser on Aug. 30 released its "Digest of United States Practice in International Law" for 2021. Chapter 3 covers the termination of International Criminal Court-related sanctions, and Chapter 16 focuses on sanctions developments from 2021, export controls and recent litigation and other restrictions. The document gives a record of the view and practice of the U.S. government.
The Commerce Department's Bureau of Industry and Security charged PJSC Lukoil, a Russian multinational energy company, with violations of the Export Control Reform Act for the export of a U.S.-manufactured aircraft from Dubai to Russia, according to an Aug. 31 notice. BIS says that Lukoil "effectively owned, controlled, chartered or leased, through a series of shell companies, at least one U.S.-origin aircraft" subject to the Export Administration Regulations and that its export in March violated license requirements imposed in February.
New export restrictions on microchips from NVIDIA, AMD and potentially other chipmakers come amid “a review of existing policies related to China and will potentially seek to employ a variety of legal, regulatory, and, when relevant, enforcement tools to keep advanced technologies out of the wrong hands,” a Bureau of Industry and Security spokesman said when reached for comment Sept. 1.
The Group of Seven nations intend to implement a price cap on Russian-origin crude oil and petroleum products, according to a joint statement released today by the G7 Finance Ministers.
The U.K. updated its definition of the term "relevant firm" -- as in, a firm subject to certain reporting obligations as part of the country's sanctions legislation. The term now includes crypto-asset exchange providers and custodian wallet providers.
The EU has released a new frequently asked questions as relate to its Russia sanctions regime. The European Commission updated its consolidated FAQs page while issuing specific FAQs on central securities depositories; import, purchase and transfer of listed goods; execution of contracts and claims; asset freeze and prohibition on making funds and economic resources available; insurance and reinsurance; reporting obligations under the oil import restrictions; and public procurement.
The Bureau of Industry and Security recently revoked export privileges for two people after they illegally exported controlled items from the U.S.