The Treasury Department authorized U.S. citizens and companies to make some transactions with DenizBank, after Executive Order 13662 prohibited dealings with the company. Denizbank is a Turkish financial institution owned by Sberbank, Russia’s largest bank. The U.S. sanctioned Sberbank in September, placing it on the Specially Designated Nationals List (see 14091503). That move was part of a larger sanctions package that followed a number of other rounds of sanctions since the outset of 2014. Treasury’s Office of Foreign Assets Control is also allowing U.S. transactions with banks that Denizbank owns 50 percent or more of. A Treasury directive, under the executive order, bars U.S. individuals or companies from dealings with sanctioned banks in “new debt of longer than 90 days maturity or new equity for these persons, their property, or their interests in property" (here).
Russia export controls and sanctions
The use of export controls and sanctions on Russia has surged since the country's invasion of Crimea in 2014, and especially its invasion of Ukraine in in February 2022. Similar export controls and sanctions have been imposed by U.S. allies, including the EU, U.K. and Japan. The following is a listing of recent articles in Export Compliance Daily on export controls and sanctions imposed on Russia:
On Oct. 7 the Foreign Agricultural Service posted the following GAIN reports:
In the Oct 7-8 editions of the Official Journal of the European Union, the following trade-related notices were posted:
The Commerce Department issued the final results of the antidumping duty administrative review on solid urea from Russia (A-821-801). Commerce determined the only company under review, MCC EuroChem, did not undersell subject merchandise during the period of review, assigning the company a zero percent AD duty rate. Subject merchandise from EuroChem entered between July 1, 2012 and June 30, 2013 will be liquidated without any assessment of AD duties, and future entries of solid urea exported from Russia by EuroChem will not be subject to AD duty cash deposit requirements until further notice. These final results take effect Oct. 9.
President Barack Obama on Oct. 3 officially removed Russia from the list of countries that benefit from the Generalized System of Preferences (GSP). Russia has economically advanced and developed its trade competitiveness to a point that no longer justifies its inclusion in the preference program, said Obama. The Trade Act of 1974 will be modified and the Harmonized Tariff Schedule will be amended to reflect the removal of Russia, Obama said in the statement. Obama told Congress in May that he intended to remove Russia from the program (see 14050805). The termination is effective Oct. 3. The GSP program has been expired for more than a year.
The Bureau of Industry and Security is temporarily denying export privileges for X-TREME Motors, XTREME Outdoors, Tyson Preece, Corey Justin Preece and Toby Green for six months over violations of the Export Administration Regulations involving unauthorized exports to Russia, China and other countries. The individuals and companies, all located in Utah, are being placed on the Denied Persons List. BIS alleges those individuals and companies fabricated customs declarations to ship rifle scopes and other controlled items. BIS detained over 50 shipments that were falsely identified by the companies. The companies labeled the shipments as containing all-terrain vehicle parts. The denial order is eligible for renewal.
The International Trade Commission published notices in the Oct. 1 Federal Register on the following AD/CV injury, Section 337 patent, and other trade proceedings (any notices that warrant a more detailed summary will be in another ITT article):
On Sept. 29 the Foreign Agricultural Service posted the following GAIN reports:
The Commerce Department issued its final determination in the antidumping duty investigation on grain-oriented electrical steel from Russia (A-821-821). The agency made no changes to its preliminary rates. This final determination takes effect Oct. 1.
The Commerce Department and the International Trade Commission began five-year sunset reviews of the antidumping duty orders on cut-to-length carbon steel plate from China, Russia and Ukraine (A-570-849, A-821-808, A-823-808).