The U.K. added two entities to its Russia sanctions regime on Dec. 17, the Office of Financial Sanctions Implementation announced. OFSI added United Arab Emirates-based 2Rivers DMCC and Singapore-based 2Rivers PTE LTD for their ties to the Russian energy sector.
The Office of Foreign Assets Control is updating its general licenses that authorize certain payments for legal services from funds originating outside the U.S., it announced in a final rule effective Dec. 19. The rule is applicable March 12.
The U.S. sanctioned two people and one entity that it said are involved in a network helping to launder millions of dollars in illegal proceeds for the North Korean government. The designations target United Arab Emirates-based Lu Huaying and Zhang Jian, who have worked through a UAE-based front company to “facilitate money laundering and cryptocurrency conversion services” that move money to North Korea. OFAC also sanctioned UAE-based Green Alpine Trading, LLC, a front company that is a “key component of this money-laundering network.”
The Office of Foreign Assets Control sanctioned 12 people and eight entities this week for their involvement in illegal drug trade, including people in Europe, the Asia Pacific and Latin America.
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Semiconductor companies should expect more export control rules from the Bureau of Industry and Security before the Trump administration takes office, including possibly new licensing rules and record-keeping requirements for certain chip exports to destinations outside of China, trade lawyer Charles Capito said.
House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, said Dec. 17 that lawmakers have forged a compromise on legislation to restrict U.S. outbound investment in China.
An indictment was unsealed last week charging Russian national Alexey Komov with conspiracy and U.S. sanctions violations stemming from his aid to sanctioned Russian oligarch Konstantin Malofeyev, the U.S. Attorney's Office for the Southern District of New York announced. Komov allegedly conspired with Malofeyev to recruit an American citizen, Jack Hanick, to start and operate a television network in Russia.
Rep. Bill Keating, D-Mass., introduced a bill Dec. 11 that would codify Russia sanctions imposed under nine executive orders: 13849, 13883, 14024, 14039, 14065, 14066, 14068, 14701 and 14114. It is identical to a bill that Senate Foreign Relations Committee Chairman Ben Cardin, D-Md., introduced in September.
Donald Trump's return to the White House brings a "lack of predictability," Baker McKenzie attorneys said during a webinar last week on how threatened tariffs could affect countries around the globe.