U.S. and EU officials speaking in Belgium didn’t divulge many details about what they expect to come from the sixth meeting of the Trade and Technology Council this week, saying mostly that they hope the forum will continue no matter who wins upcoming elections in the U.S. and Europe (see 2403120066).
The Bureau of Industry and Security on April 2 renewed the temporary denial order for Russian air cargo carrier Aviastar for one year after finding it continues to violate U.S. export controls. The agency said the airline has continued to illegally operate aircraft subject to the Export Administration Regulations, including for flights within Russia and between Russia and China.
Sen. Tim Scott, R-S.C., the ranking member on the Senate Banking Committee, and 12 other Republican senators criticized the Biden administration’s renewal of an Iran sanctions waiver last month, saying the move will help Tehran fund terrorism.
The Office of Foreign Assets Control this week sanctioned Dubai-based Oceanlink Maritime DMCC, along with 13 of its ships, for helping to transport Iranian commodities for the country’s military. OFAC said Oceanlink has used its vessels to generate revenue for Iran, including through the Hecate, a vessel the company used to load more than $100 million worth of Iranian commodities through a ship-to-ship transfer from another sanctioned tanker, the Dover.
Sanctions compliance professionals should familiarize themselves with several advisories authorities recently issued to help spot “dark fleet” vessels that seek to evade the price cap on Russian oil sales or oil sanctions on Iran and Venezuela, experts said April 4 during a webinar hosted by the Association of Certified Sanctions Specialists.
Banks are facing rising pressure from regulators to catch red flags that may signal export control evasion, lawyers and industry officials said this week. As that pressure mounts, they said many financial institutions still struggle to understand how much and what type of due diligence is needed to catch customers that may be violating export controls.
Jason Prince, former chief counsel for the Office of Foreign Assets Control, has joined Akin Gump's economic sanctions practice, the law firm announced April 3. Prince was most recently a sanctions and export controls lawyer with Crowell & Moring after leaving OFAC in 2022.
The U.K.’s Office of Financial Sanctions Implementation on April 2 updated its general license authorizing certain transactions involving the U.K. Companies House, the government agency that maintains a register of companies incorporated in the U.K. The license authorizes certain payments between sanctioned parties and the agency.
A senior State Department official this week said an ongoing effort among the U.S., Australia and the U.K. to reduce defense trade restrictions will soon lead to an “unprecedented” level of technology sharing, adding that the three countries are open to adding more nations, including potentially Japan.
President Joe Biden spoke April 2 with Chinese President Xi Jinping, raising concerns about Chinese “support” for Russia’s defense industrial base and the importance of U.S. technology export controls. “The President emphasized that the United States will continue to take necessary actions to prevent advanced U.S. technologies from being used to undermine our national security, without unduly limiting trade and investment,” the White House said in a readout of the two leaders’ phone call. The White House also said Secretary of State Antony Blinken and Treasury Secretary Janet Yellen plan to visit China.