OFAC continues to disrupt the networks and channels through which Russia attempts to sustain its beleaguered military. These sanctions focus on individuals and entities abetting Russia’s unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries. Additionally, these actions take aim at Russia’s domestic industrial base, which is seeking to reinvent itself as the maintainer of Russia’s war machine. With these designations, Treasury is disrupting producers, exporters, and importers of nearly all of the high-priority items identified by the international coalition imposing sanctions and export controls on Russia.
Bureau of Industry and Security (BIS) amends the Export Administration Regulations (EAR) by adding 49 entities under 52 entries to the Entity List. These entries are under the destinations of the People’s Republic of China (China) (42), Estonia (1), Finland (1), Germany (1), India (3), Turkey (2), United Arab Emirates (1), and the United Kingdom (1). Some entities may have multiple entries, accounting for the difference in the total number of entities and entries. These 49 entities have been determined by the U.S. Government to be acting contrary to the national security or foreign policy interests of the United States.
President Biden signed into law H.R. 4004—the United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act.
The purpose of this Act is—
(1) to approve and implement the Agreement between the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States regarding Trade between the United States of America and Taiwan, done on June 1, 2023…
The EU and New Zealand have signed their free trade agreement (FTA), which will deliver significant gains for the EU. The deal will cut some €140 million a year in duties for EU companies from the first year of application. As a result, bilateral trade is expected to grow by up to 30% within a decade, thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights.
NextEra Energy and its subsidiary NextEra Energy Seabrook LLC have filed a brief arguing that the Federal Energy Regulatory Commission (FERC) overstepped its authority by preventing it from shifting costs associated with upgrading its New Hampshire power plant’s circuit breaker to the developer of a $1 billion transmission line. The company argues that the court should vacate and hold that Seabrook is not obligated to install the breaker, leaving cost allocation to commercial negotiations between the parties.
In this month’s Global Trade Brief, learn more about why Microsoft has to pay over $3.3M in total combined civil penalties to BIS and OFAC, BIS to Impose $300 Million penalty against SEAGATE TECHNOLOGY LLC related to shipment to Huawei, OFAC Settles with British American Tobacco p.l.c. for $508,612,492 Related to Apparent Violations of the North Korea and Weapons of Mass Destruction Proliferators Sanctions Regulations, and more topics.