Lawmakers are proposing dozens of export control-, sanctions- and foreign investment-related amendments to the House version of the FY 2025 National Defense Authorization Act (NDAA), including measures aimed at China, Iran and Russia.
The Group of 7 nations are working on a deal that would allow all members to use seized Russian assets to support Ukraine’s war effort against Russia, said Daleep Singh, a National Security Council official. He said the countries haven’t agreed to terms yet, but the U.S. hopes to make progress when the G7 nations meet in Italy next week.
The U.K. recently amended a general license under its Russia sanctions regime to allow a "scheme of arrangement prepared" by the administrators of sanctioned Russian bank VTB Capital. The license generally permits the bank to pay for its "basic needs," which include the payment of insurance premiums, reasonable fees, property management services, employee pensions, taxes and rent or mortgage payments. The license expires at the end of the day April 3, 2030.
The House of Representatives voted 247-155 on June 4 to pass a bill that would sanction International Criminal Court (ICC) officials if they issue arrest warrants for Israeli leaders over the war in Gaza.
Sen. Chris Van Hollen, D-Md., June 4 urged Treasury Secretary Janet Yellen to consider sanctioning Israeli Finance Minister Bezalel Smotrich over his West Bank policies.
Despite increasing export control cooperation between the U.S. and the EU, there’s still “considerable differences” in the two sides’ dual-use export control systems, including across control lists, enforcement issues and reexport control rules, researchers said. A recent report by Istituto Affari Internazionali, an Italian think tank, examines the differences between the two systems and ways they can work closer together, including through a proposal by the European Commission for a new forum for “political coordination” of export controls (see 2405160081).
A June 3 blog post by Defense Trade Solutions, a consultant used by the U.S. defense industry, outlines the licensing and recordkeeping requirements, along with a set of best practices, for brokers involved in exporting defense articles and services.
The Office of Foreign Assets Control this week updated and added to its Syria-related restrictions under several sanctions regimes, including restrictions related to “foreign sanctions evaders.” The agency also added various definitions and a new general license, along with updating other licenses, including changes to a license that authorizes certain legal services.
U.S. in-house attorneys need to be more vigilant than ever when investigating possible export control violations, lawyers said this week, adding that the risks of a possible civil or criminal penalty for a subpar internal investigation, or for not disclosing a violation quickly enough, are rising.
The House version of the FY 2025 Financial Services and General Government Appropriations Bill could withhold funds the Treasury Department’s Financial Crimes Enforcement Network may need to implement or enforce its new beneficial ownership information (BOI) reporting rule.