The Treasury Department this week announced a move aimed at protecting a $20 billion disbursement for Ukraine, part of a larger effort by the Group of 7 nations to award the country $50 billion in frozen Russian assets. The agency said it transferred the $20 billion to a World Bank fund, a move that Reuters reported was designed to protect the money “from being clawed back” by the incoming Trump administration.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The U.S. should continue working with allies to restrict sales of advanced semiconductors and semiconductor tools to China after the Biden administration leaves next month, Commerce Secretary Gina Raimondo said. But she also said she hopes the Trump administration prioritizes tools other than export controls and tariffs to counter China, and she warned against a potential decoupling of the two economies.
The EU and four members of a trading bloc of South American nations referred to as Mercosur -- Brazil, Argentina, Paraguay and Uruguay -- concluded a partnership agreement, which will "boost strategic trade and political ties" between the nations, the European Commission announced. Bolivia just became a member of Mercosur on July 8.
House Select Committee on China Chairman John Moolenaar, R-Mich., urged the Bureau of Industry and Security Dec. 4 to close several “loopholes” in its new export controls on advanced computing chips and chipmaking equipment (see 2412020016).
The incoming Trump administration could look to continue expanding the scope of U.S. foreign direct product rule restrictions, which could lead to enforcement challenges or push foreign companies to design U.S. components out of their supply chains, think tank scholars said last week.
The Biden administration, which in January paused pending decisions on liquefied natural gas exports to allow it to review criteria for approving LNG export applications, plans to release the results of its study in “mid-December,” an Energy Department official said Dec. 4.
Senate Foreign Relations Committee ranking member Jim Risch, R-Idaho, said Dec. 5 that he will seek to enhance implementation of sanctions under the Global Magnitsky Human Rights Accountability Act when he becomes the panel’s chairman in January.
U.S. National Security Adviser Jake Sullivan this week called for a rethink of strategic technology controls and suggested that the incoming Trump administration look to build on the Biden administration's export control modernization efforts.
The U.S. must continue to coordinate with allies on export controls, especially around Russia-related trade restrictions and curbs on advanced semiconductors and semiconductor tools destined to China, the Bureau of Industry and Security's Thea Kendler said during her final international outreach event as a Biden administration official.